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What is the accounts receivable balance on june

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Reference no: EM132510247

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:

                                              April              May                        June                Total
Budgeted sales (all on account) $400,000           $600,000         $190,000        $1,190,000 

  • From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $330,000, and March sales totaled $360,000.

Required:

Question 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

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

Reference no: EM132510247

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