Question
An Ad Agency's accounts receivable totaled $451,000 on January 30,2003. An aging summary of receivables at this date follows: End of the Month: Jan., 2003
An Ad Agency's accounts receivable totaled $451,000 on January 30,2003. An aging summary of receivables at this date follows:
End of the Month:
Jan., 2003 $250,000
Dec., 2002 $100,000
Nov., 2002 $50,000
Oct., 2002 $30,000
Sept., 2002 before $21,000
Total $451,000
The firm extends 30-day credit terms to all its credit customers. (a) Prepare an aging schedule for Dr. Burt's Ad Agency (b) Evaluate the firm's collection performance
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The Analysis And Use Of Financial Statements
Authors: Gerald I. White, Ashwinpaul C. Sondhi, Haim D. Fried
2nd Edition
0471111864, 978-0471111863
