Seved Managerial Homework 3 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 Total nudgeted salen (021 on account) $490,000 $690.000 $220,000 51,600,000 16 points 8 02320 From post experience, the company has learned that 25% of a month's 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 totoled $420,000, and March sales totaled $450,000 Required: 1. Prepare a schedule of expected cosh collections from sales, by month and in total, for the second quarter 2. What is the accounts receivable balance on June 30th? book Complete this question by entering your answers in the tabs below. Required 1 Required 2 Total Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter Schedule of Cated Cool Collection April February sales Miches 0 A 0 0 0 0 June sales Tash flections 5 os OS 0 Managerial Homework Seved 3 Siver 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: Apr June Total Budgeted sales and on account $490,000 5690,000 $220,000 $1,400,000 16 02:52:04 From past experience, the company has learned that 25% of a month's 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. Bod debts are negligible and can be ignored. February sales totaled $420,000, and March sales totaled $450,000 Required: 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? chool Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 What is the accounts receivable balance on June 30th