Use the following information to answer questions 17 - 18: The following is Silver Company's sales budget for the second quarter given below (all sales are on account): April May $500,000 $400,000 Budgeted sales June $600,000 Total $1,500,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% 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 $200,000, and March sales totaled $300,000. (17) What are the May cash collections projected to be? (18. What is the June 30 Accounts Receivable balance projected to be