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Exercise 8-1 (Algo) Schedule of Expected Cash Collections (L08-2] Silver Company makes a product that is wery populares a Mothers Day oft Thus, peak ses occur in May of each year as shown the company sales budget for the second quarter given below Total tudtud sales al met $19.00 550.000 110,00 1,000,000 From past experience the company has leamed that 25% of a mort sales are collected in the month of sale, another 70% are collected in the month foowing sale, and the remaining 55 are collected in the second month following sale Bad debts are negligible and can be ignored. February sales totaled $280,000, and Mardhi sales totaled $310.000 Required: 1. Prepe a schedule of expected cash collections from sales by toonth and total for the second quarter 2. What is the accounts receivable balance on June 30 Complete this question by entering your answers in the tabs below. Read 1 Hered2 reare a scheduleur espected cash collection from by hand in total, for the cand Cash Chat Aesil TO 3000 70 000 March TE SOU 1150 20.000 305.000 41.500 150 000 21.00 133.000 160.00 9.500 9.500 560.0001 110.000 SOS.000 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 AL Bure -Total Hugeted sales (all on account) $350,000 $350,000 $10,000 51,090,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 70% 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 $280,000, and March sales totaled $310.000 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: Required What is the accounts receivable balance on Sunesoth? cewe) $180.500