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Ovestion 1 jof 16) 10.00 points Silver Company makes a product that is very popular...

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Accounting

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Ovestion 1 jof 16) 10.00 points 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: Budgeted sales (all on account) $300,000 $500.000 $200000 $1000.000 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. Bad debts are negligible and can be ignored. February sales totaled $230,000, and March sales totaled $260,000 Required . Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. 39.000 April sale May sales 2 Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date May sales Hints References Book& Resources

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