Q. 04: The Mighty Power Tool Company has the following accounts on its books: Age (days) Customer ABC DEF GHD KLM NOP QRS TUV WXY Amount Owed (s) 47,000 35.000 11,000 71.000 46,000 13,000 84.000 38.000 The firm extends credit on terms of 1/15, Net 30. Develop an aging schedule using 15-day increments through 60 days, and then indicate any accounts that have been outstanding for more than 60 days. Solution