Homework Answers
| Month | Age of account | Amount | Percentage | Percentage |
| Apr | 0-30 | 120,540 | 120540*100/344400 | 35.00% |
| Mar | 31-60 | 86,100 | 86100*100/344400 | 25.00% |
| Feb | 61-90 | 103,320 | 103320*100/344400 | 30.00% |
| Jan | 91-120 | 34,440 | 34440*100/344400 | 10.00% |
| 344,400 | 100.00% | |||
| 4 month sale | 1476000 | |||
| Pending AR | 344,400 | |||
| Debtor turnover ratio | 1476000/344400 | |||
| Debtor turnover ratio | 4.29 | |||
| Average collection period= | 120/4.29 | |||
| Average collection period= | 28.00 | |||
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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...
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: (4) Percent of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due (1) Month of Sales April March February January Total receivables Age of Receivables April 30, 20X1 (2) (3) Age of Account Amounts 0-30 $ 131,250 31-60 93,750 61-90 112.500 91-120 37,500 $ 375,000 100% a. Calculate the percentage of amount due for each month. Percent of Month of SalesAmount Due April March February January Total receivables 100 % 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: (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, 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: 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...
Laura Falk, Bramble & Hill Fabricators' accounts receivable manager, has just received the company's sales budget...
Laura Falk, Bramble & Hill Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter. January February $254.800 $496.860 March Quarter $445.900 $1,197,560 Budgeted revenue The company makes all sales on credit. Laura recently reviewed the company's collection history and found that 70% of the sales are collected in the month of the sale, 26% of sales are collected in the month following the sale, and 4% of sales are uncollectible. The company expects to...
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...
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: (4) Percent of Amount Due (1) Month of Sales April March February January Total receivables Age of Receivables April 30, 20X1 (2) (3) Age of Account Amounts 0-30 $ 131,250 31-60 93,750 61-90 112.500 91-120 37,500 $ 375,000 100% a. Calculate the percentage of amount due for each month. Percent of Month of SalesAmount Due April March February January Total receivables 100 % b. If the firm...
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...
Laura Falk, Bramble & Hill Fabricators' accounts receivable manager, has just received the company's sales budget for the first quarter. January February $254.800 $496.860 March Quarter $445.900 $1,197,560 Budgeted revenue The company makes all sales on credit. Laura recently reviewed the company's collection history and found that 70% of the sales are collected in the month of the sale, 26% of sales are collected in the month following the sale, and 4% of sales are uncollectible. The company expects to...
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...
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