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 18 $12,000
Bales Auto October 9 2,400
Derby Auto Repair June 15 3,900
Lucky's Auto Repair September 10 6,600
Pit Stop Auto September 22 1,100
Reliable Auto Repair July 2 9,750
Trident Auto August 21 1,800
Valley Repair & Tow May 24 4,000
This information has been collected in the Microsoft Excel
Online file. Open the spreadsheet, perform the required analysis,
and input your answers in the questions below.
Open spreadsheet
Determine the number of days each account is past due as of
October 31. Round your answers to the nearest whole number.
Account Due Date Number of Days Past Due
Avalanche Auto August 18
Bales Auto October 9
Derby Auto Repair June 15
Lucky's Auto Repair September 10
Pit Stop Auto September 22
Reliable Auto Repair July 2
Trident Auto August 21
Valley Repair & Tow May 24
Solutions
Expert Solution
Solution ;
| Account | Due date | Number of days past due | Explanation |
| Avalanche Auto | August 18 | 74 days |
August (31 days - 18) = 13 days September = 30 days October = 31 days (13 + 30 + 31) |
| Bales Auto | October 9 | 22 days | October (31 days - 9 days) = 22 |
| Derby Auto repair | June 15 | 138 days |
June = (30 days-15days)=15 days July = 31 days August = 31 days September = 30 days october = 31 days (15 + 31 + 31 + 30 + 31) |
| Lucky's Auto Repair | September 10 | 51 days |
September (30 days- 10 days)=20 October = 31 days (20 + 31) |
| Pit stop Auto | September 22 | 39 days |
September (30 days - 22 days)=8 October = 31 days (8 + 31) |
| Reliable Auto Repair | July 2 | 121 days |
July (31 days - 2 days)= 29 days August = 31 days September = 30 days October = 31 days (29 + 31 + 30 + 31) |
| Trident Auto Repair | August 21 | 71 days |
August (31 days-21 days)=10days September = 30 days October = 31 days (10 + 30 + 31) |
| Valley Repair & Tow | May 24 | 160 days |
May (31 days-24 days) = 7 days June = 30 days July = 31 days August = 31 days September = 30 days October = 31 days (7 + 30 + 31 + 31 + 30 + 31) |
ekkarill92 answered 1 year agoRelated Solutions
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...
A manufacturing company makes auto parts and sells them to auto dealers.
A manufacturing company makes auto parts and sells them to auto dealers. Last week the company shipped 25 auto parts to a dealer. Later it found out that 5 of those parts were defective. By the time the company manager contacted the dealer 4 auto parts from that shipment had already been sold. What is the probability that 3 of those 4 parts were non-defective?
Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted...
Good to Go Auto Products distributes automobile parts to service
stations and repair shops. The adjusted trial balance data that
follows is from the firm’s worksheet for the year ended December
31, 2019.
Accounts Debit Credit
Cash $ 98,400
Petty Cash Fund 600
Notes Receivable, due 2020
12,000
Accounts Receivable 139,600
Allowance for Doubtful Accounts
$ 3,200
...
Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted...
Good to Go Auto Products distributes automobile parts to service
stations and repair shops. The adjusted trial balance data that
follows is from the firm’s worksheet for the year ended December
31, 2019.
Accounts
Debit
Credit
Cash
$
97,600
Petty Cash Fund
400
Notes Receivable, due 2020
17,000
Accounts Receivable
138,800
Allowance for Doubtful Accounts
$
2,400
Interest Receivable
170
Merchandise Inventory
127,100
Warehouse Supplies
1,900
Office Supplies
560
Prepaid Insurance
3,240
Land
14,600
Building
100,000
Accumulated Depreciation—Building
16,000
Warehouse...
Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted...
Good to Go Auto Products distributes automobile parts to service
stations and repair shops. The adjusted trial balance data that
follows is from the firm’s worksheet for the year ended December
31, 2019.
Accounts
Debit
Credit
Cash
$
97,600
Petty Cash Fund
400
Notes Receivable, due 2020
17,000
Accounts Receivable
138,800
Allowance for Doubtful Accounts
$
2,400
Interest Receivable
170
Merchandise Inventory
127,100
Warehouse Supplies
1,900
Office Supplies
560
Prepaid Insurance
3,240
Land
14,600
Building
100,000
Accumulated Depreciation—Building
16,000
Warehouse...
Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted...
Good to Go Auto Products distributes automobile parts to service
stations and repair shops. The adjusted trial balance data that
follows is from the firm’s worksheet for the year ended December
31, 2019.
Accounts
Debit
Credit
Cash
$
97,400
Petty Cash Fund
600
Notes Receivable, due 2020
18,000
Accounts Receivable
138,600
Allowance for Doubtful
Accounts
$
2,200
Interest Receivable
180
Merchandise Inventory
126,900
Warehouse Supplies
1,700
Office Supplies
540
Prepaid Insurance
3,040
Land
14,400
Building
99,000
Accumulated
Depreciation—Building
15,900
Warehouse...
Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted...
Good to Go Auto Products distributes automobile parts to service
stations and repair shops. The adjusted trial balance data that
follows is from the firm’s worksheet for the year ended December
31, 2019.
Accounts
Debit
Credit
Cash
$
98,400
Petty Cash
Fund
600
Notes
Receivable, due 2020
12,000
Accounts
Receivable
139,600
Allowance for
Doubtful Accounts
$
3,200
Interest
Receivable
120
Merchandise
Inventory
127,900
Warehouse
Supplies
2,700
Office
Supplies
640
Prepaid
Insurance
4,040
Land
15,400
Building
104,000
Accumulated
Depreciation—Building
16,400
Warehouse...
Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted...
Good to Go Auto Products distributes automobile parts to service
stations and repair shops. The adjusted trial balance data that
follows is from the firm’s worksheet for the year ended December
31, 2019
Accounts
Debit
Credit
Cash
$ 99,000
Petty Cash
Fund
600
Notes Receivable, due 2020
15,000
Accounts
Receivable
140,200
Allowance for Doubtful
Accounts
$3,800
Interest
Receivable
150
Merchandise
Inventory
128,500
Warehouse
Supplies
3,300
Office
Supplies
700
Prepaid
Insurance
4,640
Land
16,000
Building
107,000
Accumulated
Depreciation—Building
16,700
Warehouse Equipment ...
Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical;...
Carlson Auto Dealers Inc. sells a handmade automobile as its
only product. Each automobile is identical; however, they can be
distinguished by their unique ID number. At the beginning of 2021,
Carlson had three cars in inventory, as follows:
Car ID
Cost
203
$
69,000
207
69,000
210
72,000
During 2021, each of the three autos sold for $99,000. Additional
purchases (listed in chronological order) and sales for the year
were as follows:
Car ID
Cost
Selling Price
211
$...
Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical;...
Carlson Auto Dealers Inc. sells a handmade automobile as its
only product. Each automobile is identical; however, they can be
distinguished by their unique ID number. At the beginning of 2018,
Carlson had three cars in inventory, as follows:
Car ID
Cost
203
$
51,000
207
51,000
210
54,000
During 2018, each of the three autos sold for $81,000. Additional
purchases (listed in chronological order) and sales for the year
were as follows:
Car ID
Cost
Selling Price
211
$...
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