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:

AprilMayJuneTotalBudgeted sales (all on account)$460,000$660,000$210,000$1,330,000

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 $390,000, and March sales totaled $420,000.

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?

Silver Company makes a product that is very popular as a Mother's Dayr g'r. 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) $466,880 $568,888 $218,888 $1,338,888 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 $390,000, and March sales totaled $420,000. 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? Cal-malaise 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 5900 nd quarter. February sales March sales April sales June sales Total cash collections Required 2 ) Silver Company makes a product that is very popular as a Mother's Day g'rFL Thus, peak sales occur in Magir of each year, as shown i the company's sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $468,888 $568,888 $218,888 $1,338,888 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. Elad debts are negligible and can be ignored. February sales totaled $390,000, and March sales totaled $420,000. 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?I Complete this question by entering your answers in the labs below. ' Required 1 Required 2 What is the accounts receivable balance on June 30th?