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

Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below:

April May June Total

Budgeted sales $($all on account$)$ $ $440,000$ $ $640,000$ $ $220,000$ $ $1,300,000$

The company estimates $30\%$ of a month$$s sales are collected in the month of sale, another $60\%$ are collected in the month following sale, and the remaining $10\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$370,000,$ and March sales totaled $$400,000.$

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$?$