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: April $330,000 - Budgeted sales (all on account) May $530, eee June $21e, eee Total $1,078,888 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 remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $260,000, and March sales totaled $290,000 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? Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. $ $ 39,000 174,000 83,250 February sales March sales April sales May sales June sales Total cash collections 43,500 199,8001 132,500 49,950 518,000 52,500 620,450 39,000 217,500 333,000 650,500 52,500 1,292,500 $ 296,250 $ 375,800 $ $