Silver Company makes a product that is very popular as a Mother's Day gitt. Thus, peak sales occiur in May of each year, as shown in the company's sales budget for the second quarter given below. From past expenence, the company has learned that 25% of a montis sules are collected in the month of sale, another 70% are collected in the month following sale, and the remsining 5% are collected in the second month following sale Bad debts are neglioble and can be ionored February sales totaled $280,000, and March sales totaled $310,000 Required: 1. Prepare a schedule of expected casl collections from sales, ty month and in total for the second quarter. 2 What is the occounts teceivable balance on June 300 ? Complete tis question by entering your answers in the tabs below. Frepare a schedule of topected cash collections fram sales, by munth and in tecal, for the second cuarter