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

$\backslash$table$[[,,,,],[$Budgeted sales $($all on account$),$April,May,June,Total$],[340,000,$$$540,000,$$$170,000,$$$1,050,000,]]$

The company estimates $20\%$ of a month's sales are collected in the month of sale, another $75\%$ are collected in the month following sale, and the remaining $5\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$270,000,$ and March sales totaled $$300,000.$

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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Required $1$

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

$\backslash$table$[[$Schedule of Expected Cash Collections$],[$April$,$May,June,Total,$],[$February sales,,,,$],[$March sales,,,,$],[$April sales,,,,$],[$May sales,,,,$],[$June sales,,,,$],[$Total cash collections,,,,$]]$