12.30 - ANSWER ALL PLEASE, pay attention to the rounding rules! Problem 12.30 Gi

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12.30 - ANSWER ALL PLEASE, pay attention to the rounding rules!

Problem 12.30 Ginseng Company collects 45.0 percent of its receivables in 10 days or fewer, 31 percent in 11 to 30 days, 7 percent in 31 to 45 days, 7 percent in 46 to 60 days, and 10.0 percent in more than 60 days. The company has $1,050,000 in accounts receivable. Prepare an aging schedule for Ginseng Company. (Round accounts receivable to the nearest whole dollar, eg, 5,275 and 96 of total account to 1 decimal place, eg. 12.2%.) % of Total Account ge of Accounts (in days) 0-10 11-30 31-45 46-60 Over 60 Total Value of Account 100.0%

Explanation / Answer

Aging schedule is an accounting table which is used to relation between a company's bills, invoice and due dates

Amount in receivables = $ 1,050,000

Age of accounts (in days) Value of Account ($) % of Total Account 0-10 =.45*1050000 = 472,500 45% 11-30 =.31*1050000 =325,500 31% 31-45 =.07*1050000 =73,500 7% 46-60 =.07*1050000 =73,500 7% over 60 =.1*1050000 =105,000 10% total $ 1,050,000 100%

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