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 15	$12,000
Bales Auto	October 4	2,400
Derby Auto Repair	June 26	3,900
Lucky's Auto Repair	September 10	6,600
Pit Stop Auto	September 24	1,100
Reliable Auto Repair	July 2	9,750
Trident Auto	August 25	1,800
Valley Repair & Tow	May 23	4,000

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

Account	Due Date	Number of Days Past Due
Avalanche Auto	August 15
Bales Auto	October 4
Derby Auto Repair	June 26
Lucky's Auto Repair	September 10
Pit Stop Auto	September 24
Reliable Auto Repair	July 2
Trident Auto	August 25
Valley Repair & Tow	May 23

Answer 1

Number of days each account is past due is shown below
Number of days past due	Current date - Due date
Account	Due Date (a)	Current date (b)	Number of Days Past Due (b-a)
Avalanche Auto	15-Aug	31-Oct	77
Bales Auto	4-Oct	31-Oct	27
Derby Auto Repair	26-Jun	31-Oct	127
Lucky's Auto Repair	10-Sep	31-Oct	51
Pit Stop Auto	24-Sep	31-Oct	37
Reliable Auto Repair	2-Jul	31-Oct	121
Trident Auto	25-Aug	31-Oct	67
Valley Repair & Tow	23-May	31-Oct	161