Silver Company makes a product that is very popular as a Mother's Day on. Thus,peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (al on account) Apr $450 000 May $650 000 June $250 000 Total $1,350 000 From past experience the company has learned that 25% of month's sales a c ted in the month of anothers are collected in the month followings and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled 380.000 and arch sales totaled $410.000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and is total, for the second quarter. Schedule of Expected Cash Collections February sales March sales April sales June sales Total cash collections 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 remain 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $300,000, and March sales totaled $410,000 Required: 1. 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 June Total February sales March sales Antes May sales June sales Total cash collections S 0505050 2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date May sales June sales To accounts receive June 305