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: May June Total Budgeted sales fall on account) $ 380,000 $ 580,000 $ 200,000 $ 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 receivably balance on June 30th? comprevents question by entering your answers in the taus verow. Required 1 Required 2 April Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections May Juno Total February sales March sales st April sales May sales June sales Total cash collections Required Required 2 > Required 1 Required What is the accounts receivable balance on June 30th? Total accounts receivable at June 30