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 May Total Budgeted sales (all on account) $480,000 $680,000 $260,000 $1,420,000 June From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $410,000, and March sales totaled $440,000 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? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 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 May June Total February sales $ 41,000 $ 41,000 March sales 132,000 44,000 176,000 April sales 288,000 144,000 48,000 480,000 May sales 408,000 X 204,000 612.000 June sales 156,000 158,000 Total cash collections 461,000 $ 596,000 408,000 $ 1,465,000 2. What is the accounts receivable balance on June 30th? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts toonivable at Juno 30 S172,000 Required 1 Rouland