Today\'s New Shine distributes new and used movies to local retail shops through

Question

Today's New Shine distributes new and used movies to local retail shops throughout the Midwest. Shine'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

All Night Fun                                    August 8                                     $12,000
Bundles of Action                             October 11                                      2,500
Camera Video                                   June 23                                          3,900
Daily Movie Fans                              September 2                                    6,600
Family Circle                                    September 19                                15,000
True Movies                                      July 15                                            9,750
Videos and More                               August 24                                       1,800

The number of days past due for Daily Movie Fans and True Movies as of October 31 are:

Select one:

a. 59 and 108

b. 45 and 98

c. 55 and 100

d. 60 and 85

Explanation / Answer

Answer:-

The number of days past due for the below as of October 31 are

Daily Movie Fans = September 2= 28+31 + 59 days

True Movies = July 15 =16+31+30+31 =108 days

Option A 59 and 108 days

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