Question

46

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. 3,200 3,200 Ascent Company 4,400 4,400 Zoot Company 11,000 11,000 Subtotals 871,500 526,400 191,700 83,700 43,600 26,100 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Conover Industries $12,200 July 10 Keystone Company 8,700 September 21 Moxie Creek Inc. 17,400 October 16 Rainbow Company 10,500 November 5 Swanson Company 23,500 December 21

Answer 1

144 days Customer Conover Industries Keystone Company Maxie Creek Inc. Rainbow Company Swanson Company Number of Days Due Date Past Due July 10 September 21 71 days October 16 November 05 26 days December 21 -20 days 46 days Customer Academy Industries Inc. Ascent Company Zoot Company Subtotals Conover Industries Keystone Company Maxie Creek Inc. Rainbow Company Swanson Company Totals Kirchhoff Industries Ageing of Receivables Schedule Nov-30 Balance Not Past Due Days Past Due 1 - 30 Days Past Due 31 - 60 Days Past Due 61 - 90 Days Past Due Over 90 3,200 3,200 4,400 4,400 11,000 11,000 871,500 526,400 191,700 83,700 43,600 26,1001 12,200 12,200 8,700 8.700 17,400 17,400 10,500 10,500 23,500 23,500 943,800 549,900 202,200 101,100 52,300 38,300 Note: 1. Calculation of Number of days past due is simply difference between day for which Ageing is prepared (30 November) and Due Date 2. While Calculating the difference in days Due date is also included Example in case of Maxie Creek Inc. Due date is October 16 Hence Difference Between November 30 and October 16 will be (16 days in October + 30 days in November) In October We have included the due days also