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: Art Hay Total Sudgeted sales an account) 3100,000 3500,000 $200,000 51,000,000 From past experience the company has learned that 20% of a month's sales are collected in the month of sale, another 70% 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 $230,000, and March sales totaled $260.000 Required: 1 Prepare a schedule of expected cath collections from sales, by month and in total, for the second quarter 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required Hered Prepare a schedule of expected coth collections from sales, by month and a total, for the second quarter, Sch of Expected Cash Collections April May Toul March April Maryses June Tosh collections