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Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of

Route Canal Shipping Company has the following schedule for aging of accounts receivable:

Age of Receivables April 30, 20X1

(1) (2) (3) (4)
Month of Sales Age of Account Amounts Percent of Amount Due
April 030 $ 282,240 _______
March 3160 105,840 _______
February 6190 246,960 _______
January 91120 70,560 _______
Total receivables $ 705,600 100%

a. Calculate the percentage of amount due for each month.

month of sales percent of amount due
april
march
feb
january
total receivable 100%

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.

average collection period-?

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