Chapter 07 Pre-built As X Silver Company makes a product that is very popular as a Mothers 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. account) $370,000 $570,000 $180,000 $1,120,000 in the month From past expenence, te company has learned that 25% of a month's sales are of sale, another 65% 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 $300,000, and March sales totaled $330,000 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter Silver Company Schedule of Expected Cash Collections April June Total Apnil sales Total cast 2 Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts O Type here to search