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Number of days past due Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot’s credit terms are n/30. As of the end of business on October 31, the following accounts receivable were past due: Determine the number of days each account is past due as of October 31.

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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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Chapter
Section
BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 8, Problem 7E
Textbook Problem
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Number of days past due

Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot’s credit terms are n/30. As of the end of business on October 31, the following accounts receivable were past due:

Chapter 8, Problem 7E, Number of days past due Toot Auto Supply distributes new and used automobile parts to local dealers

Determine the number of days each account is past due as of October 31.

To determine

Determine the number of days each account is past due as of October 31.

Explanation of Solution

Working note:

Calculate number of days past due for each account.

Past due days has been calculated by omitting the due date but including the date of analysis of October 31.

A Auto AccountPast due days
Number of days from August 16 to 3116 days
Number of days from September 1 to 3030 days
Number of days from October 1 to 3131 days
Total77 days

Table (2)

B Auto AccountPast due days
Number of days from October 5 to 3127 days
Total20 days

Table (3)

D Auto Repair AccountPast due days
Number of days from June 27 to 304 days
Number of days from July 1 to 3131 days
Number of days from August 1 to 3131 days
Number of days from September 1 to 3030 days
Number of days from October 1 to 3131 days
Total127 days

Table (4)

L’s Auto Repair AccountPast due days
Number of days from September 11 to 3020 days
Number of days from October 1 to 3131 days
Total51 days

Table (5)

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Chapter 8 Solutions

Financial And Managerial Accounting
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