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

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Accounting

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 glven below:
From past experlence, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $390,000, and March sales totaled $420,000.
Required:
Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
2 What is the accounts recelvable balance on June 30th?
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.
\table[[Schedule of Expected Cash Collections],[,April,May,,June,,,Total],[February sales,+,,,,,s,0],[March sales,5,,,,,,2],[April salies,,,,,,E,0],[May sales,,4,,,,2,0],[June sales,,,,1,m,,0],[Total cash oollections,3,0,$,0,$,0,,0]]
What is the accounts recievable balance on june 30th?
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