Silver Company makes a product that is very popular as a Mother's Day gift Thus, peak sales occur in May of each year.

Budget sales $($all on account$)$

April : $$310,000$

May: $$510,000$

June: $$160,000$

Total: $$980,000$

From past experience, the company has learned that $25\%$ of a months sales are collected in the month of dale, another $60\%$ are collected in the month followint sale, and the remaining $15\%$ are collected in the second month following the sale. Bad debts are negligible and can be ignored. Febrary Sales totaled$240,000$ dollars, 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.

$2)$ What is the accounts receivable balance on June $30$th$?$Schedule of Expected Cash Collections