Question

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: Account Due Date Amount Avalanche Auto August 16 $12,000 Bales Auto October 3 2,400 Derby Auto Repair June 22 3,900 Lucky's Auto Repair September 7 6,600 Pit Stop Auto September 23 1,100 Reliable Auto Repair July 4 9,750 Trident Auto August 28 1,800 Valley Repair & Tow May 24 4,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet

Answer 1

Number of days past due will be calculated by calculating number of days from due date till October 31. The number of days past due are provided below: A 1 Account 2 Avalanche Auto 3 Bales Auto 4 Derby Auto Repair 5 Lucky's Auto Repair 6 Pit Stop Auto 7 Reliable Auto Repair 8 Trident Auto 9 Valley Repair & Tow B Due Date August. 16 October. 3 June. 22 September. 7 September. 23 July 4 August. 28 May. 24 с Number of Days Past Due 76 28 131 54 38 119 64 160 Calculations are shown below: A 1 Account 2 Avalanche Auto 3 Bales Auto 4 Derby Auto Repair 5 Lucky's Auto Repair 6 Pit Stop Auto 7 Reliable Auto Repair 8 Trident Auto 9 Valley Repair & Tow B с Due Date Number of Days Past Due August. 16 =15+30+31 October. 3 28 June. 22 |=8+31+31+30+31 September. 7 |=23+31 September. 23 =7+31 July 4 =27+31+30+31 August. 28 =3+30+31 May. 24 =7+30+31+31+30+31