Please do not give solution in image format thanku 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 inthe company's sales budget for the second quarter given below:Required 1 Required 2April$430,000Budgeted sales (all on account)From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% arecollected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts arenegligible and can be ignored. February sales totaled $360,000, and March sales totaled $390,000.Complete this question by entering your answers in the tabs below.Required:1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.2. What is the accounts receivable balance on June 30th?February salesMarch salesApril salesMay salesJune salesTotal cash collections$Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.Schedule of Expected Cash CollectionsAprilMay0 $May$ 630,0000 $< Required 1June$0 $June$ 200,000Total000000Total$ 1,260,000Required 2 > 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 inthe company's sales budget for the second quarter given below:April$ 430,000Required 1Budgeted sales (all on account)From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% arecollected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts arenegligible and can be ignored. February sales totaled $360,000, and March sales totaled $390,000.Complete this question by entering your answers in the tabs below.Required 2Required: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$630,000What is the accounts receivable balance on June 30th?Total accounts receivable at June 30< Required 1June$ 200,000Total$ 1,260,000Required 2 >

The company makes sales on cash but the company also makes sales on account to grab more customers.…

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 $ 430,000 May $ 630,000 June $ 200,000 Total $ 1,260,000 Budgeted sales (all on account) From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $360,000, and March sales totaled $390,000. 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?

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 $ 430,000 May $ 630,000 June $ 200,000 Total $ 1,260,000 Budgeted sales (all on account) From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $360,000, and March sales totaled $390,000. 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?

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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