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: From past experience, the company has learned that 25% of a month's sales 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, for the second quarter. 2 . What is the accounts recelvable balance on June 30 th? Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections from sales, by month and in total, for the seconid quarter, Exercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2] the compaci/s sales budget for the second quarter ofien beicic negilgtese and cri be ignoeed. Februacy seies toeded 5400000 and March seles tstaled 5430000 Pequired: Compiete this equevion by ettering vour antwers in the tase belion