Question
In: Accounting
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 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
DueDays Past
Due 1-30Days Past
Due 31-60Days Past
Due 61-90Days Past
Due Over 90Acme 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 |
ekkarill92 answered 11 months agoRelated 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...
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