Problem 7-11 Aging of accounts receivable (L07-4] Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20x1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $ 212,220 March 31-60 94,320 February 61-90 141,480 January 91-120 23,580 Total receivables $ 471,600 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due Month of Sales % April March % % February January Total receivables % 100 % b. If the firm had $1,572,000 in credit sales over the four-month period, compute the average collection period. Average daily credit sales should be based on a 120-day period. Average collection period days