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. 5,500 5,500 Ascent Company 3,100 3,100 Zoot Company 7,700 7,700 Subtotals 886,200 535,200 195,000 85,100 44,300 26,600 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Conover Industries $12,400 July 9 Keystone Company 8,900 September 19 Moxie Creek Inc. 17,700 October 17 Rainbow Company 10,600 November 5 Swanson Company 23,900 December 21 Question Content Area 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 2028570b7fbb07b_1 days Keystone Company September 19 fill in the blank 2028570b7fbb07b_2 days Moxie Creek Inc. October 17 fill in the blank 2028570b7fbb07b_3 days Rainbow Company November 5 fill in the blank 2028570b7fbb07b_4 days Swanson Company December 21 fill in the blank 2028570b7fbb07b_5 days Feedback Area Feedback a. Do not include the due date in your count. Remember that not all months have an equal number of days. Question Content Area 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 IndustriesAging of Receivables ScheduleNovember 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. 5,500 5,500 fill in the blank b31db007704cfc8_1 fill in the blank b31db007704cfc8_2 fill in the blank b31db007704cfc8_3 fill in the blank b31db007704cfc8_4 Ascent Company 3,100 fill in the blank b31db007704cfc8_5 3,100 fill in the blank b31db007704cfc8_6 fill in the blank b31db007704cfc8_7 fill in the blank b31db007704cfc8_8 Zoot Company 7,700 fill in the blank b31db007704cfc8_9 fill in the blank b31db007704cfc8_10 7,700 fill in the blank b31db007704cfc8_11 fill in the blank b31db007704cfc8_12 Subtotals 886,200 535,200 195,000 85,100 44,300 26,600 Conover Industries fill in the blank b31db007704cfc8_13 fill in the blank b31db007704cfc8_14 fill in the blank b31db007704cfc8_15 fill in the blank b31db007704cfc8_16 fill in the blank b31db007704cfc8_17 fill in the blank b31db007704cfc8_18 Keystone Company fill in the blank b31db007704cfc8_19 fill in the blank b31db007704cfc8_20 fill in the blank b31db007704cfc8_21 fill in the blank b31db007704cfc8_22 fill in the blank b31db007704cfc8_23 fill in the blank b31db007704cfc8_24 Moxie Creek Inc. fill in the blank b31db007704cfc8_25 fill in the blank b31db007704cfc8_26 fill in the blank b31db007704cfc8_27 fill in the blank b31db007704cfc8_28 fill in the blank b31db007704cfc8_29 fill in the blank b31db007704cfc8_30 Rainbow Company fill in the blank b31db007704cfc8_31 fill in the blank b31db007704cfc8_32 fill in the blank b31db007704cfc8_33 fill in the blank b31db007704cfc8_34 fill in the blank b31db007704cfc8_35 fill in the blank b31db007704cfc8_36 Swanson Company fill in the blank b31db007704cfc8_37 fill in the blank b31db007704cfc8_38 fill in the blank b31db007704cfc8_39 fill in the blank b31db007704cfc8_40 fill in the blank b31db007704cfc8_41 fill in the blank b31db007704cfc8_42 Totals fill in the blank b31db007704cfc8_43 fill in the blank b31db007704cfc8_44 fill in the blank b31db007704cfc8_45 fill in the blank b31db007704cfc8_46 fill in the blank b31db007704cfc8_47 fill in the blank b31db007704cfc8_48
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. 5,500 5,500 Ascent Company 3,100 3,100 Zoot Company 7,700 7,700 Subtotals 886,200 535,200 195,000 85,100 44,300 26,600 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Conover Industries $12,400 July 9 Keystone Company 8,900 September 19 Moxie Creek Inc. 17,700 October 17 Rainbow Company 10,600 November 5 Swanson Company 23,900 December 21 Question Content Area 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 2028570b7fbb07b_1 days Keystone Company September 19 fill in the blank 2028570b7fbb07b_2 days Moxie Creek Inc. October 17 fill in the blank 2028570b7fbb07b_3 days Rainbow Company November 5 fill in the blank 2028570b7fbb07b_4 days Swanson Company December 21 fill in the blank 2028570b7fbb07b_5 days Feedback Area Feedback a. Do not include the due date in your count. Remember that not all months have an equal number of days. Question Content Area 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 IndustriesAging of Receivables ScheduleNovember 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. 5,500 5,500 fill in the blank b31db007704cfc8_1 fill in the blank b31db007704cfc8_2 fill in the blank b31db007704cfc8_3 fill in the blank b31db007704cfc8_4 Ascent Company 3,100 fill in the blank b31db007704cfc8_5 3,100 fill in the blank b31db007704cfc8_6 fill in the blank b31db007704cfc8_7 fill in the blank b31db007704cfc8_8 Zoot Company 7,700 fill in the blank b31db007704cfc8_9 fill in the blank b31db007704cfc8_10 7,700 fill in the blank b31db007704cfc8_11 fill in the blank b31db007704cfc8_12 Subtotals 886,200 535,200 195,000 85,100 44,300 26,600 Conover Industries fill in the blank b31db007704cfc8_13 fill in the blank b31db007704cfc8_14 fill in the blank b31db007704cfc8_15 fill in the blank b31db007704cfc8_16 fill in the blank b31db007704cfc8_17 fill in the blank b31db007704cfc8_18 Keystone Company fill in the blank b31db007704cfc8_19 fill in the blank b31db007704cfc8_20 fill in the blank b31db007704cfc8_21 fill in the blank b31db007704cfc8_22 fill in the blank b31db007704cfc8_23 fill in the blank b31db007704cfc8_24 Moxie Creek Inc. fill in the blank b31db007704cfc8_25 fill in the blank b31db007704cfc8_26 fill in the blank b31db007704cfc8_27 fill in the blank b31db007704cfc8_28 fill in the blank b31db007704cfc8_29 fill in the blank b31db007704cfc8_30 Rainbow Company fill in the blank b31db007704cfc8_31 fill in the blank b31db007704cfc8_32 fill in the blank b31db007704cfc8_33 fill in the blank b31db007704cfc8_34 fill in the blank b31db007704cfc8_35 fill in the blank b31db007704cfc8_36 Swanson Company fill in the blank b31db007704cfc8_37 fill in the blank b31db007704cfc8_38 fill in the blank b31db007704cfc8_39 fill in the blank b31db007704cfc8_40 fill in the blank b31db007704cfc8_41 fill in the blank b31db007704cfc8_42 Totals fill in the blank b31db007704cfc8_43 fill in the blank b31db007704cfc8_44 fill in the blank b31db007704cfc8_45 fill in the blank b31db007704cfc8_46 fill in the blank b31db007704cfc8_47 fill in the blank b31db007704cfc8_48
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Aging of Receivables Schedule
The
| Not | Days Past Due | |||||||||||
| Past | Over | |||||||||||
| Customer | Balance | Due | 1-30 | 31-60 | 61-90 | 90 | ||||||
| Academy Industries Inc. | 5,500 | 5,500 | ||||||||||
| Ascent Company | 3,100 | 3,100 | ||||||||||
| Zoot Company | 7,700 | 7,700 | ||||||||||
| Subtotals | 886,200 | 535,200 | 195,000 | 85,100 | 44,300 | 26,600 |
The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above:
| Customer | Balance | Due Date | |
| Conover Industries | $12,400 | July 9 | |
| Keystone Company | 8,900 | September 19 | |
| Moxie Creek Inc. | 17,700 | October 17 | |
| Rainbow Company | 10,600 | November 5 | |
| Swanson Company | 23,900 | December 21 |
Question Content Area
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 2028570b7fbb07b_1 days |
| Keystone Company | September 19 | fill in the blank 2028570b7fbb07b_2 days |
| Moxie Creek Inc. | October 17 | fill in the blank 2028570b7fbb07b_3 days |
| Rainbow Company | November 5 | fill in the blank 2028570b7fbb07b_4 days |
| Swanson Company | December 21 | fill in the blank 2028570b7fbb07b_5 days |
Feedback Area
a. Do not include the due date in your count. Remember that not all months have an equal number of days.
Question Content Area
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.
| 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. | 5,500 | 5,500 | fill in the blank b31db007704cfc8_1 | fill in the blank b31db007704cfc8_2 | fill in the blank b31db007704cfc8_3 | fill in the blank b31db007704cfc8_4 |
| Ascent Company | 3,100 | fill in the blank b31db007704cfc8_5 | 3,100 | fill in the blank b31db007704cfc8_6 | fill in the blank b31db007704cfc8_7 | fill in the blank b31db007704cfc8_8 |
| Zoot Company | 7,700 | fill in the blank b31db007704cfc8_9 | fill in the blank b31db007704cfc8_10 | 7,700 | fill in the blank b31db007704cfc8_11 | fill in the blank b31db007704cfc8_12 |
| Subtotals | 886,200 | 535,200 | 195,000 | 85,100 | 44,300 | 26,600 |
| Conover Industries | fill in the blank b31db007704cfc8_13 | fill in the blank b31db007704cfc8_14 | fill in the blank b31db007704cfc8_15 | fill in the blank b31db007704cfc8_16 | fill in the blank b31db007704cfc8_17 | fill in the blank b31db007704cfc8_18 |
| Keystone Company | fill in the blank b31db007704cfc8_19 | fill in the blank b31db007704cfc8_20 | fill in the blank b31db007704cfc8_21 | fill in the blank b31db007704cfc8_22 | fill in the blank b31db007704cfc8_23 | fill in the blank b31db007704cfc8_24 |
| Moxie Creek Inc. | fill in the blank b31db007704cfc8_25 | fill in the blank b31db007704cfc8_26 | fill in the blank b31db007704cfc8_27 | fill in the blank b31db007704cfc8_28 | fill in the blank b31db007704cfc8_29 | fill in the blank b31db007704cfc8_30 |
| Rainbow Company | fill in the blank b31db007704cfc8_31 | fill in the blank b31db007704cfc8_32 | fill in the blank b31db007704cfc8_33 | fill in the blank b31db007704cfc8_34 | fill in the blank b31db007704cfc8_35 | fill in the blank b31db007704cfc8_36 |
| Swanson Company | fill in the blank b31db007704cfc8_37 | fill in the blank b31db007704cfc8_38 | fill in the blank b31db007704cfc8_39 | fill in the blank b31db007704cfc8_40 | fill in the blank b31db007704cfc8_41 | fill in the blank b31db007704cfc8_42 |
| Totals | fill in the blank b31db007704cfc8_43 | fill in the blank b31db007704cfc8_44 | fill in the blank b31db007704cfc8_45 | fill in the blank b31db007704cfc8_46 | fill in the blank b31db007704cfc8_47 | fill in the blank b31db007704cfc8_48 |
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