Managerial Accounting (ACC-2220)

Please answer all parts to the question.

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 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 the company's sales budget for the second quarter given below: 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 negilible and can be ignored February sales totaled \$260,000, and March sales totaled $290,000. 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 30 th? What is the accounts receivable balance on June 30th