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Silver Company makes a product that is very popular as a Mother's Day gift. Thus,...

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Accounting

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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: From past experience, the company has learned that 25 percentage of a month's sales are collected in the month of sale, another 60 percentage are collected in the month following sale, and the remaining 15 dollar are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled dollar 340, 000, and March sales totaled dollar 370, 000. Required: Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter

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