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Complete this question by entering your answers in the tabs below. What is the accounts receivable balance on June 30th? Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Required: Prepare the company's budgeted income statement for the year. Gilver 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 i he company's sales budget for the second quarter given below: From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $390,000, and March sales totaled $420,000. Required: 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 30 th? Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter