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Fogel's Pumps offers its customers credit terms of 2/10, net 30, while Larry's Pumps offers terms ...

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Fogel's Pumps offers its customers credit terms of 2/10, net 30, while Larry's Pumps offers terms ...

Fogel's Pumps offers its customers credit terms of 2/10, net 30, while Larry's Pumps offers terms of 2/10, net 45 days. The aging schedules for the two companies' receivables are shown below:

	Fogel's		Larry's
Age of Account(Days)	Value of Account	Percentage of Total Value		Value of Account	Percentage of Total Value
0-10	$58,800	60%		$ 73,500	50%
11-30	19,600	20		29,400	20
31-45	14,700	15		29,400	20
46-60	2,940	3		10,290	7
Over 60	1,960	2		4,410	3
Total receivables	$98,000	100%		$147,000	100%

Which company has the higher percentage of overdue accounts, and what is its percentage of overdue accounts?

▸

Larry's: 50% overdue

▸

Larry's: 40% overdue

▸

Fogel's: 30% overdue

▸

Fogel's: 20% overdue

Textbook

Financial Management: Theory and Practice

Edition: 4^th

Authors: Brigham, Ehrhardt, Gessaroli, Nason

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