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 May $480,000 S80,000 $260,000 June Total 51,420,000 Budgeted sales (all on account) From past experienoe, the company 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 5410,000, and March sales totaled 3440,000. has learned that 30% of a month's sales are collected in the month Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter e of Expected Cash C April May Total February sales March sales April sales May sales June sales Total cash collections 2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date. May sales June sales Total accounts receivable at June 30