Homework SourseAging of Recelvables Schedule The accounts receivable clerk
Solution
(a)
The number of days past due is calculated as follows:
Customer
Balance
From Due Date
To Date
Number of Days past due
Boyd Industries
$36,000
Apr 7
July 31
115 days
Hodges Company
$11,500
May 29
July 31
63 days
Kent Creek Inc.
$6,600
June 8
July 31
53 days
Lockwood Company
$7,400
August 10
July 31
0
Van Epps Company
$13,000
July 2
July 31
29 days
The number of days past due is calculated for each customer based on the number of days from due date to July 31. The date from the due date is not included while calculating the number of days past due. In case of Boyd industries the number of days from Apr 8 to 31 July is calculated as 115 days. In case of Hodges Company the number of days from 30th May to 31 July is calculated as 63 days. In case of Kent Creek Inc. the number of days from 9th June to 31 July is calculated as 53 days. In case of Lockwood Company, the due date is yet to arrive. In case of Van Epps Company the number of days from 3 July to 31 July is calculated as 29 days.
(b)
Evers Industries
Aging of Receivables Schedule
July 31
Days Past Due
Customer
Balance
Not Past Due
1-30
31-60
61-90
Over 90
Acme Industries
3,000
3,000
Alliance Company
4,500
4,500
Zollinger Company
5,000
5,000
Subtotals
1,050,000
600,000
220,000
115,000
85,000
30,000
Boyd Industries
36,000
36,000
Hodges Company
11,500
11,500
Kent Creek Inc.
6,600
6,600
Lockwood Company
7,400
7,400
Van Epps Company
13,000
13,000
Totals
$1,124,500
$607,400
$233,000
$121,600
$96,500
$66,000
| Customer | Balance | From Due Date | To Date | Number of Days past due |
| Boyd Industries | $36,000 | Apr 7 | July 31 | 115 days |
| Hodges Company | $11,500 | May 29 | July 31 | 63 days |
| Kent Creek Inc. | $6,600 | June 8 | July 31 | 53 days |
| Lockwood Company | $7,400 | August 10 | July 31 | 0 |
| Van Epps Company | $13,000 | July 2 | July 31 | 29 days |
