Trophy Fish Company supplies flies and fishing gear products to sporting goods s

Question

Trophy Fish Company supplies flies and fishing gear products to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y7:

The following accounts were unintentionally omitted from the aging schedule:

Trophy Fish has a past history of uncollectible accounts by age category, as follows:

Required:

1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero.

Feedback

Count the number of days after the due date up to December 31. Do not include the due date in your count. Remember that not all months have an equal number of days.

Learning Objective 4.

2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank.

Not Days Past Due Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 AAA Outfitters 19,900 19,900 Brown Trout Fly Shop 7,100 7,100 Zigs Fish Adventures 4,100 4,100 Subtotals 1,306,300 752,000 284,300 127,200 42,300 21,300 79,200

Explanation / Answer

Solution 1:

Solution 2:

Customer Due Date Number of Days Past Due Adams Sports and Flies 22-May 223 Days Blue Dun Flies 10-Oct 82 Days Cicada Fish Co. 29-Sep 93 Days Deschutes Sports 20-Oct 72 Days Green River Sports 7-Nov 54 Days Smith River Co. 28-Nov 33 Days Western Trout Company 7-Dec 24 Days Wolfe Sports 20-Jan 345 Days

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