Question

Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot's...

Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot's credit terms are n/30. As of the end of business on October 31, the following accounts receivable were past due:

Account Due Date Amount
Avalanche Auto August 8 $12,000   
Bales Auto October 11 2,400
Derby Auto Repair June 23 3,900
Lucky's Auto Repair September 2 6,600
Pit Stop Auto September 19 1,100
Reliable Auto Repair July 15 9,750
Trident Auto August 24 1,800
Valley Repair & Tow May 17 4,000

Determine the number of days each account is past due as of October 31.

Account Due Date Number of Days Past Due
Avalanche Auto August 8 fill in the blank 1
Bales Auto October 11 fill in the blank 2
Derby Auto Repair June 23 fill in the blank 3
Lucky's Auto Repair September 2 fill in the blank 4
Pit Stop Auto September 19 fill in the blank 5
Reliable Auto Repair July 15 fill in the blank 6
Trident Auto August 24 fill in the blank 7
Valley Repair & Tow May 17 fill in the blank 8

Homework Answers

Answer #1

If you have any doubts please comment on the answer.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Number of Days Past Due Toot Auto Supply distributes new and used automobile parts to local...
Number of Days Past Due Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot’s credit terms are n/30. As of the end of business on October 31, the following accounts receivable were past due: Account Due Date Amount Avalanche Auto August 15 $12,000 Bales Auto October 4    2,400 Derby Auto Repair June 26    3,900 Lucky's Auto Repair September 10    6,600 Pit Stop Auto September 24    1,100 Reliable Auto Repair July 2    9,750 Trident...
Swenson Electric Company sells on terms of “net 30”. Given the following information on its receivables,...
Swenson Electric Company sells on terms of “net 30”. Given the following information on its receivables, complete the aging of accounts schedule below as of September 1, showing the percentage of accounts that are current, 1 to 30 days past due, 31 to 60 days past due, 61 to 90 days past due, and over 90 days past due. (Assume 30 days in each month) Account Number Invoice Date Amount Due 1311 August 15 $1315 1773 July 14 721 1217...
It is the credit policy of the Trinh Corporation to require credit customers to pay within...
It is the credit policy of the Trinh Corporation to require credit customers to pay within 30 days from the date they purchase merchandise. An analysis of the Corporation's October 31 accounts receivable subsidiary ledger resulted in the following information. Auburn Company owes $4,100 for merchandise sold to them on July 8. Brown Incorporated owes $5,000 for merchandise sold to them on September 12. Green Corporation owes $4,400 for merchandise sold to them on October 10. Red Company owes $2,900...
Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during...
Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 7% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $134,400 from Triple Creek Bank, issuing a 60-day, 8% note. July 21. Purchased tools by issuing a $75,000,...
Cornwell Glass produces replacement automobile glass for all makes of cars. Cornwell has a sophisticated forecasting...
Cornwell Glass produces replacement automobile glass for all makes of cars. Cornwell has a sophisticated forecasting system that uses data from past years to find seasonal factors and long-term trends. The system uses data from past weeks to find recent trends. The following table presents the forecasted demands for the coming year on a weekly basis. Week Demand Week Demand April 15 1,829 November 4 1,864 22 1,820 11 1,989 29 1,887 18 2,098 May 6 1,958 25 2,244 13...
PREPARE JOURNAL ENTRIES FOR THE FOLLOWING. 1. January 2: Mr. Burns opened up his new company...
PREPARE JOURNAL ENTRIES FOR THE FOLLOWING. 1. January 2: Mr. Burns opened up his new company and dissolved the old one. The balances of the accounts (with the exception of fixed assets and uncollectible) were transferred over from the old business. Mr. Burns decided that he needed to invest more money into the business in order to get operational. Mr. Burns invested $2,120,000 to create stock. 2. January 3: Mr. Burns bought a cookie making machine for $500,000 from Cookie...
Tax Return Project James A. Varney and Denise M. Varney James and Denise Varney are married...
Tax Return Project James A. Varney and Denise M. Varney James and Denise Varney are married and file a joint return. James is 48 years of age and Denise is 49. James is employed full-time as an electrical engineer for Livingston Unitech Corporation, Ltd. Denise is a self-employed design consultant. They have two children, Pamela and Vernon, who live at home and receive all of their support from their parents. Pamela is 20 years old and attended college on a...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how...
Delta airlines case study Global strategy. Describe the current global strategy and provide evidence about how the firms resources incompetencies support the given pressures regarding costs and local responsiveness. Describe entry modes have they usually used, and whether they are appropriate for the given strategy. Any key issues in their global strategy? casestudy: Atlanta, June 17, 2014. Sea of Delta employees and their families swarmed between food trucks, amusement park booths, and entertainment venues that were scattered throughout what would...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT