Peak sales occur in May of each year, as shown in the companys sales budget for the second quarter given below:
From past experience, 25% of a months 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 $240,000, and March sales totaled $270,000
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?
		April	May	June	Total
	Budgeted sales (all on account)	$3,10,000	$5,10,000	$1,60,000	$9,80,000