Question
In: Accounting
he accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule...
he accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:
| Not | Days Past Due | |||||||||||
| Past | Over | |||||||||||
| Customer | Balance | Due | 1-30 | 31-60 | 61-90 | 90 | ||||||
| Academy Industries Inc. | 2,500 | 2,500 | ||||||||||
| Ascent Company | 4,600 | 4,600 | ||||||||||
| Zoot Company | 8,600 | 8,600 | ||||||||||
| Subtotals | 709,800 | 428,700 | 156,200 | 68,100 | 35,500 | 21,300 | ||||||
The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above:
| Customer | Balance | Due Date | |
| Conover Industries | $9,900 | July 11 | |
| Keystone Company | 7,100 | September 21 | |
| Moxie Creek Inc. | 14,200 | October 18 | |
| Rainbow Company | 8,500 | November 4 | |
| Swanson Company | 19,200 | December 21 | |
a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due, enter 0.
| Customer | Due Date | Number of Days Past Due |
| Conover Industries | July 11 | fill in the blank 5066b3ff902bfb8_1 days |
| Keystone Company | September 21 | fill in the blank 5066b3ff902bfb8_2 days |
| Moxie Creek Inc. | October 18 | fill in the blank 5066b3ff902bfb8_3 days |
| Rainbow Company | November 4 | fill in the blank 5066b3ff902bfb8_4 days |
| Swanson Company | December 21 | fill in the blank 5066b3ff902bfb8_5 days |
b. Complete the aging-of-receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank.
| Kirchhoff Industries | ||||||
| Aging of Receivables Schedule | ||||||
| November 30 | ||||||
| Customer | Balance | Not Past Due |
Days Past Due 1-30 |
Days Past Due 31-60 |
Days Past Due 61-90 |
Days Past Due Over 90 |
| Academy Industries Inc. | 2,500 | 2,500 | fill in the blank bd5ba7f5eff7022_1 | fill in the blank bd5ba7f5eff7022_2 | fill in the blank bd5ba7f5eff7022_3 | fill in the blank bd5ba7f5eff7022_4 |
| Ascent Company | 4,600 | fill in the blank bd5ba7f5eff7022_5 | 4,600 | fill in the blank bd5ba7f5eff7022_6 | fill in the blank bd5ba7f5eff7022_7 | fill in the blank bd5ba7f5eff7022_8 |
| Zoot Company | 8,600 | fill in the blank bd5ba7f5eff7022_9 | fill in the blank bd5ba7f5eff7022_10 | 8,600 | fill in the blank bd5ba7f5eff7022_11 | fill in the blank bd5ba7f5eff7022_12 |
| Subtotals | 709,800 | 428,700 | 156,200 | 68,100 | 35,500 | 21,300 |
| Conover Industries | fill in the blank bd5ba7f5eff7022_13 | fill in the blank bd5ba7f5eff7022_14 | fill in the blank bd5ba7f5eff7022_15 | fill in the blank bd5ba7f5eff7022_16 | fill in the blank bd5ba7f5eff7022_17 | fill in the blank bd5ba7f5eff7022_18 |
| Keystone Company | fill in the blank bd5ba7f5eff7022_19 | fill in the blank bd5ba7f5eff7022_20 | fill in the blank bd5ba7f5eff7022_21 | fill in the blank bd5ba7f5eff7022_22 | fill in the blank bd5ba7f5eff7022_23 | fill in the blank bd5ba7f5eff7022_24 |
| Moxie Creek Inc. | fill in the blank bd5ba7f5eff7022_25 | fill in the blank bd5ba7f5eff7022_26 | fill in the blank bd5ba7f5eff7022_27 | fill in the blank bd5ba7f5eff7022_28 | fill in the blank bd5ba7f5eff7022_29 | fill in the blank bd5ba7f5eff7022_30 |
| Rainbow Company | fill in the blank bd5ba7f5eff7022_31 | fill in the blank bd5ba7f5eff7022_32 | fill in the blank bd5ba7f5eff7022_33 | fill in the blank bd5ba7f5eff7022_34 | fill in the blank bd5ba7f5eff7022_35 | fill in the blank bd5ba7f5eff7022_36 |
| Swanson Company | fill in the blank bd5ba7f5eff7022_37 | fill in the blank bd5ba7f5eff7022_38 | fill in the blank bd5ba7f5eff7022_39 | fill in the blank bd5ba7f5eff7022_40 | fill in the blank bd5ba7f5eff7022_41 | fill in the blank bd5ba7f5eff7022_42 |
| Totals | fill in the blank bd5ba7f5eff7022_43 | fill in the blank bd5ba7f5eff7022_44 | fill in the blank bd5ba7f5eff7022_45 | fill in the blank bd5ba7f5eff7022_46 | fill in the blank bd5ba7f5eff7022_47 | fill in the blank bd5ba7f5eff7022_48 |
Solutions
Expert Solution
| a.) | Customer | Due Date | Number of Days Past Due | |
| Conover Industries | Jul-11 | 142 | =20+31+30+31+30 | |
| Keystone Company | Sep-21 | 70 | =9+31+30 | |
| Moxie Creek Inc. | Oct-18 | 43 | =13+30 | |
| Rainbow Company | Nov-04 | 26 | ||
| Swanson Company | Dec-21 | 0 |
| b.) |
Kirchhoff Industries |
|||||||
| Aging of Receivables Schedule | ||||||||
| November .30 | Amount $ | |||||||
| Customer | Balance | Not Past | Days Past | Days Past | Days Past | Days Past | ||
| Due | Due 1-30 | Due 31-60 | Due 61-90 | Due Over 90 | ||||
| Academy Industries Inc. | 2,500 | 2,500 | ||||||
| Ascent Company | 4,600 | 4,600 | ||||||
| Zoot Company | 8,600 | 8,600 | ||||||
| Subtotals | 709,800 | 428,700 | 156,200 | 68,100 | 35,500 | 21,300 | ||
| Conover Industries | 9,900 | 9,900 | ||||||
| Keystone Company | 7,100 | 7,100 | ||||||
| Moxie Creek Inc. | 14,200 | 14,200 | ||||||
| Rainbow Company | 8,500 | 8,500 | ||||||
| Swanson Company | 19,200 | 19,200 | ||||||
| Totals | 768,700 | 447,900 | 164,700 | 82,300 | 42,600 | 31,200 | ||
ekkarill92 answered 2 years agoRelated Solutions
Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed...
Aging of Receivables Schedule
The accounts receivable clerk for Kirchhoff Industries prepared
the following partially completed aging of receivables schedule as
of the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Academy Industries Inc.
3,800
3,800
Ascent Company
5,400
5,400
Zoot Company
7,000
7,000
Subtotals
667,600
403,200
146,900
64,100
33,400
20,000
The following accounts were unintentionally omitted from the
aging schedule and not included in the subtotals above:
Customer...
Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed...
Aging of Receivables Schedule
The accounts receivable clerk for Kirchhoff Industries prepared
the following partially completed aging of receivables schedule as
of the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Academy Industries Inc.
2,800
2,800
Ascent Company
4,800
4,800
Zoot Company
9,000
9,000
Subtotals
910,500
550,000
200,300
87,400
45,500
27,300
The following accounts were unintentionally omitted from the
aging schedule and not included in the subtotals above:
Customer...
Aging of Receivables Schedule The accounts receivable clerk for Evers Industries prepared the following partially completed...
Aging of Receivables Schedule
The accounts receivable clerk for Evers Industries prepared the
following partially completed aging of receivables schedule as of
the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Acme Industries Inc.
5,500
5,500
Alliance Company
4,600
4,600
Zollinger Company
11,100
11,100
Subtotals
759,300
458,600
167,000
72,900
38,000
22,800
The following accounts were unintentionally omitted from the
aging schedule and not included in the subtotals above:
Customer...
The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule...
The accounts receivable clerk for Evers Industries prepared the
following partially completed aging of receivables schedule as of
the end of business on July 31:
1
A
B
C
D
E
F
G
2
Days Past Due
Days Past Due
Days Past Due
Days Past Due
3
Customer
Balance
Not Past Due
1-30
31-60
61-90
Over 90
4
Acme Industries Inc.
3,300.00
3,300.00
5
Alliance Company
4,800.00
4,800.00
6
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
7
Zollinger Company
5,000.00...
Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed...
Aging of Receivables Schedule
The accounts receivable clerk for Kirchhoff Industries prepared
the following partially completed aging of receivables schedule as
of the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Academy Industries Inc.
4,900
4,900
Ascent Company
4,000
4,000
Zoot Company
10,200
10,200
Subtotals
806,000
486,800
177,300
77,400
40,300
24,200
The following accounts were unintentionally omitted from the
aging schedule and not included in the subtotals above:
Customer...
Aging of Receivables Schedule The accounts receivable clerk for Evers Industries prepared the following partially completed...
Aging of Receivables Schedule
The accounts receivable clerk for Evers Industries prepared the
following partially completed aging of receivables schedule as of
the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Acme Industries Inc.
3,600
3,600
Alliance Company
6,000
6,000
Zollinger Company
8,900
8,900
Subtotals
873,000
527,200
192,100
83,800
43,700
26,200
The following accounts were unintentionally omitted from the
aging schedule and not included in the subtotals above:
Customer...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
227,010
_______
March
31–60
129,720
_______
February
61–90
194,580
_______
January
91–120
97,290
_______
Total receivables
$
648,600
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,692,000 in credit sales
over the four-month period, compute...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
212,220
_______
March
31–60
94,320
_______
February
61–90
141,480
_______
January
91–120
23,580
_______
Total receivables
$
471,600
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,572,000 in credit sales
over the four-month period, compute...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable: Age of Receivables April 30, 20X1 (1)
(2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount
Due April 0–30 $ 201,390 _______ March 31–60 115,080 _______
February 61–90 172,620 _______ January 91–120 86,310 _______ Total
receivables $ 575,400 100% a. Calculate the percentage of amount
due for each month. b. If the firm had $1,644,000 in credit sales
over the four-month period, compute...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
175,440
_______
March
31–60
87,720
_______
February
61–90
131,580
_______
January
91–120
43,860
_______
Total receivables
$
438,600
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,548,000 in credit sales over
the four-month period, compute...
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