Homework Answers
Requirement a
| Month of sales | calculation | Percentage of amount due | |
| April | 131250/375,000 | 35% | |
| March | 93750/375,000 | 25% | |
| February | 112500/375,000 | 30% | |
| January | 37500/375,000 | 10% | |
| Total receivables | 100% |
Requirement b
Average collection period = Accounts receivable / (net sales for four month /120)
= 375,000/ (1,500,000/120)
=375,000/12500
= 30 days
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Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 2013 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April................................. 0–30 $ 131,250 ____ March............................... 31–60 93,750 ____ February........................... 61–90 112,500 ____ January............................. 91–120 37,500 ____ Total receivables............ $ 375,000 100% a. Fill in column (4) for each month. b. If the firm had $1,500,000 in credit sales over the four-month period,...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $244,640 March 31-60 122,320 February 61-90 183,480 January 91-120 61,160 Total receivables $611,600 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due Month of Sales April March February January Total receivables 100 b. If the firm had $1,668,000...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $ 201,390 March 31-60 115,080 February 61-90 172,620 January 91-120 86,310 Total receivables $ 575,400 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due % % Month of Sales April March February January Total receivables % % 100...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 Month of Sales Age of Percent of Amount Due Account Amounts April March February January 0-30 $ 120,540 31-60 61-90 86,100 103,320 34,440 $ 344,400 91-120 Total receivables 100% a. Calculate the percentage of amount due for each montlh Percent of Month of Sales Amount Due ri March February January Total receivables 100 1% b. If the firm had $1,476,000 in...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
253,750
_______
March
31–60
145,000
_______
February
61–90
217,500
_______
January
91–120
108,750
_______
Total receivables
$
725,000
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,740,000 in credit sales over
the four-month period, compute...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 131,760 _______ March 31–60 49,410 _______ February 61–90 115,290 _______ January 91–120 32,940 _______ Total receivables $ 329,400 100% a. Calculate the percentage of amount due for each month. a. Calculate the percentage of amount due for each month. b. If the firm...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 161,820 _______ March 31–60 71,920 _______ February 61–90 107,880 _______ January 91–120 17,980 _______ Total receivables $ 359,600 100% a. Calculate the percentage of amount due for each month. b. If the firm had $1,488,000 in credit sales over the four-month period, compute...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivable...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivable ( 1) ( 2 ) ( 3 ) ( 4 ) Month of Sales Age of Account Amounts % of amount due April 0-30 $195,360 March 31-60 $97,680 February 61-90 $122,100 January 91-120 $73,260 Total receivables $488,400 100% a. Calculate the percentage of amount due for each month b. If the firm had $1,584,000 in credit sales over the four-month period, compute the average...
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible....
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $20,000 28 61-90 days 6,000 158 More than 90 days past due 2,000 Total $28,000 503 At what amount would Allowance for Uncollectible Accounts be reported in the current year's balance sheet? At the beginning of the year, Dawnetta Fashions has total accounts receivable of $300,000. By the end of the year, Dawnetta reports total...
11)A company has the following schedule through the aging of accounts receivable outstanding to estimate its...
11)A company has the following schedule through the aging of accounts receivable outstanding to estimate its bad debt: No. of Days Qutstanding 0-30 days 31-60 days Over 60 days Probability of Collection .98 Amount $150,000 100, 000 50,000 .90 .80 What is its bad debt expense if the Allowance for Doubtful Accounts has a debit balance of $5,000 before any adjustment? $18,000 $28,000. $272,000. $282,000. a. b. с. d. 12) Windward Corporation's books disclosed the following information for the year...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $244,640 March 31-60 122,320 February 61-90 183,480 January 91-120 61,160 Total receivables $611,600 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due Month of Sales April March February January Total receivables 100 b. If the firm had $1,668,000...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $ 201,390 March 31-60 115,080 February 61-90 172,620 January 91-120 86,310 Total receivables $ 575,400 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due % % Month of Sales April March February January Total receivables % % 100...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 Month of Sales Age of Percent of Amount Due Account Amounts April March February January 0-30 $ 120,540 31-60 61-90 86,100 103,320 34,440 $ 344,400 91-120 Total receivables 100% a. Calculate the percentage of amount due for each montlh Percent of Month of Sales Amount Due ri March February January Total receivables 100 1% b. If the firm had $1,476,000 in...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
253,750
_______
March
31–60
145,000
_______
February
61–90
217,500
_______
January
91–120
108,750
_______
Total receivables
$
725,000
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,740,000 in credit sales over
the four-month period, compute...
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $20,000 28 61-90 days 6,000 158 More than 90 days past due 2,000 Total $28,000 503 At what amount would Allowance for Uncollectible Accounts be reported in the current year's balance sheet? At the beginning of the year, Dawnetta Fashions has total accounts receivable of $300,000. By the end of the year, Dawnetta reports total...
11)A company has the following schedule through the aging of accounts receivable outstanding to estimate its bad debt: No. of Days Qutstanding 0-30 days 31-60 days Over 60 days Probability of Collection .98 Amount $150,000 100, 000 50,000 .90 .80 What is its bad debt expense if the Allowance for Doubtful Accounts has a debit balance of $5,000 before any adjustment? $18,000 $28,000. $272,000. $282,000. a. b. с. d. 12) Windward Corporation's books disclosed the following information for the year...
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