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

Age of Receivables April $30,20$X$1$

$(1)(2)(3)(4)$

Month of Sales Age of Account Amounts Percent of Amount Due

April $030$ $ $195,360\_\_\_\_\_\_\_$

March $316097,680\_\_\_\_\_\_\_$

February $6190122,100\_\_\_\_\_\_\_$

January $9112073,260\_\_\_\_\_\_\_$

Total receivables $ $488,400100\%$

Calculate the percentage of amount due for each month.

If the firm had $$1,584,000$ 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 $42$ 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