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 |
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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