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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

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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 Age of Percent of Sales Account Amounts Amount Due 0-30 $ 267,030 March 31-60 59,340 February 61-90 237,360 January 91-120 29.670 Total receivables $ 593,400 100% April a. Calculate the percentage of amount due for each month. Month of Sales April March February January Total receivables Percent of Amount Due % 96 % % 100% b. If the firm had $1,656,000 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

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