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Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below: table

Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below:
\table[[Budgeted sales (all on account),$470,000,May,June,Total]]
The company estimates 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:
Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
What is the accounts receivable balance on June 30th?
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Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
\table[[Schedule of Expected Cash Collections,,,],[,April,May,June,Total],[February sales,,,$8,],[March sales,,,,0],[April sales,,,,0]]
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