Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) 4) Percent of Month of
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) 4) Percent of Month of Age of Sales Account Amounts Amount Due 0-30 147,840 April March 31-60 105.600 February 61-90 126,720 91-120 42,240 January 422,400 100% Total receivables a. Calculate the percentage of amount due for each month. Percent of Month of Sales Amount Due April March February January 100 Total receivables b. If the firm had $1,536,000 in credit sales over the four-month period, compute the average collection period. Average daily sales should be based on a 120-day period. Average collection period days
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started