Ginseng Company collects 50.0 percent of its receivables in 10 days or fewer, 31

Question

Ginseng Company collects 50.0 percent of its receivables in 10 days or fewer, 31 percent in 11 to 30 days, 7 percent in 31 to 45 days, 7 percent in 45 to 60 days, and 5.0 percent in more than 60 days. The company has $1,000,000 in accounts receivable. Prepare an aging schedule for Cinseng Company. (Round accounts receivable to the nearest whole dollar, e.g. 5,275 and % of total account to 1 decimal place, e.g. 12.2%.) Age of Accounts (in days Value of Account of Total Account 0-10 56 31-45 45-50 Over 60 Total 56 56 100.0%

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer and please give thumbs up   Statementshowing Computations Age of account (in days) Value of account % of total Account 0-10                 500,000.00 50% 11-30                 310,000.00 31% 31-45                    70,000.00 7% 46-60                    70,000.00 7% Over 60                    50,000.00 5% Total              1,000,000.00 100%

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