he accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31: 1 A B C D E F G 2 Days Past Due Days Past Due Days Past Due Days Past Due 3 Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 4 Acme Industries Inc. 2,600.00 2,600.00 5 Alliance Company 4,200.00 4,200.00 6 ~~~ ~ ~ ~ ~ ~ ~~~ 7 Zollinger Company 5,200.00 5,200.00 8 Subtotals 1,051,100.00 597,500.00 223,600.00 114,300.00 85,400.00 30,300.00 The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: Customer Balance Due Date Boyd Industries $44,100 April 7 Hodges Company 20,600 May 29 Kent Creek Inc. 7,800 June 8 Lockwood Company 13,500 August 10 Van Epps Company 12,400 July 2 Required: A. Determine the number of days past due for each of the preceding accounts as of July 31. If an account is not past due, enter a zero. 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

100%

The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31:

1	A	B	C	D	E	F	G
2				Days Past Due	Days Past Due	Days Past Due	Days Past Due
3	Customer	Balance	Not Past Due	1-30	31-60	61-90	Over 90
4	Acme Industries Inc.	2,600.00	2,600.00
5	Alliance Company	4,200.00		4,200.00
6	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~
7	Zollinger Company	5,200.00			5,200.00
8	Subtotals	1,051,100.00	597,500.00	223,600.00	114,300.00	85,400.00	30,300.00

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

Customer	Balance	Due Date
Boyd Industries	$44,100	April 7
Hodges Company	20,600	May 29
Kent Creek Inc.	7,800	June 8
Lockwood Company	13,500	August 10
Van Epps Company	12,400	July 2

Required:

A.	Determine the number of days past due for each of the preceding accounts as of July 31. If an account is not past due, enter a zero.
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.

First Question

A. Determine the number of days past due for each of the accounts below as of July 31. If an account is not past due, enter a zero.

Customer	Due Date	Number of Days Past Due
Boyd Industries	April 7	days
Hodges Company	May 29	days
Kent Creek Inc.	June 8	days
Lockwood Company	August 10	days
Van Epps Company	July 2	days

Aging of Receivables Schedule

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.

Evers Industries

Aging of Receivables Schedule

July 31

1				Days Past Due	Days Past Due	Days Past Due	Days Past Due
2	Customer	Balance	Not Past Due	1-30	31-60	61-90	Over 90
3	Acme Industries Inc.	2,600.00	2,600.00
4	Alliance Company	4,200.00		4,200.00
5	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~
6	Zollinger Company	5,200.00			5,200.00
7	Subtotals	1,051,100.00	597,500.00	223,600.00	114,300.00	85,400.00	30,300.00
8	Boyd Industries
9	Hodges Company
10	Kent Creek Inc.
11	Lockwood Company
12	Van Epps Company
13	Totals

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions