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 gven below rudented sales (all on account) april une Total $390, 0, $300,0 $1,000,000 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 cash collections from sales by month and in total for the second quarter Schedule of Expected Cash Collections May June Tot February sales Marche Apilles May sa Junerales Total actions 2. Assume that the company will prepare a budgeted balance sheet as of June 30 Compute the accounts receivable as of that date Maytale Junerales Total convable at June 30