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Silver Company makes a product that is very popular as a Mother's Day git. Thus, peak sales occur in May of each year, as shown in the company's saies budget for the second quarter given below. From past expenence, 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 negigible 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, by month and in total, for the second quarter. 2 What is the accounts receivable balance on June 30 th? Complete this question by entering your answers in the tabs below. Drepare a scheduln of expected cash collections from sales, by month and in total, for the second quarter. Siver Company makes a product that is very popular as a Mother's Day gitt. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: 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 neglgble and can be ignored. February sales totaled 5400.000 , and March sales totaled 5430.000 . 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 30 th? Complete this question by entering your answers in the tabs below. What is the accounts receivable balance on June joth