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:

$\backslash$table$[[$Budgeted sales $($all on account$),$April,May,June,Total$],[420,000,$$$620,000,$$$240,000,$$$1,280,000,]]$

From past experience, the company has learned that $20\%$ of a month's sales are collected in the month of sale, another $65\%$ are collected in the month following sale, and the remaining $15\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$350,000,$ and March sales totaled $$380,000.$

Required:

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

What is the accounts receivable balance on June $30$th$?$

Complete this question by entering your answers in the tabs below.

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

$\backslash$table$[[$Schedule of Expected Cash Collections$],[,$April,May,June,Total$],[$February sales,,,,$],[$March sales,,,,$],[$April sales,,,,$],[$May sales,,,,$],[$June sales,,,,$],[$Total cash collections,,,,$]]$