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 Budgeted sales (all on account) April $430,000 tay $630,000 June 3200,000 Total $1,260, From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale Bad debts are negligible and can be ignored. February sales totaled $360,000, and March sales totaled $390.000 Required: 1. Prepare a schedule of expected cash collections from sales by month and in total, for the second quarte 2. What is the accounts receivable balance on June 30th? Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June Total February sales March/sales April sales May sales June sales Total cash collections What is the accounts receivable balance on June 30th? Total accounts receivable at June 30