Question 02 Robertson 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) 350000 450000 250000 1050000 From past experience, the company has learned that 15% of a month's sales are collected in the month of sale 70% are collected in the month following sale 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $235,000 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. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date