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:

April May June Total

Budgeted sales (all on account) $ 330,000 $ 530,000 $210,000 $ 1,070,000

From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $230,000, and March sales totaled $260,000.

1.) prepare a schedule of expected cash collection from sales by month and in total for the second quarter Whats the accounts receivable balance on June 30th?

000 2005 30