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 Budgeted sales (all on account) $310,000 $510,000 une $160,000 Total $980,000 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 follow ng sale, and the rema ning 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled S240,000, and March sales totaled $270,000 Required: 1. 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 2. Assume that the company will prepere 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