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 $ 210,000 Total $ 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? Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections May June Total February sales $ April 39,000 174,000 $ 39,000 174,000 March sales 82,500 82,500 0 April sales May sales June sales 0 295,500 $ 0 $ $ 295,500 0 $ Total cash collections Required 2 > Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30