velue 25.00 points Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below Budgeted sales (ell on account) $360,000$560,000 $220,000 $1,140,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following salo. Bad debts are negigible and can be ignored. February sales totaled $290,000, and March sales totaled $320,000. Required: 1. Prepare a schedule of expected cash colections from sales, by month and in total, for the second quarter Schedule of Expected Cash Collections June February sales March sales April sales May sales June sales Total cash collections 2. Assume that the company will prepare a budgeted balance sheot as of June 30 Compute the accounts receivable as of that roceivable as of that date