The Mighty Power Tool Company has the following accounts on its books, Quick finance/accounting, assignment help
Please show work so I can learn how to complete the problem.
The Mighty Power Tool Company has the following accounts on its books:
CUSTOMER, AMOUNT OWED($), AGE (DAYS)
ABC, 52000, 36
DEF, 38000, 4
GHI, 14000, 12
KLM, 72000, 21
NOP, 46000, 40
QRS, 20000, 13
TUV, 87000, 53
WXY, 41000, 91
The firm extends credit on terms of 1.0/15, Net 30. Develop an aging schedule using 15-day increments through 60 days, and then indicate any accounts that have been outstanding for more than 60 days.
******Complete the Mighty Power Tool Company’s aging schedule below:
Days Outstanding: 0-15, Amount owed: $______, Accounts Receivable_____%
Days Outstanding: 16-30, Amount owed: $______, Accounts Receivable_____%
Days Outstanding: 31-45, Amount owed: $______, Accounts Receivable_____%
Days Outstanding: 46-60, Amount owed: $______, Accounts Receivable_____%
Days Outstanding: over 60, Amount owed: $______, Accounts Receivable_____%
