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Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that...

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Accounting

Exercise 8-1 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:
\table[[\table[[Budgeted sales (all],[on account)]]]]
From 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.
Required:
Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
What is the accounts receivable balance on June 30th?
Complete this question by entering your answers in the tabs below.
\table[[Required,Required],[1,2]]
Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
\table[[Schedule of Expected Cash Collections,],[April,May,June,Total,],[February sales,,,,],[March sales,,,,],[April sales,,,,],[May sales,,,,],[June sales,,,,],[\table[[Total cash],[collections]],,,,]]
Required 1
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