*please do not solve on excel and please include all formulas & steps to the final answers!

Thank you so much!

QUESTION \#8 08-02 Prepare a sales budget, including a schedule of expected cash collections. 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 Mudgeted sales (all on account) $330,000$530,000$210,000$1,070,000 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 sale. Bad debts are negligible and can be ignored. February sales totaled $260,000, and March sales totaled $290,000. 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? REQUIREMENT \#1) Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter