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Ginseng Company collects 50.0 percent of its receivables in 10 days or fewer, 31 percent in 11 to 30 days, 7 percent in 31 to
Ginseng Company collects 50.0 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 45 to 60 days, and 5.0 percent in more than 60 days. The company has $1,000,000 in accounts receivable. Prepare an aging schedule for Cinseng 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 56 31-45 45-50 Over 60 Total 56 56 100.0%
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