Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot’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 Avalanche Auto August 8 $12,000 Bales Auto October 11 2,400 Derby Auto Repair June 23 3,900 Lucky’s Auto Repair September 2 6,600 Pit Stop Auto September 19 1,100 Reliable Auto Repair July 15 9,750 Trident Auto August 24 1,800 Valley Repair & Tow May 17 4,000
Determine the number of days each account is past due as of October 31.
Answer:
Avalanche Auto
Bales Auto
Derby Auto Repair
Lucky’s Auto Repair
Pit Stop Auto
Reliable Auto Repair
Trident Auto
Valley Repair & Tow 167 (14 + 30 + 31 + 31 + 30 + 31)
