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

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Accounting

15. 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 $ 227,010 _______
March 3160 129,720 _______
February 6190 194,580 _______
January 91120 97,290 _______
Total receivables $ 648,600 100%

a. Calculate the percentage of amount due for each month.
Month of Sales Percent of Amount Due
April %
March %
February %
January %
Total receivables 100 %

b. If the firm had $1,692,000 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

1

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