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) $300,00 $500,000 $200,000 $1,000,000

From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $230,000 and March sales totaled $260,000.

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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 $300,00 $500,000 $200,000 $1,000,000 account) From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $230,000 and March sales totaled $260,000. 1. Using Schedule 1 (see book) as your guide, prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Question 2 Not complete Marked out of 1.00 Flag question April cash collection Answer: Check Question 3 Not complete Marked out of 1.00 P Flag question May cash collection Answer: Check Question 4 Not complete Marked out of 1.00 P Flag question June cash collection Answer: Check Question 5 Not complete Marked out of 1.00 P Flag question Total cash collection for the quarter Answer: Check Question 6 Not complete Marked out of 1.00 P Flag question 2. What is the accounts receivable balance on June 30th? Answer: Check