Homework - CH 08 Spring 2021 Save 1 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 May Total Budgeted snies (oll on account $400,000 5600,000 | $270,000 11,400,000 2 Doine 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 second month following sale Bad debts are negligible and can be ignored. February sales totaled $420,000 and March sales totaled $450,000. 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? PE Din Complete this question by entering your answers in the tabs below. Rus Required Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May Total February Nanch sales April sales May sales June sale Total cash collection Required 2 > 1 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 2 $490,000 5690,000 June $220,000 Budgeted soles (all on account) 53,400,000 efoot 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 second month following sale. Bad debts are negligible and can be ignored. February sales totaled $420,000, and Match sales totaled $450,000 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? Print Complete this question by entering your answers in the tabs below. References Roured Required What is the accounts receivable balance on June 30th