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: April $300,000 Required 1 Budgeted sales (all on account) 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 $230,000, and March sales totaled $260,000. Complete this question by entering your answers in the tabs below. Required 2 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? May $500,000 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 < Required 1 June $200,000 Required 2 Total $1,000,000 > 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: Required 1 Required 2 Budgeted sales (all on account) 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 $230,000, and March sales totaled $260,000. Complete this question by entering yo answers in the tabs below. April $300,000 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? February sales March sales April sales May sales June sales Total cash collections $ Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May 23,000 182,000 $ 205,000 $ 23,000 26,000 May $500,000 49,000 $ < Required 1 June 23,000 $ 23,000 $ Total 69,000 208,000 June $200,000 0 0 0 277,000 Total $1,000,000 Required 2 >