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 $ 380,000 May $ 580,000 Budgeted sales (all on account) June $ 200,000 Total $ 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 $310,000, and March sales totaled $340,000. 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? Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April June May Total February sales $ 0 March sales 0 April sales May sales 0 0 June sales e 0 Total cash collections 0 $ 0 $ 0 $ 0 Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30