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Suggest form 1. Open a new Excel Spreadsheet. 2. Create a bold-faced heading for your spreadsheet that contains the following: a. Excel Exercise 2 b.
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1. Open a new Excel Spreadsheet. 2. Create a bold-faced heading for your spreadsheet that contains the following: a. Excel Exercise 2 b. Qantas Accounts receivable c. Today's date Hint: Todays date function in Excel is =TODAY() 3. Two rows down from your heading, create a row containing the following column headings: a. Customer ID b. Customer name c. Beginning balance d. Sales e. Collections f. Ending balance 4. Enter the data from the scenario into the spreadsheet. At the end of the entries, create a row for "Totals" and calculate totals for all financial columns. 5. Two rows beneath the scenario data, calculate the average collection period. 6. Include a row for net sales underneath this calculation. Excel Exercise 2 Qantas Accounts Receivable 04/09/2019 Ending Balance Customer ID F01-235-00 F07-988-45 W40-860-91 Totals Customer Name Shell ADI Ltd Sky Link Beginning Balance - Sales $ 20,469 $ $ 18,752 $ 12,287 $ 51,508 $ 22,500 11,592 14,765 48,857 Collection $ 24,500 $ 12,980 $ 14,000 $ 51,480 Note: Credit terms are net 30 i.e., customers are required to pay the full amount within 30 days. The only customer who did not pay the full amount within 30 days is ADI Ltd. This is because the Beginning Balance is $18,752, and December Sales is $11,592. However the amount collected is only $12,980. Considering the credit terms of net 30, we can calculate the allowance for doubtful debt. Calculation of Allowance for Doubtful Debts Allowance for Doubtful Debts Average Collection Period Average Net Accounts Receivable Total Net Sales Average Collection Period daysStep by Step Solution
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