As of January 1, Paul's Car Repair has the following accounts receivable: Receivable Amount Due Days Outstanding A $1,000 35 B 2,350 41 C 1,500 58 D 3,250 29 E 1,200 43 F 2,950 52 G 1,900 33 As of March 1, the firm's receivables are Receivable Amount Due Days Outstanding A $2,000 29 B 1,400 52 C 2,000 43 D 2,550 66 E 2,850 46 F 1,400 36 G 2,350 52 Paul's offers credit terms of net 30 days. Construct aging schedules that show the total amount and percentage of total accounts receivable that are 0, 10, 20, and 30 days overdue. Do not round intermediate calculations. Round your answers for dollar values to the nearest dollar and for percentage values to two decimal places. If the answer is zero, enter "0". Aging schedule prior to change: Days outstanding: 0 - 30 31 - 40 41 - 50 51 - 60 61+ Totals $ $ $ $ $ Percentage of total % % % % % Aging schedule after change: Days outstanding: 0 - 30 31 - 40 41 - 50 51 - 60 61+ Totals $ $ $ $ $ Percentage of total % % % % % After the change % of the accounts are outstanding more than 40 days while prior to the changes % of the accounts were outstanding more than 40 days. Collections have .

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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As of January 1, Paul's Car Repair has the following accounts receivable:

Receivable	Amount Due	Days Outstanding
A	$1,000		35
B	2,350		41
C	1,500		58
D	3,250		29
E	1,200		43
F	2,950		52
G	1,900		33

As of March 1, the firm's receivables are

Receivable	Amount Due	Days Outstanding
A	$2,000		29
B	1,400		52
C	2,000		43
D	2,550		66
E	2,850		46
F	1,400		36
G	2,350		52

Paul's offers credit terms of net 30 days. Construct aging schedules that show the total amount and percentage of total accounts receivable that are 0, 10, 20, and 30 days overdue. Do not round intermediate calculations. Round your answers for dollar values to the nearest dollar and for percentage values to two decimal places. If the answer is zero, enter "0".

Aging schedule prior to change:
Days outstanding:	0 - 30	31 - 40	41 - 50	51 - 60	61+
Totals	$		$		$	$	$
Percentage of total	%		%		%	%	%

Aging schedule after change:
Days outstanding:	0 - 30	31 - 40	41 - 50	51 - 60	61+
Totals	$		$		$	$	$
Percentage of total	%		%		%	%	%

After the change % of the accounts are outstanding more than 40 days while prior to the changes % of the accounts were outstanding more than 40 days. Collections have .

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