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 June Total

Budgeted sales $($all on account$)$ $ $470,000$ $ $670,000$ $ $230,000$ $ $1,370,000$

From past experience, the company has learned that $25\%$ of a month$$s sales are collected in the month of sale, another $65\%$ are collected in the month following sale, and the remaining $10\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$400,000,$ and March sales totaled $$430,000.$

$2.$ What is the accounts receivable balance on June $30$th$?$