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Ginseng Company collects 30.0 percent of its receivables in 10 days or fewer, 31 percent in 11 to 30 days, 7 percent in 31 to
Ginseng Company collects 30.0 percent of its receivables in 10 days or fewer, 31 percent in 11 to 30 days, 7 percent in 31 to 45 days, 7 percent in 46 to 60 days, and 25.0 percent in more than 60 days. The company has $1,230,000 in accounts receivable. Prepare an aging schedule for Ginseng Company. (Round accounts receivable to the nearest whole dollar, e.g. 5,275 and % of total account to 1 decimal place, e.g. 12.2%.)
Age of Accounts (in days) | Value of Account | % of Total Account | ||
0-10 | $ | % | ||
11-30 | $ | % | ||
31-45 | $ | % | ||
46-60 | $ | % | ||
Over 60 | $ | % | ||
Total | $ | 100.0% |
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