Ch 8 Homework Sed Help Save 1 1 Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] 15 points Silver Company makes a product that is very popular as a Mother's Day gin. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below. April May Budgeted sales fall on account) June Total 5490,000 5690,000 $220.000 $1,400,000 She coed Book 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 sele. Bad debts are negligible and can be ignored. February sales totaled $420,000, and March sales totaled $450.000 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? Hint Pin Complete this question by entering your answers in the tabs below. References June Required: Required 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 Total February sales March salos April sales May sales June sales Total cash collections Mequired) MC Hill GTAW Prev 1 of 3 !!! Score answer >