A Mount Dora aging report lists $28,600 at 31-60 days, $17,400 at 61-90 days, and $9,200 over 90 days. What amount is over 60 days past due?
Correct Answer
C) $26,600
Use only the aging buckets requested in the question.
Why This Is the Correct Answer
Use only the aging buckets requested in the question.
Why the Other Options Are Wrong
Option A: $46,000
$46,000 is above the supported result for receivables aging; it likely adds an unsupported amount or compares the wrong financial base.
Option B: $37,800
$37,800 is above the supported result for receivables aging; it likely adds an unsupported amount or compares the wrong financial base.
Option D: $55,200
$55,200 is above the supported result for receivables aging; it likely adds an unsupported amount or compares the wrong financial base.
Memory Technique
Collection Report money test: bucket before math for receivables aging.
Reference Hint
Open-book path: tab Builder's Guide to Accounting, 2001 to Section One, Managing Receivables, Track Your Receivables Trend; use the job ledger figures in the stem and recompute the same accounting measure.
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