Question: Meals for the Homeless has many sources of income but
Meals for the Homeless has many sources of income, but they pay Meals very differently. Specifically, Meals has contracts with the city, county, and state to pro-vide food services. In addition, Meals has contracted with a private foundation to augment its foods with more healthful options. The city owes Meals $ 400,000, half of which is current, one- quarter is more than 30 days but less than 61 days old, 15 percent is between 61 and 90 days old, and the remainder is more than 91 days old. The county owes Meals $ 900,000, only one- third of which is current, another one- third is more than 30 days but less than 61 days old, and the remainder is more than 90 days old. The state owes Meals $ 1.5 million, 40 percent is current, 30 percent is between 30 and 60 days old, 20 percent is between 61 and 90 days old, and the remainder is more than 91 days old. The foundation owes Meals $ 150,000, of which half is current and the other half is more than 30 days old but less than 61 days. Prepare an accounts- receivable aging schedule for Meals by total dollars and by percent.
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