Question

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 Auto	August 25	1,800
Valley Repair & Tow	May 23	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 15	fill in the blank 1
Bales Auto	October 4	fill in the blank 2
Derby Auto Repair	June 26	fill in the blank 3
Lucky's Auto Repair	September 10	fill in the blank 4
Pit Stop Auto	September 24	fill in the blank 5
Reliable Auto Repair	July 2	fill in the blank 6
Trident Auto	August 25	fill in the blank 7
Valley Repair & Tow	May 23	fill in the blank 8

Answer 1

Account	Due Date	Number of Days Past Due
Avalanche Auto	August 15	77
Bales Auto	October 4	27
Derby Auto Repair	June 26	127
Lucky's Auto Repair	September 10	51
Pit Stop Auto	September 24	37
Reliable Auto Repair	July 2	121
Trident Auto	August 25	67
Valley Repair & Tow	May 23	161

Working:

Account	Due Date	Number of Days Past Due
Avalanche Auto	August 15	=31-15+30+31
Bales Auto	October 4	=31-4
Derby Auto Repair	June 26	=30-26+31+31+30+31
Lucky's Auto Repair	September 10	=30-10+31
Pit Stop Auto	September 24	=30-24+31
Reliable Auto Repair	July 2	=31-2+31+30+31
Trident Auto	August 25	=31-25+30+31
Valley Repair & Tow	May 23	=31-23+30+31+31+30+31