Saved Chapter 8 (Take Home) Lab Day! 1 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) $470,000 $670, $230,000 $1,370,000 6.67 points 005454 From past experience, 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 negligible 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. month and in total, for the second quarter 2. What is the accounts receivable balance on June 30th? eBook Hint Complete this question by entering your answers in the tabs below. Print Perences 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 February sales March sales April sales May sales Junewal Total cash collections Required Required 2 > ME Hill Prov 1 of 2 Next > Chapter 8 (Take Home) Lab Day! 1 Silver Company makes a product that is very popular as a Mother's Day the company's sales budget for the second quarter given below: 6.67 points Budgeted sales (all on account) April $470,000 May $678,000 $ 2 00:53:43 From past experience, the company has learned that 25% of a month collected in the month following sale, and the remaining 10% are colle negligible and can be ignored. February sales totaled $400,000, and Required: 1. Prepare a schedule of expected cash collections from sales, by me 2. What is the accounts receivable balance on June 30th? eBook Hint Complete this question by entering your answers in the tabs Print Required 1 Required 2 eferences What is the accounts receivable balance on June 30th? Total accounts receivable at June 30