Question

In: Accounting

Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot’s...

Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot’s credit terms are n/30. As of the end of business on October 31, the following accounts receivable were past due:

Account Due Date Amount
Avalanche Auto August 15 $12,000
Bales Auto October 4    2,400
Derby Auto Repair June 26    3,900
Lucky's Auto Repair September 10    6,600
Pit Stop Auto September 24    1,100
Reliable Auto Repair July 2    9,750
Trident Auto August 25    1,800
Valley Repair & Tow May 23    4,000

Determine the number of days each account is past due as of October 31.

Account Due Date Number of Days Past Due
Avalanche Auto August 15
Bales Auto October 4
Derby Auto Repair June 26
Lucky's Auto Repair September 10
Pit Stop Auto September 24
Reliable Auto Repair July 2
Trident Auto August 25
Valley Repair & Tow May 23

Solutions

Expert Solution

Account Due Date Number of Days Past Due
Avalanche Auto August 15 77
Bales Auto October 4 27
Derby Auto Repair June 26 127
Lucky's Auto Repair September 10 51
Pit Stop Auto September 24 37
Reliable Auto Repair July 2 121
Trident Auto August 25 67
Valley Repair & Tow May 23 161

Working Notes

Calculate no, of days from past due on october 31

1 Avalanche Auto

Past Due Days
Number of Days from August 15 to August 31 16
Number of Days from September 1 to September 30 30
Number of Days from October 1 to october 31 31
TOTAL DAYS 77 days

2.Bales Auto

Past Due Days
Number of Days from October 4 to october 31 27
TOTAL DAYS 27

3 . Derby Auto Repair

Past Due Days
Number of days from June 26 to June 30 4
Number of days from July 1 to July 31 31
Number of Days from August 1 to August 31 31
Number of Days from September 1 to September 30 30
Number of Days from October 1 to october 31 31
TOTAL DAYS 127 days

4.Lucky's Auto Repair

Number of Days from September 10 to September 30 20
Number of Days from October 1 to october 31 31
TOTAL DAYS 51 days

5.Pit Stop Auto

Number of Days from September 24 to September 30 6
Number of Days from October 1 to october 31 31
TOTAL DAYS 37 days

6.Reliable Auto Repair

Number of days from July 2 to July 31 29
Number of Days from August 1 to August 31 31
Number of Days from September 1 to September 30 30
Number of Days from October 1 to october 31 31
TOTAL DAYS 121 days

7.Trident Auto

Number of Days from August 25 to August 31 6
Number of Days from September 1 to September 30 30
Number of Days from October 1 to october 31 31
TOTAL DAYS 67 days

8.Valley Repair & Tow

Past Due Days
Number of days from May 23 to May 31 8
Number of days from June 1 to June 30 30
Number of days from July 1 to July 31 31
Number of Days from August 1 to August 31 31
Number of Days from September 1 to September 30 30
Number of Days from October 1 to october 31 31
TOTAL DAYS 161 days

ekkarill92 answered 2 years ago
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