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 $490,000 $690,000 $220,000 1,400,000 June Tota Budgeted sales (all on account) 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. Bad debts are negligible and can be ignored. February sales totaled $420,000, and March sales totaled $450,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter What is the accounts receivable balance on June 30th