Question

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

a. Fill in column (4) for each month.

Age of receivables April 30 20X1
1	2	3	4
Month of sales	Age of accounts	Amounts	Percent of amount due
April	0-30	\(131,250	____
March	31-60	\)93,750	____
February	61-90	\(112,500	____
January	91-120	\)37,500	____
Total receivables		$375,000	100%

Short answer

The percentages of amount dues are 35% in April, 25% in March, 30% in February, and 10% in January.

Step-by-step solution

Formula for calculating the percent of amount dues

$\mathrm{Percent}\mathrm{of}\mathrm{amount}\mathrm{due}=\frac{\mathrm{Accounts}\mathrm{receivablein}\mathrm{a}\mathrm{month}}{\mathrm{Total}\mathrm{accounts}\mathrm{receivable}}\times 100$

Explanation for requirement

Month of sales	Age of accounts	Amounts	Percent of amount due
April	0-30	$131,250	35%
March	31-60	$93,750	25%
February	61-90	$112,500	30%
January	91-120	$37,500	10%
Total receivables		$375,000	100%