Question

Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed...

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. 3,100 3,100
Ascent Company 3,100 3,100
Zoot Company 7,900 7,900
Subtotals 657,100 396,800 144,600 63,100 32,900 19,700

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

Customer     Balance Due Date
Conover Industries $9,200 July 9
Keystone Company 6,600 September 19
Moxie Creek Inc. 13,100 October 17
Rainbow Company 7,900 November 4
Swanson Company 17,700 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 96a7cffaefc6fe2_1 days
Keystone Company September 19 fill in the blank 96a7cffaefc6fe2_2 days
Moxie Creek Inc. October 17 fill in the blank 96a7cffaefc6fe2_3 days
Rainbow Company November 4 fill in the blank 96a7cffaefc6fe2_4 days
Swanson Company December 21 fill in the blank 96a7cffaefc6fe2_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. 3,100 3,100 fill in the blank b08558faefc805d_1 fill in the blank b08558faefc805d_2 fill in the blank b08558faefc805d_3 fill in the blank b08558faefc805d_4
Ascent Company 3,100 fill in the blank b08558faefc805d_5 3,100 fill in the blank b08558faefc805d_6 fill in the blank b08558faefc805d_7 fill in the blank b08558faefc805d_8
Zoot Company 7,900 fill in the blank b08558faefc805d_9 fill in the blank b08558faefc805d_10 7,900 fill in the blank b08558faefc805d_11 fill in the blank b08558faefc805d_12
Subtotals 657,100 396,800 144,600 63,100 32,900 19,700
Conover Industries fill in the blank b08558faefc805d_13 fill in the blank b08558faefc805d_14 fill in the blank b08558faefc805d_15 fill in the blank b08558faefc805d_16 fill in the blank b08558faefc805d_17 fill in the blank b08558faefc805d_18
Keystone Company fill in the blank b08558faefc805d_19 fill in the blank b08558faefc805d_20 fill in the blank b08558faefc805d_21 fill in the blank b08558faefc805d_22 fill in the blank b08558faefc805d_23 fill in the blank b08558faefc805d_24
Moxie Creek Inc. fill in the blank b08558faefc805d_25 fill in the blank b08558faefc805d_26 fill in the blank b08558faefc805d_27 fill in the blank b08558faefc805d_28 fill in the blank b08558faefc805d_29 fill in the blank b08558faefc805d_30
Rainbow Company fill in the blank b08558faefc805d_31 fill in the blank b08558faefc805d_32 fill in the blank b08558faefc805d_33 fill in the blank b08558faefc805d_34 fill in the blank b08558faefc805d_35 fill in the blank b08558faefc805d_36
Swanson Company fill in the blank b08558faefc805d_37 fill in the blank b08558faefc805d_38 fill in the blank b08558faefc805d_39 fill in the blank b08558faefc805d_40 fill in the blank b08558faefc805d_41 fill in the blank b08558faefc805d_42
Totals fill in the blank b08558faefc805d_43 fill in the blank b08558faefc805d_44 fill in the blank b08558faefc805d_45 fill in the blank b08558faefc805d_46 fill in the blank b08558faefc805d_47 fill in the blank b08558faefc805d_48

Homework Answers

Answer #1

Solution 1:

Customer Due Date Number of Days Past Due
Conover industries 9-Jul 144 Days
Keystone company 19-Sep 72 Days
Moxie Creek Inc. 17-Oct 44 Days
Rainbow Company 4-Nov 26 Days
Swanson Company 21-Dec 0 Days

Solution 2:

Kirchhoff Industries
Aging of Receivables Schedule
30-Nov
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. $3,100.00 $3,100.00
Ascent Company $3,100.00 $3,100.00
Zoot Company $7,900.00 $7,900.00
Subtotals $657,100.00 $396,800.00 $144,600.00 $63,100.00 $32,900.00 $19,700.00
Conover industries $9,200.00 $9,200.00
Keystone company $6,600.00 $6,600.00
Moxie Creek Inc. $13,100.00 $13,100.00
Rainbow Company $7,900.00 $7,900.00
Swanson Company $17,700.00 $17,700.00
Totals $711,600.00 $414,500.00 $152,500.00 $76,200.00 $39,500.00 $28,900.00
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