Hetu 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 May $50,000 June April Budgeted sales (all on account) Total $100,000 $200,000 $1,000,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale Bad debts are negligible and can be ignored February sales totaled $230,000, and March sales totaled $260,000. Required: 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter February sales March sales April sales May sales June sales Total cash collections Schedule of Expected Cash Collections April May June Total $ 63,000 $ $ 63,000 270,000 675,000 945,000 122,500 294,000 73,500 $ 490,000 172,500 414,000 X 586,500 55,000 55,000 455,500 $ 1.141.500 $ 542,500 $ 2,139,500 X Answer is complete but not entirely correc Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 $ 268,500 X