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

The company estimates $20\%$ of a month's sales are collected in the month of sale, another $65\%$ 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 $$350,000,$ and March sales totaled $$380,000.$

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 $30$th$?$

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Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

April May June Total

Budgeted sales $($all on account$)$ $ $420,000$ $ $620,000$ $ $240,000$ $ $1,280,000$

The company estimates $20\%$ of a month$$s sales are collected in the month of sale, another $65\%$ are collected in the month following sale, and the remaining $15\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$350,000,$ and March sales totaled $$380,000.$

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 $30$th$?$