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 May June Total

Budgeted sales $($all on account$)$ $ $380,000$ $ $580,000$ $$200,000$ $ $1,160,000$

From past experience, the company has learned that $20\%$ of a month's sales are collected in the month of sale, another $60\%$ are collected in the month following sale, and the remaining $20\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$3100,000,$ and March sales totaled $$340,000.$

Requirement $1$:

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

Requirement $2$:

Assume that the company will prepare a budgeted balance sheet as of June $30.$ Compute the accounts receivable as of that date.