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

	April	May	June	Total
Budgeted sales (all on account)	$ 380,000	$ 580,000	$ 200,000	$ 1,160,000

The company estimates 20% of a months sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $310,000, and March sales totaled $340,000.

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 receivable balance on June 30th?