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)	$ 320,000	$ 520,000	$ 180,000	$ 1,020,000

From past experience, the company has learned that 30% of a months sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $250,000, and March sales totaled $280,000.

Required:

1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

• Required 1

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter