Testing the Valuation Assertion with IDEA-Aging Accounts Receivable.

You have been instructed to create an aging schedule for ELM's accounts receivable using IDEA. For the purposes of this exercise, assume the aging begins on the date that the customer is invoiced and should only include valid accounts receivable (e.g., amounts not yet fully paid by the customer). You can assume that rounding differences on discounts taken by customers are considered to be fully paid. Your senior has instructed you to create a schedule with the following tranches: Current, 0-30 days delinquent, 31-60 days delinquent, 60+ days delinquent.

Required:

a. Create an aged accounts receivable according to your senior's instructions. Assume there are no receivables still outstanding prior to January 1, 2017. Note that the data set includes all orders received between January 1, 2017, and March 31, 2017. This includes orders that have already been paid for, orders received at the end of March that were shipped but have not been invoiced, and orders that have been received that have not shipped. These orders would not be considered a receivable as of March 31; therefore, these items need to be excluded from the data for this schedule and in other requirements within this assignment.

b. What is the total amount of accounts receivable as of March 31, 2017?

c. What is the total amount of accounts receivable that are past due less than 30 days? Recall that invoices are due n/30, thus they become past due 30 days after invoice date. d. What is the total amount of accounts receivable that are more than 30 days past due?