7-33. Meals has many sources of income, but each source pays Meals differently. Specifically, Meals has
contracts with the city, county, and state to provide 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 that debt 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 but less than 61 days old. Prepare an accounts receivable aging
schedule for Meals by total dollars and by percent.
Finkler, Steven A.; Calabrese, Thad D.; Smith, Daniel L.. Financial Management for Public, Health, and
Not-for-Profit Organizations (p. 265). SAGE Publications. Kindle Edition.

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