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Silver Company makes a product with peak sales in May of each year. Its...

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Accounting

Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below:
\table[[Budgeted sales (all on account),April,May,June,Total],[360,000,$560,000,$220,000,$1,140,000,]]
The company estimates 30% of a month's sales are collected in the month of sale, another 60% are collected in the month follov sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. Febi sales totaled $290,000, and March sales totaled $320,000.
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 30th?
Complete this question by entering your answers in the tabs below.
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,,,,],[March sales,,,,],[April sales,,,,],[May sales,,,,],[June sales,,,,],[Total cash collections,,,,]]
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