Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below: April $ 450,000 Required 1 Required 2 May $ 650,000 Budgeted sales (all on account) The company estimates 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 $380,000, and March sales totaled $410,000. Complete this question by entering your answers in the tabs below. 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? February sales March sales April sales May sales June sales Total cash collections June $ 250,000 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 $ 1,350,000 Total

The company estimates 25% of a month's sales are collected in the month of sale, another 60% are collected in the month followin sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. Februa sales totaled $380,000, and March sales totaled $410,000. 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 second quarter