Question
- Question: Flint, Inc. includes the following account among its trade receivables. Hopkins Co. 1/1 Balance forward 790 1/28 Cash (#1710) 1,260 1/20 Invoice #1710 1,260 4/2 Cash (#2116)Flint, Inc. includes the following account among its trade receivables.
Hopkins Co.1/1Balance forward7901/28Cash (#1710)1,2601/20Invoice #17101,2604/2Cash (#2116)1,5203/14Invoice #21161,5204/10Cash (1/1 Balance)2464/12Invoice #24122,0904/30Cash (#2412)9409/5Invoice #36145909/20Cash (#3614 and part of #2412)85110/17Invoice #491291010/31Cash (#4912)91011/18Invoice #56812,16012/1Cash (#5681)1,29412/20Invoice #634786012/29Cash (#6347)860
Age the balance.
Answer
| Balance 1/1 | $790-$246 = $558 | Over one year |
| 4/12 #2412 | $2,090-$940 – ($851-$590) = $889 | 8 Months and 19 Days |
| 11/18 #5681 | $2,160-$1,294 = $866 | One month and 13 days |
| $ 2,313 |
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