Problem 7-11 (Algo) Aging of accounts receivable [LO7-4] Route Canal Shipping Company has the following schedule for aging of accounts receivable: a. Calculate the percentage of amount due for each month. b. If the firm had $1,728,000 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. c. If the firm likes to see its bills collected in 48 days, should it be satisfied with the average collection period? No Yes d. Disregarding your answer to part c and considering the aging schedule for accounts receivable, should the company be satisfied? Yes No Problem 7-11 (Algo) Aging of accounts receivable [LO7-4] Route Canal Shipping Company has the following schedule for aging of accounts receivable: a. Calculate the percentage of amount due for each month. b. If the firm had $1,728,000 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. c. If the firm likes to see its bills collected in 48 days, should it be satisfied with the average collection period? No Yes d. Disregarding your answer to part c and considering the aging schedule for accounts receivable, should the company be satisfied? Yes No