Silver Company makes a product that is very popular as a Mother's Day on. Thus, poak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below Budgeted sales (all on account) April $430,000 May $630.000 June $200,000 Total $1.200,000 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 following sale and the remaining 15% are collected in the second month following saie Bad debts are negligible and can be ignored February sales totaled $360,000, and March sales totaled $390,000 Required: 1. Prepare a schedule of expected cash collections from sales by month and in total, for the second quarter Silver Company Schedule of Expected Cash Collections April May June Total February sales March sales Apnl sales May sales June sales Total cash collections accounts 2. Assume that the company will prepare a budgeted balance sheet as of June 30 Compute the accounts receivable as of that date Silver Company Accounts receivable at June 30 May sales June sales Total accounts receivable at June 30