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please answers for question 1&2 SIlver Company makes a product that is very popular as a Mother's Day glft. Thus, peak sales occur In May
please answers for question 1&2
SIlver Company makes a product that is very popular as a Mother's Day glft. Thus, peak sales occur In May of each year, as shown I the company's sales budget for the second quarter given below. From past experlence, the company has learned that 25% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negliglble and can be ignored. February sales totaled $400,000, and March sales totaled $430,000. 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 recelvable balance on June 30th? 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 quarterStep by Step Solution
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