nework i Saved Help Save & Exit Submit Check my work Exercise 8-1 (Algo) Schedule of Expected Cash Collections [LO8-2] 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: Budgeted sales (all on account) April $340,000 May $540,000 June $170,000 Total $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. es 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 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Prev 1 of 8 Next > pulistinn nerformance ning tante ench se ahentian netin Cnet. Volume Defit (CVP 16 S & 7 5 8 nework Saved Help Save & Exit Submit Check my work 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. Schedule of Expected Cash Collections April May June Total February sales March sales April sales es May sales June sales Total cash collections araluating nerformance neinn tonle ench se ahortinn costino Caet Volume-Profit (CVDY FLB So 16 09 work Saved Help Save & Exit Submit Check my work Exercise 8-1 (Algo) Schedule of Expected Cash Collections (LO8-2] 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: Budgeted sales (all on account) April $340,000 May $540,000 June $170,000 Total $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. ces 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? Prey 1 of 8 HI! Next > salotinn nerformance teint trole ench a cheatinntina Cac. Volume Profit VPS 16 # 2 5 8 E R Y ork Saved Help Save & Exit Check my v From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another / collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts a negligible and can be ignored. February sales totaled $270,000, and March sales totaled $300,000. 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 evabating nerformance reinn tanle ench ac ahearntion casting Coct Valime-Profit (CVP) 16 $ & 7 2 3 5 8. 9. E R