# Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...

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) \$360,000 \$560,000 \$220,000 \$1,140,000 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 \$290,000, and March sales totaled \$320,000. 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?

 Schedule of Expected Cash Collections April May June Total February sales \$0 March sales 0 April sales 0 May sales 0 June sales 0 Total cash collections \$0 \$0 \$0 \$
 Total accounts receivable at June 30
• v

This Homework Help Question: "Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak..." No answers yet.

We need 10 more requests to produce the answer to this homework help question. Share with your friends to get the answer faster!

0 /10 have requested the answer to this homework help question.

Once 10 people have made a request, the answer to this question will be available in 1-2 days.
All students who have requested the answer will be notified once they are available.
##### Add Answer of: Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...
Similar Homework Help Questions
• ### Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...

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) \$300,000 \$500,000 \$200,000 \$1,000,000 From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, another 70% are collected in the month following sale, and the...

• ### Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...

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) \$320,000 \$520,000 \$180,000 \$1,020,000 From past experience, the company has learned that 30% of a month’s sales are collected in the month of sale, another 65% are collected in the month following sale, and the...

• ### Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...

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) \$340,000 \$540,000 \$170,000 \$1,050,000 From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, another 75% are collected in the month following sale, and the...

• ### Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...

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) \$310,000 \$510,000 \$160,000 \$980,000 From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the...

• ### Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...

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) \$310,000 \$510,000 \$160,000 \$980,000 From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the...

• ### Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...

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) \$450,000 \$650,000 \$250,000 \$1,350,000 From past experience, the company has learned that 25% of a month’s sales are collected in the month of sale, another 60% are collected in the month following sale, and the...

• ### Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...

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) \$500,000 \$700,000 \$240,000 \$1,440,000 From past experience, 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...

• ### Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak...

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 \$360,000 May \$560,000 June \$220,000 Total \$1,140,000 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...

• ### Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...

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) \$420,000 \$620,000 \$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...

• ### Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak...

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) \$440,000 \$640,000 \$220,000 \$1,300,000 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...

Free Homework App