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: Required 1 Budgeted sales (all on account) From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $280,000, and March sales totaled $310,000. Complete this question by entering your answers in the tabs below. Required 2 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 30th? April $ 350,000 February sales March sales April sales May sales June sales Total cash collections $ 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 0 S Total $ 1,090,000 0 0 0 0 0 0

- Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak saies occur in May of each year, as shown in the companys sales budget for the second quarter given below: From past experience, the company has learned that 25% of a month's soles are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $280,000, and March sales totaled $310,000. Required: 1. Prepare a schedule of expected cosh collections froin sales, by month and in total, for the second quarter. 2. What is the accounts recelvable balance on June 3 oth? 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: 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: From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 70% are collected in the morty following sale, and the remaining 5% are collected in the second month following sale. Bad debts are neglig ble and can be ignored. February soles totaled $280,000, and March sales totaled $310,000 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 recelvable balance on June 3 eth? 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