Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak soles 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 $470,000 May $570,000 $239,900 Total 370,000 From past experience, the company has learned that 25% of a month's soles 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 Required: 1. Prepare a schedule of expected cash collections from sales by month and in total Yor 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 1 Required 2 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 April sales May sales June sales Total cash collections