Homework Answers
Option (c) is correct
The uncollectible accounts receivable balance schedule is the total accounts receivable uncollected at the end of the quarter. It is the breakdown of receivables, that are outstanding, into number of days, months, quarters. Percentages are also calculated for each month or quarter of total amount of receivables uncollected for the months or quarters.
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The uncollected accounts receivable balance schedule O is the average time it takes to collect receivables. O is th...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
253,750
_______
March
31–60
145,000
_______
February
61–90
217,500
_______
January
91–120
108,750
_______
Total receivables
$
725,000
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,740,000 in credit sales over
the four-month period, compute...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 131,760 _______ March 31–60 49,410 _______ February 61–90 115,290 _______ January 91–120 32,940 _______ Total receivables $ 329,400 100% a. Calculate the percentage of amount due for each month. a. Calculate the percentage of amount due for each month. b. If the firm...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 Month of Sales Age of Percent of Amount Due Account Amounts April March February January 0-30 $ 120,540 31-60 61-90 86,100 103,320 34,440 $ 344,400 91-120 Total receivables 100% a. Calculate the percentage of amount due for each montlh Percent of Month of Sales Amount Due ri March February January Total receivables 100 1% b. If the firm had $1,476,000 in...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 161,820 _______ March 31–60 71,920 _______ February 61–90 107,880 _______ January 91–120 17,980 _______ Total receivables $ 359,600 100% a. Calculate the percentage of amount due for each month. b. If the firm had $1,488,000 in credit sales over the four-month period, compute...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $ 201,390 March 31-60 115,080 February 61-90 172,620 January 91-120 86,310 Total receivables $ 575,400 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due % % Month of Sales April March February January Total receivables % % 100...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 2013 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April................................. 0–30 $ 131,250 ____ March............................... 31–60 93,750 ____ February........................... 61–90 112,500 ____ January............................. 91–120 37,500 ____ Total receivables............ $ 375,000 100% a. Fill in column (4) for each month. b. If the firm had $1,500,000 in credit sales over the four-month period,...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $244,640 March 31-60 122,320 February 61-90 183,480 January 91-120 61,160 Total receivables $611,600 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due Month of Sales April March February January Total receivables 100 b. If the firm had $1,668,000...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due (1) Month of Sales April March February January Total receivables Age of Receivables April 30, 20X1 (2) (3) Age of Account Amounts 0-30 $ 131,250 31-60 93,750 61-90 112.500 91-120 37,500 $ 375,000 100% a. Calculate the percentage of amount due for each month. Percent of Month of SalesAmount Due April March February January Total receivables 100 % b. If the firm...
Which of the following is true regarding the Receivables Turnover Ratio? I. It measures the average...
Which of the following is true regarding the Receivables Turnover Ratio? I. It measures the average number of days it takes to collect an account receivable ll. It is calculated as sales divided by accounts receivable. Ill. It measures how many times a business can turn its accounts receivable into cash in a year. IV. It measures how efficiently the company uses accounts receivable to generate earnings. Select one: O a.ll and IV only O b. I, Il and IlII...
A firm takes 30 days to collect its accounts receivables and 45 days to pay its...
A firm takes 30 days to collect its accounts receivables and 45 days to pay its accounts payable. Its average age of inventory is 75 days. Its annual sales are $800,000 with COGS of $350,000 and purchases of $220,000. 1. What is the firm's cash conversion cycle (CCC)? What does it measure? 2. What is the amount of resources tied up in the CCC in each of the following areas: a Inventory b Accounts receivable C Accounts payable Cash 3...
Route Canal Shipping Company has the following schedule for
aging of accounts receivable:
Age of Receivables
April 30, 20X1
(1)
(2)
(3)
(4)
Month of
Sales
Age of
Account
Amounts
Percent of
Amount Due
April
0–30
$
253,750
_______
March
31–60
145,000
_______
February
61–90
217,500
_______
January
91–120
108,750
_______
Total receivables
$
725,000
100%
a. Calculate the percentage of amount due for each
month.
b. If the firm had $1,740,000 in credit sales over
the four-month period, compute...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 Month of Sales Age of Percent of Amount Due Account Amounts April March February January 0-30 $ 120,540 31-60 61-90 86,100 103,320 34,440 $ 344,400 91-120 Total receivables 100% a. Calculate the percentage of amount due for each montlh Percent of Month of Sales Amount Due ri March February January Total receivables 100 1% b. If the firm had $1,476,000 in...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $ 201,390 March 31-60 115,080 February 61-90 172,620 January 91-120 86,310 Total receivables $ 575,400 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due % % Month of Sales April March February January Total receivables % % 100...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due Age of Receivables April 30, 20X1 (1) (2) (3) Month of Age of Sales Account Amounts April 0-30 $244,640 March 31-60 122,320 February 61-90 183,480 January 91-120 61,160 Total receivables $611,600 100% a. Calculate the percentage of amount due for each month. Percent of Amount Due Month of Sales April March February January Total receivables 100 b. If the firm had $1,668,000...
Route Canal Shipping Company has the following schedule for aging of accounts receivable: (4) Percent of Amount Due (1) Month of Sales April March February January Total receivables Age of Receivables April 30, 20X1 (2) (3) Age of Account Amounts 0-30 $ 131,250 31-60 93,750 61-90 112.500 91-120 37,500 $ 375,000 100% a. Calculate the percentage of amount due for each month. Percent of Month of SalesAmount Due April March February January Total receivables 100 % b. If the firm...
Which of the following is true regarding the Receivables Turnover Ratio? I. It measures the average number of days it takes to collect an account receivable ll. It is calculated as sales divided by accounts receivable. Ill. It measures how many times a business can turn its accounts receivable into cash in a year. IV. It measures how efficiently the company uses accounts receivable to generate earnings. Select one: O a.ll and IV only O b. I, Il and IlII...
A firm takes 30 days to collect its accounts receivables and 45 days to pay its accounts payable. Its average age of inventory is 75 days. Its annual sales are $800,000 with COGS of $350,000 and purchases of $220,000. 1. What is the firm's cash conversion cycle (CCC)? What does it measure? 2. What is the amount of resources tied up in the CCC in each of the following areas: a Inventory b Accounts receivable C Accounts payable Cash 3...
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