Lab 1 Alt: Accounts Receivable Aging

Apply the same steps as Lab 1 performed in the chapter text to the Lab 1 Alt Data.xlsx dataset.

Open Excel File Lab 1 Alt Data.xlsx

Required: Age the receivables in six 30-day buckets including 1-30 days, 31-60 days, 61-90 days, 91-120 days, 121-150 days, and 151-180 days. Detail the receivables from the 31-60 day bucket.

Assessment:

1. Perform the analysis, and take a screenshot of your aged receivables; label it "Lab 1 Alt Submission 1. jpg". Submit to your instructor.
2. Take a screenshot of your detailed receivables in the 31-60 day aging bucket, and label it "Lab 1 Alt Submission 2.jpg". Submit it to your instructor
3. Answer the multiple choice questions.

What is the gross amount of receivables owed?

1. $53179.57
2. $37732.45
3. $56381.41
4. $34,499.08
5. Cannot be determined

What is the total receivables due in the 31-60 day A/R aging bucket?

1. $11880.62
2. $11499.66
3. $7986.14
4. $12574.47

Accountants and auditors age receivables to primarily do which task?

1. Determine the most profitable products
2. Determine the most profitable customers
3. Help estimate the total amount of gross receivables
4. Help estimate the allowance for doubtful accounts

What is the total receivables due in 151-180 day A/R aging bucket?

1. $3336.51
2. $11499.66
3. $7986.14
4. $9104.01

In the detailed 31-60 A/R aging bucket, what is the amount owed by the customer named Nin Com Soup?

1. $96.17
2. $112.10
3. $164.42
4. $419.62