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 $440,000 Budgeted sales (all on account) May $640,000 June $220,000 Total $1,300,000 From past experience, the company has learned that 30% of a month's sales are collected in the month 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 $370,000, and March sales totaled $400,000. Required 1 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 $ 0 0 0 February sales March sales April sales May sales June sales Total cash collections 0 0 $ 0 $ $ $ 0 Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30