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	$ 131,250	_______
March	3160	93,750	_______
February	6190	112,500	_______
January	91120	37,500	_______
Total receivables		$ 375,000	100%

Calculate the percentage of amount due for each month.

If the firm had $1,500,000 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.

If the firm likes to see its bills collected in 35 days, should it be satisfied with the average collection period?

multiple choice 1

Yes

No

Disregarding your answer to part c and considering the aging schedule for accounts receivable, should the company be satisfied?

multiple choice 2

Yes

No