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. May April $330,000 June $210,000 Total $1,070,000 $530,000 Budgeted sales (all an account) ok 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? int Complete this question by entering your answers in the tabs below. Print Herences 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 $ 0 March sales 0 April Sales 0 May sales June sales Total cash collections $ 0 $ 05 0 0 0 Exercise 8-8 Budgeted Income Statement [LO8-9) Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Pixed selling and administrative expense (per year) Interest expense for the year 680 $ 2,060 $ 1,680 $ 50 $ 200,000 $ 22,000 Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement ces