Please do not give solution in image format thank you sExercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2]Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below:April$ 480,000May$ 680,000Budgeted sales (all on account)The company estimates 30% of a month's sales are collected in the month of sale, another 60% are collected in the month followingsale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. Februarysales totaled $410,000, and March sales totaled $440,000.Complete this question by entering your answers in the tabs below.Required 1Required 2What is the accounts receivable balance on June 30th?Total accounts receivable at June 30Required:1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.2. What is the accounts receivable balance on June 30th?< Required 1June$ 260,000Total$ 1,420,000Required 2 sExercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2]Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below:April$ 480,000May$ 680,000Budgeted sales (all on account)The company estimates 30% of a month's sales are collected in the month of sale, another 60% are collected in the month followingsale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. Februarysales totaled $410,000, and March sales totaled $440,000.Complete this question by entering your answers in the tabs below.February salesMarch salesApril salesMay salesJune salesTotal cash collectionsRequired:1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.2. What is the accounts receivable balance on June 30th?June$ 260,000Required 1 Required 2Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.Schedule of Expected Cash CollectionsAprilMayJuneTotal$ 1,420,000Total

Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…

Exercise 8-1 (Algo) Schedule of Expected Cash Collections (L08-2] Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below: May Total $ 680,000 $ 1,420,000 April $ 480,000 Budgeted sales (all on account) The company estimates 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 sale. Bad debts are negligible and can be ignored. February sales totaled $410,000, and March sales totaled $440,000. 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 June $ 260,000 < Required 1 Required 2

Exercise 8-1 (Algo) Schedule of Expected Cash Collections (L08-2] Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below: May Total $ 680,000 $ 1,420,000 April $ 480,000 Budgeted sales (all on account) The company estimates 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 sale. Bad debts are negligible and can be ignored. February sales totaled $410,000, and March sales totaled $440,000. 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 June $ 260,000 < Required 1 Required 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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