SHver 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. June April May Total Budgeted sales (all on account) 5.500.000 $ 700.000 $ 240,000 5 1.440,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $430,000, and March sales totaled $460,000 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 302 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 February sales $ 0 March sales 0 April sales 0 May sales 0 June salos 0 Total cash collections $ 0$ 05 05 0 RE Required 2 > A cash budget, by quarters, is given below for a retail company 1000 omitted) The company requires a minimum cash balance of at least $3.000 to start each quarter. Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by a minus sign.) Quarter (000 omitted) 2 3 (000 omitted) 1 Year 5 8 106 367 77 45 29 55 32 30 111 7 8 20 45 Cash balance, beginning Add collections from customers Total cash available Less disbursements Purchase of inventory Selling and administrative expenses Equipment purchases Dividends Total disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayments (including interest) Total financing Cash balance, ending "Interest will total $1,000 for the year. 2 2 2 2 97 (2) 7 (9) 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) $ 500,000 $ 700,000 $ 240,000 $ 1,440,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale Bad debts are negligible and can be ignored. February sales totaled $430,000, and March sales totaled $460.000 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 $ February sales March sales April sales May sales June sales Total cash collections 0 0 0 0 0 S 0 $ $ 0 $ 0 Required Required 2 > Total 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) 5 500,000 $ 700,000 $ 240,000 $ 1,440,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $430,000, and March sales totaled $460,000 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 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30
