Required information 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) Rights managed content: IDEA (text) Use the information related to ELM's payment and discount policy (details can be found in the "Elm Manufacturing Company Information" file below) to analyze the company's discount program and late payments. All dates for payments are based off the date the customer is invoiced. 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.) a. Are there any companies that made their payments after the stated due date? How many companies, and what is the total dollar amount of the payments? (Hint Each company has a two-day grace period beyond the stated due date.) b. Refer to ELM's discount policy. Are any companies receiving discounts when the invoice terms indicate they should never be eligible for discounts? What is the total dollar amount of the discounts taken by these companies? (Hint: This refers to the terms of the invoices, not whether these companies paid too late to receive discounts.) c. Refer to ELM's discount policy. Are there any companies receiving discount percentages greater than the amount accounting to the policy? d. Are any companies taking the discount even if they are not paying within the 10-day period? (Hint: Each company has a two-day grace period beyond the stated discount period.) a Total number of companies that made a payment after the due date. Total dollar amount of late payments b. Total number of discounted payments made where the company should not ever qualify for discounts Total dollar amount of discounts received by ineligible companies Total number of customers with discount percentages listed greater than the policy amount (whether or not the company has taken the discount yet) Total number of oversized discounts that have been taken by companies d. Total number of discounted payments made where the company paid after the discount period Total dollar amount of discounts taken despite payment after discount period C. a. Create an aged accounts receivable according to your senior's 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. b. What is the total amount of accounts receivable as of March 31, 2020? c. 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 d. What is the total amount of accounts receivable that are more than 30 days past due? Answer is not complete. . b C Total number of accounts that are in accounts receivable as of 3/31/2020 Total dollar amount of accounts receivable Total number of accounts receivable that are less than 30 days past due Total dollar amount of accounts receivable that are less than 30 days past due Total number of accounts receivable that are more than 30 days past due Total dollar amount of accounts receivable that are more than 30 Havs nast die d 65 $ Required information 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) Rights managed content: IDEA (text) Use the information related to ELM's payment and discount policy (details can be found in the "Elm Manufacturing Company Information" file below) to analyze the company's discount program and late payments. All dates for payments are based off the date the customer is invoiced. 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.) a. Are there any companies that made their payments after the stated due date? How many companies, and what is the total dollar amount of the payments? (Hint Each company has a two-day grace period beyond the stated due date.) b. Refer to ELM's discount policy. Are any companies receiving discounts when the invoice terms indicate they should never be eligible for discounts? What is the total dollar amount of the discounts taken by these companies? (Hint: This refers to the terms of the invoices, not whether these companies paid too late to receive discounts.) c. Refer to ELM's discount policy. Are there any companies receiving discount percentages greater than the amount accounting to the policy? d. Are any companies taking the discount even if they are not paying within the 10-day period? (Hint: Each company has a two-day grace period beyond the stated discount period.) a Total number of companies that made a payment after the due date. Total dollar amount of late payments b. Total number of discounted payments made where the company should not ever qualify for discounts Total dollar amount of discounts received by ineligible companies Total number of customers with discount percentages listed greater than the policy amount (whether or not the company has taken the discount yet) Total number of oversized discounts that have been taken by companies d. Total number of discounted payments made where the company paid after the discount period Total dollar amount of discounts taken despite payment after discount period C. a. Create an aged accounts receivable according to your senior's 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. b. What is the total amount of accounts receivable as of March 31, 2020? c. 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 d. What is the total amount of accounts receivable that are more than 30 days past due? Answer is not complete. . b C Total number of accounts that are in accounts receivable as of 3/31/2020 Total dollar amount of accounts receivable Total number of accounts receivable that are less than 30 days past due Total dollar amount of accounts receivable that are less than 30 days past due Total number of accounts receivable that are more than 30 days past due Total dollar amount of accounts receivable that are more than 30 Havs nast die d 65 $