Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Xercise Cycles Company sells exercise equipment to gyms on account and has provided its accounts receivable balances that were uncollected at the year end. The

Xercise Cycles Company sells exercise equipment to gyms on account and has provided its accounts receivable balances that were uncollected at the year end. The Controller has asked you to prepare an Aging of Accounts Receivable Schedule and related adjusting journal entries. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.

Xercise Cycles Company sells exercise equipment to gyms on account and has provided its accounts receivable balances that were uncollected at the year end. The Controller has asked you to prepare an Aging of Accounts Receivable Schedule and related adjusting journal entries. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.

Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, =C6 was entered, the formula would output the result from cell C6, or 37,500 in this example.

Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell =C6+C7 was entered, the formula would add the values from those cells and output the result, or 66,100 in this example. If using the other math symbols the result would output an appropriate answer for its function.

SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell =SUM(C6,C7,C8) was entered, the formula would output the result of adding those three separate cells, or 68,100 in this example. Similarly, if in a blank cell =SUM(C6:C8) was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 68,100 in this example.

DAYS function: Allows you to calculate the number of days between two dates. The syntax of the DAYS function is =DAYS(end_date,start_date) and should always return a positive value. It is important that the end_date is used for the furthest date into the future and the start_date is used for the date furthest into the past or earliest date in time being evaluated. The formula arguments should reference dates that are located in other cells to properly calculate the formula result. From the Excel Simulation below, if in a blank cell =DAYS(D10,D9) was entered, the formula would output the result of calculating the number of days between those two dates, or 187 in this example.

!!!!!!!!! Please give me excel fomula rather than exactly number. For example, =D1+D2, rather than 123456!!!!!!

image text in transcribed

image text in transcribed

image text in transcribed

Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected Required 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx) Number of Customer Amount Invoice Date Today's Date Days Unpaid Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World Whole Life Fitness Center Workouts Unlimited Total 2,5006/17/2016 12/31/2016 1,900 12/21/2016 12/31/2016 12,75010/12/201612/31/2016 12/5/2016 12/31/2016 4,60011/29/2016 12/31/2016 15,90011/20/2016 12/31/2016 10/2/2016 12/31/2016 7,000 3,800 S 48,450

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

Investing In Fixed Income Securities Understanding The Bond Market

Authors: Gary Strumeyer

1st Edition

0471465127, 9780471465126

More Books

Students also viewed these Finance questions