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: Dudgeted sales (all on account) April $460,000 May $660,000 June 0210,000 Total $1,330,000 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 $390,000, and March sales totaled $420,000 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 Juno Total February sales $ os os 0 March sales 270.000 67.500 337,500 April sales 122.500 294,000 73,500 490,000 May sales 0 172,500 414,000 586,500 June sales 0 0 55,000 55.000 Total cash collections 392,500 $ 534,000 $ 542,500 $ 1,469.000 Ron Required 2 > 0 $