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Silver Company makes a product that is very popular as a Mothers Day gift. Thus,...

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Accounting

Silver Company makes a product that is very popular as a Mothers Day gift. Thus, peak sales occur in May of each year, as shown in the companys sales budget for the second quarter given below:

April May June Total
Budgeted sales (all on account) $ 350,000 $ 550,000 $ 190,000 $ 1,090,000

From past experience, the company has learned that 25% of a months sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $280,000, and March sales totaled $310,000.

Required:

1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. (PLEASE ACTUALLY INCLUDE THE CHART!!!!!!!!) I need to fill in a chart so please include that.

2. What is the accounts receivable balance on June 30th?

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