Question

In: Accounting

Aging of Receivables Schedule The A claim against the customer created by selling merchandise or services...

  1. Aging of Receivables Schedule

    The A claim against the customer created by selling merchandise or services on credit.accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31:

    Not Days Past Due
    Past Over
    Customer Balance Due 1-30 31-60 61-90 90
    Acme Industries Inc. 3,000 3,000
    Alliance Company 4,500 4,500
    Zollinger Company 5,000 5,000
    Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000

    The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals:

    Customer     Balance Due Date
    Boyd Industries $36,000 April 7
    Hodges Company 11,500 May 29
    Kent Creek Inc. 6,600 June 8
    Lockwood Company 7,400 August 10
    Van Epps Company 13,000 July 2

    a. Determine the number of days past due for each of the preceding accounts as of July 31. If an account is not past due, enter 0.

    Customer Due Date Number of Days Past Due
    Boyd Industries April 7 fill in the blank 7a2c9ffdffa2fd7_1 days
    Hodges Company May 29 fill in the blank 7a2c9ffdffa2fd7_2 days
    Kent Creek Inc. June 8 fill in the blank 7a2c9ffdffa2fd7_3 days
    Lockwood Company August 10 fill in the blank 7a2c9ffdffa2fd7_4 days
    Van Epps Company July 2 fill in the blank 7a2c9ffdffa2fd7_5 days

    Feedback

    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.

    Evers Industries
    Aging of Receivables Schedule
    July 31
    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
    Acme Industries Inc. $3,000 $3,000 $fill in the blank 2a6315fec00afc1_1 $fill in the blank 2a6315fec00afc1_2 $fill in the blank 2a6315fec00afc1_3 $fill in the blank 2a6315fec00afc1_4
    Alliance Company 4,500 fill in the blank 2a6315fec00afc1_5 4,500 fill in the blank 2a6315fec00afc1_6 fill in the blank 2a6315fec00afc1_7 fill in the blank 2a6315fec00afc1_8
    Zollinger Company 5,000 fill in the blank 2a6315fec00afc1_9 fill in the blank 2a6315fec00afc1_10 5,000 fill in the blank 2a6315fec00afc1_11 fill in the blank 2a6315fec00afc1_12
    Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000
    Boyd Industries fill in the blank 2a6315fec00afc1_13 fill in the blank 2a6315fec00afc1_14 fill in the blank 2a6315fec00afc1_15 fill in the blank 2a6315fec00afc1_16 fill in the blank 2a6315fec00afc1_17 fill in the blank 2a6315fec00afc1_18
    Hodges Company fill in the blank 2a6315fec00afc1_19 fill in the blank 2a6315fec00afc1_20 fill in the blank 2a6315fec00afc1_21 fill in the blank 2a6315fec00afc1_22 fill in the blank 2a6315fec00afc1_23 fill in the blank 2a6315fec00afc1_24
    Kent Creek Inc. fill in the blank 2a6315fec00afc1_25 fill in the blank 2a6315fec00afc1_26 fill in the blank 2a6315fec00afc1_27 fill in the blank 2a6315fec00afc1_28 fill in the blank 2a6315fec00afc1_29 fill in the blank 2a6315fec00afc1_30
    Lockwood Company fill in the blank 2a6315fec00afc1_31 fill in the blank 2a6315fec00afc1_32 fill in the blank 2a6315fec00afc1_33 fill in the blank 2a6315fec00afc1_34 fill in the blank 2a6315fec00afc1_35 fill in the blank 2a6315fec00afc1_36
    Van Epps Company fill in the blank 2a6315fec00afc1_37 fill in the blank 2a6315fec00afc1_38 fill in the blank 2a6315fec00afc1_39 fill in the blank 2a6315fec00afc1_40 fill in the blank 2a6315fec00afc1_41 fill in the blank 2a6315fec00afc1_42
    Totals $fill in the blank 2a6315fec00afc1_43 $fill in the blank 2a6315fec00afc1_44 $fill in the blank 2a6315fec00afc1_45 $fill in the blank 2a6315fec00afc1_46 $fill in the blank 2a6315fec00afc1_47 $fill in the blank 2a6315fec00afc1_48

Solutions

Expert Solution

a) Computation of number of days past due for each of the accounts as of July 31

Customer Due Date Number of Days Past Due
Boyd Industries April 7 115 days (30-7+ 31+30+31)
Hodges Company May 29 63 days(31-29+30+31)
Kent Creek Inc. June 8 53 days(30-8+31)
Lockwood Company August 10 0
Van Epps Company July 2 29 days(31-2)

b)

Evers Industries

Aging of Receivables Schedule

July 31

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
Acme Industries Inc. $3,000 $3,000
Alliance Company $4,500 $4,500
Zollinger Company $5,000 $5,000
Subtotals $1,050,000 $600,000 $220,000 $115,000 $85,000 $30,000
Boyd Industries $36,000 $36,000
Hodges Company $11,500 $11,500
Kent Creek Inc. $6,600 $6,600
Lockwood Company $7,400 $7,400
Van Epps Company $13,000 $13,000
Totals $1,124,500 $607,400 $233,000 $121,600 $96,500 $66,000

Related Solutions

Aging of Receivables Schedule The A claim against the customer created by selling merchandise or services...
Aging of Receivables Schedule The A claim against the customer created by selling merchandise or services on credit.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. 3,400 3,400 Alliance Company 4,600 4,600 Zollinger Company 7,400 7,400 Subtotals 759,400 458,600 167,100 72,900 38,000 22,800 The following accounts were unintentionally omitted...
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...
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...
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...
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...
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...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT