Silver Company makes a product that is very popular as a Mothers Day gift. Thus, peak sales occur in May of each year, as shown in the companys sales budget for the second quarter given below

	April	May	June	Total
Budgeted sales (all on account)	$360,000	$560,000	$220,000	$1,140,000

From past experience, the company has learned that 30% of a months sales are collected in he 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 debts are negligible and can be ignored. February sales totaled $290,000, and March sales totaled $320,000.

Schedule of Expected Cash Collections
	April	May	June	Total
February sales				$0
March sales				0
April sales				0
May sales				0
June sales				0
Total cash collections	$0	$0	$0	$0

2.

Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date.