menu
bartleby
search
close search
Hit Return to see all results
close solutoin list

The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.

BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

Solutions

Chapter
Section
BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 9, Problem 8E
Textbook Problem
20 views

The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31:

Chapter 9, Problem 8E, The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed , example  1

The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals:

Chapter 9, Problem 8E, The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed , example  2

  1. a. Determine the number of days past due for each of the preceding accounts as of August 31.
  2. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.

(a)

To determine

Determine the number of days each account is past due for the omitted accounts as of August 31.

Explanation of Solution

Accounts receivable: Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Due date: Due date is the maturity date on note/account, on due date the borrower is supposed to pay the debt.

Past due: Past due is the number of days of not receiving/making payment on the overdue account.

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

AccountBalanceDue DateNumber of days past due
C Industries$30,000March 22162 days
K Company$18,000July 161 days
MC Incorporation$9,000July 2537 days
R Company$26,400September 10Not past due
S Company$46,600August 328 days

Table (1)

Working note:

Calculate number of days past due for each account...

(b)

To determine

Complete the aging of receivables schedule, by adding the omitted accounts to the bottom of the schedule and update the totals.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 9 Solutions

Financial Accounting
Show all chapter solutions
add
Ch. 9 - Journalize the following transactions, using the...Ch. 9 - Journalize the following transactions, using the...Ch. 9 - Journalize the following transactions, using the...Ch. 9 - Journalize the following transactions, using the...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - Lundquist Company received a 60-day, 9% note for...Ch. 9 - Prefix Supply Company received a 120-day, 8% note...Ch. 9 - Financial statement data for years ending December...Ch. 9 - Financial statement data for years ending December...Ch. 9 - Boeing is one of the worlds major aerospace firms...Ch. 9 - MGM Resorts International owns and operates hotels...Ch. 9 - Journalize the following transactions in the...Ch. 9 - Journalize the following transactions in the...Ch. 9 - Quantum Solutions Company, a computer consulting...Ch. 9 - At the end of the current year, the accounts...Ch. 9 - Toot Auto Supply distributes new and used...Ch. 9 - The accounts receivable clerk for Kirchhoff...Ch. 9 - Kirchhoff Industries has a past history of...Ch. 9 - Using data in Exercise 9-9, assume that the...Ch. 9 - Performance Bike Co. is a wholesaler of motorcycle...Ch. 9 - Using the data in Exercise 9-11, assume that the...Ch. 9 - The following selected transactions were taken...Ch. 9 - The following selected transactions were taken...Ch. 9 - During its first year of operations, Macks...Ch. 9 - Using the data in Exercise 9-15, assume that...Ch. 9 - Casebolt Company wrote off the following accounts...Ch. 9 - Seaforth International wrote off the following...Ch. 9 - Determine the due date and the amount of interest...Ch. 9 - Spring Designs Decorators issued a 120-day, 4%...Ch. 9 - The series of five transactions recorded in the...Ch. 9 - The following selected transactions were completed...Ch. 9 - Journalize the following transactions of Trapper...Ch. 9 - Journalize the following transactions in the...Ch. 9 - List any errors you can find in the following...Ch. 9 - Ralph Lauren Corporation designs, markets, and...Ch. 9 - The Campbell Soup Company manufactures and markets...Ch. 9 - American Eagle Outfitters, Inc. sells clothing,...Ch. 9 - Use the data in Exercises 9-27 and 9-28 to analyze...Ch. 9 - The following transactions were completed by Daws...Ch. 9 - Trophy Fish Company supplies flies and fishing...Ch. 9 - Call Systems Company, a telephone service and...Ch. 9 - Flush Mate Co. wholesales bathroom fixtures....Ch. 9 - The following data relate to notes receivable and...Ch. 9 - The following were selected from among the...Ch. 9 - The following transactions were completed by The...Ch. 9 - Wig Creations Company supplies wigs and hair care...Ch. 9 - Digital Depot Company, which operates a chain of...Ch. 9 - Gen-X Ads Co. produces advertising videos. During...Ch. 9 - The following data relate to notes receivable and...Ch. 9 - The following were selected from among the...Ch. 9 - Bud Lighting Co. is a retailer of commercial and...Ch. 9 - Bev Wynn, vice president of operations for Dillon...Ch. 9 - On January 1, Xtreme Co. began offering credit...Ch. 9 - For several years, Xtreme Co.s sales have been on...Ch. 9 - Best Buy is a specialty retailer of consumer...Ch. 9 - Apple Inc. designs, manufactures, and markets...Ch. 9 - Costco Wholesale Corporation operates membership...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions add
EVALUATING LUMP SUMS AND ANNUITIES Crissie just won the lottery, and she must choose among three award options....

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Explain the concept of functional dependence.

Pkg Acc Infor Systems MS VISIO CD