Question

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) April $420,000 May $620,000 June Total $240,000 $1,280,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $350,000, and March sales totaled $380,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and In total, for the second quarter. 2. What is the accounts receivable 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. Schedule of Expected Cash Collections April May June Total February sales March sales April sales May sales June sales Total cash collections < Required 1 Required 2 >

I need help wit required 1 and required 2

Answer 1

3chedule f erpeited (ayth collezlion - tal June 17250 Febranagy Salet 725D Masch sales $304000 457000 a43000 April Sales 20000 By000 6 2000 273000 ৫ May 529000 124000 y03000 Sales 48000 8000 Jure 514000146 25D Tota coh alletions 318250 Balonce in Afc's^ecivable en June 30 Salet Febravsy Motch Sales Sales hpril aysales salos l9200 X June $s000 Balance on 3