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. 2,800.00 2,800.00 5 Alliance Company 4,000.00 4,000.00 6 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ 7 Zollinger Company 5,000.00 5,000.00 8 Subtotals 1,050,500.00 604,700.00 220,400.00 110,500.00 84,900.00 30,000.00 The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: Customer Balance Due Date Boyd Industries $44,400 April 7 Hodges Company 20,900 May 29 Kent Creek Inc. 7,500 June 8 Lockwood Company 14,100 August 10 Van Epps Company 12,700 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. 2,800.00 2,800.00 4 Alliance Company 4,000.00 4,000.00 5 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ 6 Zollinger Company 5,000.00 5,000.00 7 Subtotals 1,050,500.00 604,700.00 220,400.00 110,500.00 84,900.00 30,000.00 8 Boyd Industries 9 Hodges Company 10 Kent Creek Inc. 11 Lockwood Company 12 Van Epps Company 13 Totals
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. 2,800.00 2,800.00 5 Alliance Company 4,000.00 4,000.00 6 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ 7 Zollinger Company 5,000.00 5,000.00 8 Subtotals 1,050,500.00 604,700.00 220,400.00 110,500.00 84,900.00 30,000.00 The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: Customer Balance Due Date Boyd Industries $44,400 April 7 Hodges Company 20,900 May 29 Kent Creek Inc. 7,500 June 8 Lockwood Company 14,100 August 10 Van Epps Company 12,700 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. 2,800.00 2,800.00 4 Alliance Company 4,000.00 4,000.00 5 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ 6 Zollinger Company 5,000.00 5,000.00 7 Subtotals 1,050,500.00 604,700.00 220,400.00 110,500.00 84,900.00 30,000.00 8 Boyd Industries 9 Hodges Company 10 Kent Creek Inc. 11 Lockwood Company 12 Van Epps Company 13 Totals
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
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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
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:
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1
|
A
|
B
|
C
|
D
|
E
|
F
|
G
|
|
2
|
|
|
|
Days Past Due
|
Days Past Due
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Days Past Due
|
Days Past Due
|
|
3
|
Customer
|
Balance
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Not Past Due
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1-30
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31-60
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61-90
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Over 90
|
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4
|
Acme Industries Inc.
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2,800.00
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2,800.00
|
|
|
|
|
|
5
|
Alliance Company
|
4,000.00
|
|
4,000.00
|
|
|
|
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6
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~~~~~
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~~~~~
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~~~~~
|
~~~~~
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~~~~~
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~~~~~
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~~~~~
|
|
7
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Zollinger Company
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5,000.00
|
|
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5,000.00
|
|
|
|
8
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Subtotals
|
1,050,500.00
|
604,700.00
|
220,400.00
|
110,500.00
|
84,900.00
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30,000.00
|
The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals:
|
Customer
|
Balance
|
Due Date
|
| Boyd Industries | $44,400 | April 7 |
| Hodges Company | 20,900 | May 29 |
| Kent Creek Inc. | 7,500 | June 8 |
| Lockwood Company | 14,100 | August 10 |
| Van Epps Company | 12,700 | 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 |
|
| Hodges Company | May 29 |
|
| Kent Creek Inc. | June 8 |
|
| Lockwood Company | August 10 |
|
| Van Epps Company | July 2 |
|
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.
|
2,800.00
|
2,800.00
|
|
|
|
|
|
4
|
Alliance Company
|
4,000.00
|
|
4,000.00
|
|
|
|
|
5
|
~~~~~
|
~~~~~
|
~~~~~
|
~~~~~
|
~~~~~
|
~~~~~
|
~~~~~
|
|
6
|
Zollinger Company
|
5,000.00
|
|
|
5,000.00
|
|
|
|
7
|
Subtotals
|
1,050,500.00
|
604,700.00
|
220,400.00
|
110,500.00
|
84,900.00
|
30,000.00
|
|
8
|
Boyd Industries
|
|
|
|
|
|
|
|
9
|
Hodges Company
|
|
|
|
|
|
|
|
10
|
Kent Creek Inc.
|
|
|
|
|
|
|
|
11
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Lockwood Company
|
|
|
|
|
|
|
|
12
|
Van Epps Company
|
|
|
|
|
|
|
|
13
|
Totals
|
|
|
|
|
|
|
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