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1. Determine the number of days past due for each of the preceding accounts.

1. Determine the number of days past due for each of the preceding accounts.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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### Receivables Analysis #### 1. Customer Due Dates and Days Past Due The table lists several customers along with their respective due dates and columns for the number of days they are past due. - **Customers and Due Dates:** - *Adams Sports and Files*: May 22, 20Y6 - *Blue Dun Flies*: Oct. 16, 20Y6 - *Cicada Fish Co.*: Sep. 29, 20Y6 - *Deschutes Sports*: Oct. 20, 20Y6 - *Green River Sports*: Nov. 7, 20Y6 - *Smith River Co.*: Nov. 28, 20Y6 - *Western Trout Company*: Dec. 7, 20Y6 - *Wolfe Sports*: Jan. 20, 20Y7 #### 2. Aging of Receivables Schedule (as of December 31, 20Y6) This section displays a detailed aging of receivables. It categorizes outstanding balances based on the number of days payments are past due. - **Customers and Balances:** 1. **AAA Outfitters** - Balance: $20,000 - Not Past Due: $20,000 2. **Brown Trout Fly Shop** - Balance: $7,500 - 31-60 Days Past Due: $7,500 #### Days Past Due Categories - **Not Past Due** - **1-30 Days Past Due** - **31-60 Days Past Due** - **61-90 Days Past Due** - **91-120 Days Past Due** - **Over 120 Days Past Due** - **Zigs Fish Adventures** has a balance of $4,000 across various categories. - **Subtotals** indicate aggregate amounts for each category: - Total balance: $1,342,400 - Breakdown: - 1-30 Days Past Due: $750,000 - 31-60 Days Past Due: $290,000 - 61-90 Days Past Due: $120,000 - 91-120 Days Past Due: $40,000 - Over 120 Days Past Due: $80,000 #### Additional Information - The table likely
Transcribed Image Text:### Receivables Analysis #### 1. Customer Due Dates and Days Past Due The table lists several customers along with their respective due dates and columns for the number of days they are past due. - **Customers and Due Dates:** - *Adams Sports and Files*: May 22, 20Y6 - *Blue Dun Flies*: Oct. 16, 20Y6 - *Cicada Fish Co.*: Sep. 29, 20Y6 - *Deschutes Sports*: Oct. 20, 20Y6 - *Green River Sports*: Nov. 7, 20Y6 - *Smith River Co.*: Nov. 28, 20Y6 - *Western Trout Company*: Dec. 7, 20Y6 - *Wolfe Sports*: Jan. 20, 20Y7 #### 2. Aging of Receivables Schedule (as of December 31, 20Y6) This section displays a detailed aging of receivables. It categorizes outstanding balances based on the number of days payments are past due. - **Customers and Balances:** 1. **AAA Outfitters** - Balance: $20,000 - Not Past Due: $20,000 2. **Brown Trout Fly Shop** - Balance: $7,500 - 31-60 Days Past Due: $7,500 #### Days Past Due Categories - **Not Past Due** - **1-30 Days Past Due** - **31-60 Days Past Due** - **61-90 Days Past Due** - **91-120 Days Past Due** - **Over 120 Days Past Due** - **Zigs Fish Adventures** has a balance of $4,000 across various categories. - **Subtotals** indicate aggregate amounts for each category: - Total balance: $1,342,400 - Breakdown: - 1-30 Days Past Due: $750,000 - 31-60 Days Past Due: $290,000 - 61-90 Days Past Due: $120,000 - 91-120 Days Past Due: $40,000 - Over 120 Days Past Due: $80,000 #### Additional Information - The table likely
# Aging of Receivables: Estimating Allowance for Doubtful Accounts ## Overview Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk prepared a partially completed aging of receivables schedule as of December 31, 20Y6. ### Aging of Receivables Schedule | Customer | Balance | Not Past Due | 1–30 | 31–60 | 61–90 | 91–120 | Over 120 | |----------------------|---------|--------------|------|-------|-------|--------|----------| | AAA Outfitters | 20,000 | 20,000 | | | | | | | Brown Trout Fly Shop | 7,500 | | 7,500 | | | | | | **Subtotals** | 1,300,000 | 750,000 | 290,000 | 120,000 | 40,000 | 20,000 | 80,000 | ### Omitted Accounts The following accounts were unintentionally omitted from the aging schedule: | Customer | Due Date | Balance | |--------------------------|-----------|---------| | Adams Sports & Flies | May 22, 20Y6 | 5,000 | | Blue Dun Flies | Oct. 10, 20Y6 | 4,000 | | Cicada Fish Co. | Sept. 29, 20Y6 | 7,000 | | Deschutes Sports | Oct. 20, 20Y6 | 8,000 | | Green River Sports | Nov. 7, 20Y6 | 6,400 | | Smith River Co. | Nov. 20, 20Y6 | 4,800 | | Western Trout Company | Dec. 5, 20Y6 | 3,000 | | Wolfe Sports | Jan. 20, 20Y7 | 4,400 | ### Uncollectible Accounts History Trophy Fish has a history of uncollectible accounts by age category: | Age Class | Percent Uncollectible | |----------------------|-----------------------| | Not past due | 1% | |
Transcribed Image Text:# Aging of Receivables: Estimating Allowance for Doubtful Accounts ## Overview Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk prepared a partially completed aging of receivables schedule as of December 31, 20Y6. ### Aging of Receivables Schedule | Customer | Balance | Not Past Due | 1–30 | 31–60 | 61–90 | 91–120 | Over 120 | |----------------------|---------|--------------|------|-------|-------|--------|----------| | AAA Outfitters | 20,000 | 20,000 | | | | | | | Brown Trout Fly Shop | 7,500 | | 7,500 | | | | | | **Subtotals** | 1,300,000 | 750,000 | 290,000 | 120,000 | 40,000 | 20,000 | 80,000 | ### Omitted Accounts The following accounts were unintentionally omitted from the aging schedule: | Customer | Due Date | Balance | |--------------------------|-----------|---------| | Adams Sports & Flies | May 22, 20Y6 | 5,000 | | Blue Dun Flies | Oct. 10, 20Y6 | 4,000 | | Cicada Fish Co. | Sept. 29, 20Y6 | 7,000 | | Deschutes Sports | Oct. 20, 20Y6 | 8,000 | | Green River Sports | Nov. 7, 20Y6 | 6,400 | | Smith River Co. | Nov. 20, 20Y6 | 4,800 | | Western Trout Company | Dec. 5, 20Y6 | 3,000 | | Wolfe Sports | Jan. 20, 20Y7 | 4,400 | ### Uncollectible Accounts History Trophy Fish has a history of uncollectible accounts by age category: | Age Class | Percent Uncollectible | |----------------------|-----------------------| | Not past due | 1% | |
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