Answer:
Accounts receivable more than 60 days = $39,500
% of accounts receivable = 11.07%
Explanation:
The following table shows the aging schedule-
Customer Amount Owed ($) Age (days)
ABC $47,150 32
DEF 37,500 7
GHI 18,900 14
KLM 72,000 28
NOP 41,450 43
QRS 16,000 11
TUV 84,300 58
WXY 39,500 75
We have to develop a schedule with a 15 days incremental through 60 days. And we show which customers are falling in that category -
0-15 (DEF + GHI + QRS) = $(37,500 + 18,900 + 16,000) = $72,400
16-30 (KLM) = $72,000
31-45 (ABC + NOP) = $(47,150 + 41,450) = $88,600
46-60 (TUV) = $84,300
Over 60 (WXY) = $39,500
Accounts receivable more than 60 days = $39,500
Percentage of Accounts receivable =
= 11.07%
Answer:
Since there is not enough room here I used an excel spreadsheet. I assumed that all sales and expenses were collected and paid in cash.
Answer:
Roth IRAs
Explanation:
A Roth IRA is an individual retirement savings account tax-free withdrawals in retirement. The money that one saves in an IRA account is not subject to any taxation at the time of withdrawal if all conditions are met. A Roth IRA account allows one to pay for taxes now on small amounts and avoid paying taxes on huge amounts upon retirements.
Oscar should research a Roth IRA account and consider it for retirement savings. The account will allow him to save for many years and not pay taxes on the savings gains. The savings on the Roth IRA can be passed to beneficiaries and be withdrawn tax-free.