Northeast Products is a wholesale distributor of swim accessories. Peak sales occur in May of each year as shown in the companys sales budget for the second quarter, given below: April May June Total Budgeted Sales $500,000 700,000 520,000 1,720,000 From past experience, the company has learned that 60% of a months sales are collected in the month of sale, another 30% 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 $300,000, and March sales totaled $400,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date.