m Question 2 - Ch 8 - Master Bud: X S Roberts Enterprises has budgete X I 8 Silver Company makes a produc X i + V X ( C' i eztomheducationcom/ext/map/indexhtmilcon:con&externalibrowser:0&|aunchUrl:https%253A%252F%Z52F|ms.mheducation.c0m%... Q l9 {1' *' i. i] Q 5 Ch 8 - Master Budget Quiz 0 Saved Help Save & Exil Submit Sliver 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 forthe second quarter given below: April May June Total Budgeted sales (all on account) $506,060 $709J090 $240,600 $11449J009 \\ , i : : l . i . \\ 2 01 07351 From past experience, the company has learned that 20% oi' a month s sales are collected In the month of sale: another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $430,000, and March sales totaled $460000. Required: i. 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? 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. Scl'lemle 11f Expemd cash collections Ju ne ml February sales March sales % Mc Graw Hill Type here to search ENG 03:45 PM 2.C Sunny INTL 02/04/2023M Question 2 - Ch 8 - Master Budge X C Roberts Enterprises has budgetec X C Silver Company makes a product X Homework Help - Q&A from Onl x + V X - C ^ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%... . . . Ch 8 - Master Budget Quiz i Saved Help Save & Exit Submit 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: April May June Total Budgeted sales (all on account) $500, 000 $700, 000 $240, 000 $1, 440, 000 01:06:51 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $430,000, and March sales totaled $460,000. 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 Mc Graw Type here to search ENG 03:45 PM 2.C Sunny INTL 02/04/2023