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 Dudgeted sales (all on account $300.000 $500,000 $200 000 $1000 000 has learned that 20% of a months sales are colected in the month of sale From past experence, the company sale Bad detts are negigitie and can be ignored February sales totaled $230.000, and March saies totaled $260,000 another ros se cotest n ne rom onenguese e ennis Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total for the second quarter February sales Uarch sales Apri sales May sales 2 Assume that the company wi prepare a budgesed balance sneet as of une 30 Compute the accounts recevable as of thar date atal accounts