Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31:

The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31:

1

A

B

C

D

E

F

G

2

Days Past Due

Days Past Due

Days Past Due

Days Past Due

3

Customer

Balance

Not Past Due

1-30

31-60

61-90

Over 90

4

Acme Industries Inc.

2,800.00

2,800.00

5

Alliance Company

4,000.00

4,000.00

6

~~~~~

~~~~~

~~~~~

~~~~~

~~~~~

~~~~~

~~~~~

7

Zollinger Company

5,000.00

5,000.00

8

Subtotals

1,050,500.00

604,700.00

220,400.00

110,500.00

84,900.00

30,000.00

The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals:

Customer Balance Due Date
Builders Industries $44,400 May 1
Elkhorn Company 20,900 June 20
Granite Creek Inc. 7,500 July 13
Lockwood Company 14,100 September 9
Teton Company 12,700 August 7

Required:

A. Determine the number of days past due for each of the preceding accounts as of August 31. If an account is not past due, enter a zero.
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.

A. Determine the number of days past due for each of the preceding accounts as of August 31. If an account is not past due, enter a zero.

Customer Due Date Number of Days Past Due
Builders Industries May 1 days
Elkhorn Company June 20 days
Granite Creek Inc. July 13 days
Lockwood Company September 9 days
Teton Company August 7

days

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.

Waddell Industries

Aging of Receivables Schedule

August 31

1

Days Past Due

Days Past Due

Days Past Due

Days Past Due

2

Customer

Balance

Not Past Due

1-30

31-60

61-90

Over 90

3

Acme Industries Inc.

2,800.00

2,800.00

4

Alliance Company

4,000.00

4,000.00

5

~~~~~

~~~~~

~~~~~

~~~~~

~~~~~

~~~~~

~~~~~

6

Zollinger Company

5,000.00

5,000.00

7

Subtotals

1,050,500.00

604,700.00

220,400.00

110,500.00

84,900.00

30,000.00

8

Builders Industries

9

Elkhorn Company

10

Granite Creek Inc.

11

Lockwood Company

12

Teton Company

13

Totals

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations Of Real Estate Financial Modelling

Authors: Roger Staiger

2nd Edition

1138046183, 978-1138046184

More Books

Students also viewed these Finance questions

Question

What data are required to construct a breakeven graph?

Answered: 1 week ago

Question

Be prepared to discuss your career plans.

Answered: 1 week ago