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 June Total $1,330,000 April May 5480,000 S60,000 5210,000 Budgeted sales (all on account) 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 5390,000, and March sales totaled 3420,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter April May June Total February sales March sales April sales May sales June sales Total cash collections 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 at June 30