Silver Company makes a product that is very popular as a Mother's Day it. 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 Tot Budgeted sales (all on account) $500,000 $700,000 $240.000 $1.440.000 From past experience, the company has learned that 20% of a mont'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 5430,000, and March sales totaled $460,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter Schedule of Expected Cash Collections Apell May June Total February sales Marches April Mays June Total cash colection 2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date May sales June sales Total accounts receivable June 30