SCHEDULE 1 D A C E F B Hampton Freeze, Inc. Sales Budget W N - For the Year Ended December 31, 2017 Quarter 2 3 4 Year Budgeted unit sales (in cases) 10,000 30,000 40,000 20,000 100,000 8 Selling price per unit $ 20.00 $ 20.00 $ 20.00 $ 20.00 20.00 9 Total sales $200,000 $600,000 $800,000 $400,000 $ 2,000,000 10 11 70% 30% 12 Schedule of Expected Cash Collections 13 Beginning accounts receivable $/90,000 $ 90,000 14 First-quarter sales 140,000 $ 60,000 200,000 15 Second-quarter sales 420,000 $ 180,000 600,000 16 Third-quarter sales 560,000 $240,000 800,000 17 Fourth-quarter sales 280,000 280,000 18 Total cash collections $230,000 $480,000 $740,000 $520,000 $ 1,970,000 Budgeting Assumptions Schedule 1 /Schedule 2 Schedule 3 5c0 'Cash collections from last year's fourth-quarter sales. See the beginning balance sheet in Exhibit 8-3. 2$200,000 x 70%; $200,000 x 30%. 3$600,000 x 70%; $600,000 x 30%. 4$800,000 x 70%; $800,000 x 30%. 5$400,000 x 70%. Uncollected fourth-quarter sales ($120,000) appear as accounts receivable on the company's end-of-year ud holomen budgeted balance sheet (see Schedule 10).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) $300000 $500000 $200000 $1.000.000 Front past experience. the company has learned that 20% of a month's sales are collected in the month of sale. another 70% are collected in the month following sale. and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled 3230.000. and March sales totaled 8260.000. Required: l. Using. Schedule 1 as your guide. 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