Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aging of receivables schedule Instructions First Question Aging of Receivables Schedule Instructions The accounts receivable clerk for Evers Industries prepared the following partially completed aging

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Aging of receivables schedule Instructions First Question Aging of Receivables Schedule Instructions 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: E F Days Past Due Days Past Due Days Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 Acme Industries Inc. 3,300.00 3,300.00 Alliance Company 4,800.00 4,800.00 Zollinger Company 5,000.00 5,000.00 Subtotals 1,045,200.00 595,600.00 223,700.00 111,600.00 85,300.00 29,000.00 The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: Customer Balance Due Date Boyd Industries Hodges Company $43,900 21,000 7,800 April 7 May 29 June 8 Kent Creek Inc. Lockwood Company 15,000 August 10 Van Epps Company 12,300 July 2 Required: 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 a zero. 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. First Question A. Determine the number of days past due for each of the accounts below as of July 31. If an account is not past due, enter a zero. Customer Due Date Number of Days Past Due Boyd Industries April 7 days Hodges Company May 29 days Kent Creek Inc. June 8 days Lockwood Company August 10 days Van Epps Company July 2 days Aging of Receivables Schedule 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 Days Past Due Days Past Due Days Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 3 Acme Industries Inc. 3,300.00 3,300.00 4 Alliance Company 4,800.00 4,800.00 Zollinger Company 5,000.00 5,000.00 Subtotals 1,045,200.00 595,600.00 223,700.00 111,600.00 85,300.00 29,000.00 Boyd Industries Hodges Company 10 Kent Creek Inc. 11 Lockwood Company 12 Van Epps Company 13 Totals

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions