A West Park aging report lists $19,800 at 31-60 days, $15,900 at 61-90 days, and $7,600 over 90 days. What amount is over 60 days past due?
Correct Answer
A) $23,500
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 B: $35,700
$35,700 is above the supported result for receivables aging; it likely adds an unsupported amount or compares the wrong financial base.
Option C: $27,400
$27,400 is above the supported result for receivables aging; it likely adds an unsupported amount or compares the wrong financial base.
Option D: $43,300
$43,300 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.
More Business & Finance Questions
The Cedar Key subcontract closeout file requires 44 final releases, and 31 have been received. How many releases are missing?
A Florida GC prepaid $18,000 for annual insurance and expenses it evenly by month. After 7 months have expired, what prepaid asset remains?
The West Miami system access list starts with 22 active users, adds 4, and removes 7. How many active users should remain?
The Winter Park bank review shows a bank balance of $124,600, book balance of $119,400, and known timing items of $3,200. What unexplained difference remains?
The Riverview bank review shows a bank balance of $87,500, book balance of $90,400, and known timing items of $1,600. What unexplained difference remains?
A Satellite Beach contractor had 4 separations during the quarter and an average headcount of 32. What turnover rate should HR report?
A Winter Park startup budgets monthly overhead of $61,500 and wants a 4-month operating reserve. What reserve should be funded?
A Royal Palm Beach customer account has unpaid approved invoices of $126,000. Company policy requires review when unpaid invoices exceed $100,000. What status applies?
A Wildwood contractor had 9 separations during the quarter and an average headcount of 60. What turnover rate should HR report?
A Clermont field group had 64 absence hours out of 1280 scheduled hours. What absence rate should be reported?
People Also Study
Related Study Resources
Previous Question
The Ocoee supply yard uses weighted-average costing. Purchases are 120 units at $18.25, 180 units at $19.40, and 150 units at $20.10. What weighted-average unit cost should be used?
Next Question
A North Miami Beach trade unit cost is $37.10 against a baseline of $41.60. What status should be reported?