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: Budgeted sales (all on account) April $ 330,000 May $530,000 June Total $ 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 $260,000, and March sales totaled $290,000. 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 February sales $ 39,000 39,000 March sales 174,000 43,500 217,500 April sales 82,500 198,000 49,500 330,000 May sales 198,000 132,500 318,000 648,500 June sales 52,500 52,500 Total cash collections $ 493,500 $ 374,000 $ 420,000 $ 1,287,500 Required 1 Required 2 >