hapter 8 HW Set 2 1 Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below Tota Budgeted sales (all on account) 20 $418,880 $61,0 $21e,e0e $1,23e,8ee From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the en ond month following sale. Bad debts are negligible and can be ignored. February sales totaled $340.000, and March sale taled $370.000. ti Required: 2. What is the accounts receivable balance on June 30th? Reterences1. Prepare a schedule of expected cash collections from sales, by month and in tol for the second quarter. in the tabs below Required 1Required 2 Prepare a schedule of expected c sales, by month n total, for the second quarter ed Cash Col April Prev 10f 4H Next > ype here to search collected in the month following sale, and the remaining 15% are collected in the second month following sale. B negligible and can be ignored. February sales totaled $340,000, and March sales totaled $370,000 20 points 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter 2. What is the accounts recelvable balance on June 30th? Complete this question by entering your answers in the tabs below. eBook Hint Print Required 1Required 2 ReferencesPrepare a schedule of expected cash collections from sales, by th and in total, for the second quarter of April February sales March sales April sales May salos June sales Required 2 Prev1 of 4 Next> Graw O Type here to search account) 448,888 $618,6a6 $21e,800 $1,238,800 20 From past experience, the company has learned that 25% of a month's sales are collected in the month of collected in the month following sale, and the remaining 15% are collected in the second month following sale B negligible and can be ignored. February sales totaled $340,000, and March sales totaled $370,000. sale, a Required: eBook 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter 2. What is the accounts receivable balance on June 30th? Hint Complete this question by entering your answers in the tabs below. What is the accounts recelvable balance on June 30th? Required 1 C Prev 1 of 4 Next> O Type here to search