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 show the company's sales budget for the second quarter glven below: From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad cebts are negligible and can be ignored. February sales totaled $370,000, and March sales totaled $400,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second cuartet, 2. What is the accounts receivable balance on June 30 th? Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cosh collections from seles, by month and in totoi, for the second quarter