EC Coaches is a privately held, medium-sized company that operates a fleet of luxury coaches, semi-luxury and buses, and a variety of luxury and standard vehicles. Ranging from five to 60 seaters, these vehicles are leased to tour operators, universities, schools, charitable organizations, and other businesses. To their investment in their vehicles and ensure that they provide customers with vehicles in immaculate condition, Coaches has a maintenance facility where they do basic repairs and maintenance on their vehicles. Scheduled vehicle services are handled by agents according to the maintenance plans agreed at the time of purchase of the vehicle. You were recently hired by EC Coaches and you are eager to demonstrate your worth to the company. Your supervisor asked you to prepare an accounts payable aging report as of the end of the year for use in the upcoming audit of the company’s financial statements.

REQUIRED 

a. What is an accounts payable aging report?

b. Why is an accounts payable aging report needed for an audit?

c. What is an accounts payable aging report used for in normal company operations?

d. What data will you need to prepare the report?

e. Where will you collect the data you need to prepare the report?

f. How will you collect the necessary data for the report?