Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Not Days Past Due Past Over 90 Customer Balance Due 1-30 31-60 61-90 Acme Industries Inc. 4,500 4,500 Alliance Company 4,700 4,700 Zollinger Company 8,800
Not Days Past Due Past Over 90 Customer Balance Due 1-30 31-60 61-90 Acme Industries Inc. 4,500 4,500 Alliance Company 4,700 4,700 Zollinger Company 8,800 8,800 7 9,100 Subtotals 824,200 497,900 181,300 41,200 24,700 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Boyd Industries Balance $11,500 8,200 16,500 Due Date July 10 September 20 October 18 Hodges Company Kent Creek Inc. Lockwood Company Van Epps Company 9,900 22,300 November 4 December 21 a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due, enter 0. Customer Due Date Number of Days Past Due July 10 x days Boyd Industries Hodges Company September 20 days Kent Creek Inc. October 18 days Lockwood Company November 4 days Van Epps Company December 21 davs 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 November 30 Days Past Due 1-30 Days Past Due 31-60 $ Days Past Due 61-90 Days Past Due Over 90 Customer Balance Acme Industries Inc. $4,500 Alliance Company Not Past Due $4,500 4,700 4,700 8,800 8,800 Zollinger Company Subtotals Boyd Industries 824,200 497,900 181,300 79,100 41,200 Hodges Company Kent Creek Inc. Lockwood Company Van Epps Company Totals
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started