Silver Company makes a product that is very popular as a Mother's Day gin. Thus, puik sales occur in May of each year, shown the company's sales budget for the second quarter given below: Aprill Badgeted all on about 500.000 From past experience, the company has learned that 20% of a month sales are collected in the month of another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sele 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 2. What is the accounts receivable balance on June 30th? Complete this question by entering your answers in the tabs below. Required Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quartier Schedule of Expected Cash Collections A February sales March Art May June Total cash collections Required 2 > 20 56 5 4 6 7 8 s 2 3 O W E R T Y O C D S LL G H J N C