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: Budgeted sales (all on account) April May June Total $390,000 $590,000 $230,000 $1.210,000 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 $320,000, and March sales totaled $350,000. Required: 1. 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 nts February sales March sales April sales May sales June sales Total cash collections 02:16:03 eBook Hint Print 2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date. eferences May sales June sales Total accounts receivable at June 30 av Prev 1 of 3 Next >