Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: Not Days Past Due Past Over Customer Balance Due 1-30 31-60 61-90 90 Academy Industries Inc. 4,700 4,700 Ascent Company 5,200 5,200 Zoot Company 11,900 11,900 Subtotals 714,300 431,500 157,100 68,600 35,700 21,400 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Conover Industries $10,000 July 9 Keystone Company 7,100 September 21 Moxie Creek Inc. 14,300 October 16 Rainbow Company 8,600 November 3 Swanson Company 19,300 December 21 a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due, enter 0. Customer Due Date Number of Days Past Due Conover Industries July 9 fill in the blank e4060efd2004052_1 days Keystone Company September 21 fill in the blank e4060efd2004052_2 days Moxie Creek Inc. October 16 fill in the blank e4060efd2004052_3 days Rainbow Company November 3 fill in the blank e4060efd2004052_4 days Swanson Company December 21 fill in the blank e4060efd2004052_5 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. Kirchhoff Industries Aging of Receivables Schedule November 30 Customer Balance Not Past Due Days Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Academy Industries Inc. 4,700 4,700 fill in the blank 7122ef054050fc1_1 fill in the blank 7122ef054050fc1_2 fill in the blank 7122ef054050fc1_3 fill in the blank 7122ef054050fc1_4 Ascent Company 5,200 fill in the blank 7122ef054050fc1_5 5,200 fill in the blank 7122ef054050fc1_6 fill in the blank 7122ef054050fc1_7 fill in the blank 7122ef054050fc1_8 Zoot Company 11,900 fill in the blank 7122ef054050fc1_9 fill in the blank 7122ef054050fc1_10 11,900 fill in the blank 7122ef054050fc1_11 fill in the blank 7122ef054050fc1_12 Subtotals 714,300 431,500 157,100 68,600 35,700 21,400 Conover Industries fill in the blank 7122ef054050fc1_13 fill in the blank 7122ef054050fc1_14 fill in the blank 7122ef054050fc1_15 fill in the blank 7122ef054050fc1_16 fill in the blank 7122ef054050fc1_17 fill in the blank 7122ef054050fc1_18 Keystone Company fill in the blank 7122ef054050fc1_19 fill in the blank 7122ef054050fc1_20 fill in the blank 7122ef054050fc1_21 fill in the blank 7122ef054050fc1_22 fill in the blank 7122ef054050fc1_23 fill in the blank 7122ef054050fc1_24 Moxie Creek Inc. fill in the blank 7122ef054050fc1_25 fill in the blank 7122ef054050fc1_26 fill in the blank 7122ef054050fc1_27 fill in the blank 7122ef054050fc1_28 fill in the blank 7122ef054050fc1_29 fill in the blank 7122ef054050fc1_30 Rainbow Company fill in the blank 7122ef054050fc1_31 fill in the blank 7122ef054050fc1_32 fill in the blank 7122ef054050fc1_33 fill in the blank 7122ef054050fc1_34 fill in the blank 7122ef054050fc1_35 fill in the blank 7122ef054050fc1_36 Swanson Company fill in the blank 7122ef054050fc1_37 fill in the blank 7122ef054050fc1_38 fill in the blank 7122ef054050fc1_39 fill in the blank 7122ef054050fc1_40 fill in the blank 7122ef054050fc1_41 fill in the blank 7122ef054050fc1_42 Totals fill in the blank 7122ef054050fc1_43 fill in the blank 7122ef054050fc1_44 fill in the blank 7122ef054050fc1_45 fill in the blank 7122ef054050fc1_46 fill in the blank 7122ef054050fc1_47 fill in the blank 7122ef054050fc1_4

Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: Not Days Past Due Past Over Customer Balance Due 1-30 31-60 61-90 90 Academy Industries Inc. 4,700 4,700 Ascent Company 5,200 5,200 Zoot Company 11,900 11,900 Subtotals 714,300 431,500 157,100 68,600 35,700 21,400 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Conover Industries $10,000 July 9 Keystone Company 7,100 September 21 Moxie Creek Inc. 14,300 October 16 Rainbow Company 8,600 November 3 Swanson Company 19,300 December 21 a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due, enter 0. Customer Due Date Number of Days Past Due Conover Industries July 9 fill in the blank e4060efd2004052_1 days Keystone Company September 21 fill in the blank e4060efd2004052_2 days Moxie Creek Inc. October 16 fill in the blank e4060efd2004052_3 days Rainbow Company November 3 fill in the blank e4060efd2004052_4 days Swanson Company December 21 fill in the blank e4060efd2004052_5 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. Kirchhoff Industries Aging of Receivables Schedule November 30 Customer Balance Not Past Due Days Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Academy Industries Inc. 4,700 4,700 fill in the blank 7122ef054050fc1_1 fill in the blank 7122ef054050fc1_2 fill in the blank 7122ef054050fc1_3 fill in the blank 7122ef054050fc1_4 Ascent Company 5,200 fill in the blank 7122ef054050fc1_5 5,200 fill in the blank 7122ef054050fc1_6 fill in the blank 7122ef054050fc1_7 fill in the blank 7122ef054050fc1_8 Zoot Company 11,900 fill in the blank 7122ef054050fc1_9 fill in the blank 7122ef054050fc1_10 11,900 fill in the blank 7122ef054050fc1_11 fill in the blank 7122ef054050fc1_12 Subtotals 714,300 431,500 157,100 68,600 35,700 21,400 Conover Industries fill in the blank 7122ef054050fc1_13 fill in the blank 7122ef054050fc1_14 fill in the blank 7122ef054050fc1_15 fill in the blank 7122ef054050fc1_16 fill in the blank 7122ef054050fc1_17 fill in the blank 7122ef054050fc1_18 Keystone Company fill in the blank 7122ef054050fc1_19 fill in the blank 7122ef054050fc1_20 fill in the blank 7122ef054050fc1_21 fill in the blank 7122ef054050fc1_22 fill in the blank 7122ef054050fc1_23 fill in the blank 7122ef054050fc1_24 Moxie Creek Inc. fill in the blank 7122ef054050fc1_25 fill in the blank 7122ef054050fc1_26 fill in the blank 7122ef054050fc1_27 fill in the blank 7122ef054050fc1_28 fill in the blank 7122ef054050fc1_29 fill in the blank 7122ef054050fc1_30 Rainbow Company fill in the blank 7122ef054050fc1_31 fill in the blank 7122ef054050fc1_32 fill in the blank 7122ef054050fc1_33 fill in the blank 7122ef054050fc1_34 fill in the blank 7122ef054050fc1_35 fill in the blank 7122ef054050fc1_36 Swanson Company fill in the blank 7122ef054050fc1_37 fill in the blank 7122ef054050fc1_38 fill in the blank 7122ef054050fc1_39 fill in the blank 7122ef054050fc1_40 fill in the blank 7122ef054050fc1_41 fill in the blank 7122ef054050fc1_42 Totals fill in the blank 7122ef054050fc1_43 fill in the blank 7122ef054050fc1_44 fill in the blank 7122ef054050fc1_45 fill in the blank 7122ef054050fc1_46 fill in the blank 7122ef054050fc1_47 fill in the blank 7122ef054050fc1_4

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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Question

Aging of Receivables Schedule

The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:

		Not	Days Past Due
		Past				Over
Customer	Balance	Due	1-30	31-60	61-90	90
Academy Industries Inc.	4,700		4,700
Ascent Company	5,200				5,200

Zoot Company	11,900						11,900
Subtotals	714,300		431,500		157,100		68,600	35,700	21,400

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

Customer	Balance	Due Date
Conover Industries	$10,000		July 9
Keystone Company	7,100		September 21
Moxie Creek Inc.	14,300		October 16
Rainbow Company	8,600		November 3
Swanson Company	19,300		December 21

a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due, enter 0.

Customer	Due Date	Number of Days Past Due
Conover Industries	July 9	fill in the blank e4060efd2004052_1 days
Keystone Company	September 21	fill in the blank e4060efd2004052_2 days
Moxie Creek Inc.	October 16	fill in the blank e4060efd2004052_3 days
Rainbow Company	November 3	fill in the blank e4060efd2004052_4 days
Swanson Company	December 21	fill in the blank e4060efd2004052_5 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.

Kirchhoff Industries
Aging of Receivables Schedule
November 30
Customer	Balance	Not Past Due	Days Past Due 1-30	Days Past Due 31-60	Days Past Due 61-90	Days Past Due Over 90
Academy Industries Inc.	4,700	4,700	fill in the blank 7122ef054050fc1_1	fill in the blank 7122ef054050fc1_2	fill in the blank 7122ef054050fc1_3	fill in the blank 7122ef054050fc1_4
Ascent Company	5,200	fill in the blank 7122ef054050fc1_5	5,200	fill in the blank 7122ef054050fc1_6	fill in the blank 7122ef054050fc1_7	fill in the blank 7122ef054050fc1_8
Zoot Company	11,900	fill in the blank 7122ef054050fc1_9	fill in the blank 7122ef054050fc1_10	11,900	fill in the blank 7122ef054050fc1_11	fill in the blank 7122ef054050fc1_12
Subtotals	714,300	431,500	157,100	68,600	35,700	21,400
Conover Industries	fill in the blank 7122ef054050fc1_13	fill in the blank 7122ef054050fc1_14	fill in the blank 7122ef054050fc1_15	fill in the blank 7122ef054050fc1_16	fill in the blank 7122ef054050fc1_17	fill in the blank 7122ef054050fc1_18
Keystone Company	fill in the blank 7122ef054050fc1_19	fill in the blank 7122ef054050fc1_20	fill in the blank 7122ef054050fc1_21	fill in the blank 7122ef054050fc1_22	fill in the blank 7122ef054050fc1_23	fill in the blank 7122ef054050fc1_24
Moxie Creek Inc.	fill in the blank 7122ef054050fc1_25	fill in the blank 7122ef054050fc1_26	fill in the blank 7122ef054050fc1_27	fill in the blank 7122ef054050fc1_28	fill in the blank 7122ef054050fc1_29	fill in the blank 7122ef054050fc1_30
Rainbow Company	fill in the blank 7122ef054050fc1_31	fill in the blank 7122ef054050fc1_32	fill in the blank 7122ef054050fc1_33	fill in the blank 7122ef054050fc1_34	fill in the blank 7122ef054050fc1_35	fill in the blank 7122ef054050fc1_36
Swanson Company	fill in the blank 7122ef054050fc1_37	fill in the blank 7122ef054050fc1_38	fill in the blank 7122ef054050fc1_39	fill in the blank 7122ef054050fc1_40	fill in the blank 7122ef054050fc1_41	fill in the blank 7122ef054050fc1_42
Totals	fill in the blank 7122ef054050fc1_43	fill in the blank 7122ef054050fc1_44	fill in the blank 7122ef054050fc1_45	fill in the blank 7122ef054050fc1_46	fill in the blank 7122ef054050fc1_47	fill in the blank 7122ef054050fc1_48

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