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Saved Graded Homework 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 the company's sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $ 450,000 $ 650,000 $ 250,000 $ 1,350,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60 collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts a negligible and can be ignored. February sales totaled $380,000, and March sales totaled $410,000. 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? K + nt Complete this question by entering your answers in the tabs below. 3 ences 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 57 000 $ 57.000 + March sales 246.000 246,000 April sales 112,500 112.500 May sales 0 June sales 0 Total cash collections $ 415,500 5 05 0 $ 415,500 Required Required 2 >