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2 1.11 points Exercise 8-1 (Static) Schedule of Expected Cash Collections (LO8-2) 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: April May June Total Budgeted sales (all on account) $300,000 $500,000 $200,000 $1,000,000 eBook Hint Print References From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% 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 $230,000, and March sales totaled $260,000, 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? Complete this question by entering your answers in the tabs below. Required 1 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 June Total . ME Graw 2 1. Prepare a schedule or expected cash collections Trom Sales, Dy moniini and in total, for tres 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. 1.11 points Required 1 Required 2 eBook Prepare a schedule of expected cash collections from sales, by month and in total, for the second Hint Print Schedule of Expected Cash Collections April May June Total References $ 0 0 0 0 February sales March sales April sales May sales June sales Total cash collections 0 OO $ 0 $ 0 $ 0 $ 2 Budgeted sales (all on account) $300,000 $500,000 $200,000 $1,000,000 1.11 points From past experience, the company has learned that 20% of a month's sales are collected in the month a collected in the month following sale, and the remaining 10% are collected in the second month following negligible and can be ignored. February sales totaled $230,000, and March sales totaled $260,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quart 2. What is the accounts receivable balance on June 30th? eBook Hint Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30