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:

From past experience, the company has learned that $25\%$ of a month's sales are collected in the month of sale,

another $70\%$ 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 $$280,000,$ and March sales

totaled $$310,000.$

Required:

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

What is the accounts receivable balance on June $30$th$?$

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Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Please make sure to answer both of the required questions!!!