Exercise $8-1($Algo$)$ Schedule of Expected Cash Collections $[$LO$8-2]$

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:

$\backslash$table$[[$Budgeted sales $($all on account$),$April,May,June,Total$],[470,000,$$$670,000,$$$230,000,$$$1,370,000,]]$

From past experience, the company has learned that $25\%$ of a month's sales are collected in the month of sale, another $65\%$ 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 $$400,000,$ and March sales totaled $$430,000.$

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 $30$th$?$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

$\backslash$table$[[$Schedule of Expected Cash Collections$],[,$April,,May,,June,,,$],[$February sales,,,,,,,$$,0],[$March sales,,,,,,,,$0],[$April sales,,,,,,,,$0],[$May sales,,,,,,,,$0],[$June sales,,,,,,,,$0],[$Total cash collections,$$,0,$$$,0,$$$,0,$$$,0]]$

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