Silver Company makes a product that is very popular as a Mother's Day gift Thus, peak sales occur in Mavy of each year, as shown in the company's sales budget for the second quarter given below. Budgeted sale (il on account) 9370,000 9510,000 $100,000 Goed 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 negligible and can be ignored. February sales totaled $300,000, and March sales totaled $330,000 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 Required 2 Prapara a schedule of expected cash collections from sales, by morithne in total, for the second quarter. Schedule of Expected Cash Collection Apel Total S February sales March sales Annl sales May sales June ses Total cash collections 0 $ 05 ol 5 05 Required 2 > 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 tall on account) Apa $570,000 May $570,000 June $100,000 To $110.000 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 negligible and can be ignored. February sales totaled $300,000, and March sales totaled $330.000 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? Tobaccounts receivable Jan 30