Seved 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 Budgeted sales (all on account) $380,000 $500,000 $200,000 $1,ce, cee Total 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 cuarter Schedule of Expected Cash Collections April May June Total February sales Marc Sales A sales May Tosca Cotectos 2 Assume that the company wol prepare o budgeted balance sheet as of June 30 Compute the accounts receive as of the date unes Octure 30