Problem 7-11 Aging of accounts receivable [LO7-4] Route Canal Shipping Company has the following schedule for aging of accounts receivable: Percent of Amount Due Age of Receivables April 30, 20x1 (1) (2) (3) Month of Age of Sales Account Amounts April @-30 $ 159, 250 March 31-60 91,000 February 61-90 136,500 January 91-120 68,250 Total receivables $ 455,000 100% a. Calculate the percentage of amount due for each month. Month of Sales April March February January Total receivables Percent of Amount Due % % % % 100 % b. If the firm had $1,560,000 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 c. If the firm likes to see its bills collected in 40 days, should it be satisfied with the average collection period? O Yes ONO d. Disregarding your answer to part cand considering the aging schedule for accounts receivable, should the company be satisfied? Yes No