Elm Manufacturing Company (ELM) is a small manufacturer of backpacks located in Rochelle, Illinois. You have access to ELM's electronic records (via the "Sales 2020 - 4th Quarter" dataset provided below). Detailed information about ELM, instructions for accessing datasets, and a data directory for data sets can be found below.

Required Data Files:

Chapter 7 ELM Files (click to download a .zip file)

You have been instructed to create an aging schedule for ELMs accounts receivable using IDEA. For the purposes of this exercise, assume the aging begins on the date that the customer is invoiced and should only include valid accounts receivable (e.g., amounts not yet fully paid by the customer). You can assume that rounding differences on discounts taken by customers are considered to be fully paid. Your senior has instructed you to create a schedule with the following tranches: Current, 030 days delinquent, 3160 days delinquent, 60+ days delinquent.

Required:

Using the information above, complete all of the related steps shown below using IDEA. After completing each step, answer each question by supplying the required information. (Enter your answers exactly as they appear in IDEA. Dollar amounts should be entered to 2 decimal places.)

1. Create an aged accounts receivable according to your seniors instructions. Assume there are no receivables still outstanding prior to January 1, 2020. Note that the data set includes all orders received between January 1, 2020, and March 31, 2020. This includes orders that have already been paid for, orders received at the end of March that were shipped but have not been invoiced, and orders that have been received that have not shipped. These orders would not be considered a receivable as of March 31; therefore, these items need to be excluded from the data for this schedule and in other requirements within this assignment.
2. What is the total amount of accounts receivable as of March 31, 2020?
3. What is the total amount of accounts receivable that are past due less than 30 days? Recall that invoices are due n/30, thus they become past due 30 days after invoice date.
4. What is the total amount of accounts receivable that are more than 30 days past due?