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 $490,000 May 5690,000 June $220,000 Total $1,400,000 Budgeted sales (all on account) 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 $420,000, and March sales totaled $450,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and In total, for the second quarter. 2 What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June Total February sales 0 March sales April sales 0 May sales 0 June sales 0 0 Total cash collections Requir2 >