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Exercise $8-1($Algo$)$ Schedule of Expected Cash Collections $[$LO$8-2]$

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 in the company's sales budget for the second quarter given below:

$\backslash$table$[[,,$April,May,June,Total$],[$Budgeted sales all on account$),$$$340,000,$$$540,000,$$$170,000,$$$1,050,000,]]$

From past experience, the company has learned that $20\%$ of a month's sales are collected in the month of sale, another $75\%$ are collected in the month following sale, and the remaining $5\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$270,000,$ and March sales totaled $$300,000.$

Required:

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

What is the accounts receivable balance on June $30$th$?$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

$\backslash$table$[[$Schedule of Expected Cash Collections$],[,,,,,,,$Total$],[$February sales,,,,,,,$$,0],[$March sales,,,,,,,,$0],[$April sales,,,,,,,,$0],[$May sales,,,,,,,,$0],[$June sales,,,,,,,,$0],[$Total cash collections,$$,0,$$$,0,$$$,0,$$$,0]$