For this exercise, your client, Bright IDEAS Inc., has provided you with a listing of sales invoices. To test whether the client appears to have a receivables collectability problem, the auditor must complete a series of related steps: 1. Import the client's database of sales invoices (Excel File - ACC 546 Wk. 2 Practice Case Assignment Values Tab A). 2. Perform an aging analysis (Excel File - ACC 546 Wk. 2 Practice Case Assignment Values Tab B Required Data Files: In the Resources section of this question, you will see e-book, hints, and files. Select Files to download the Excel template to answer the questions below Required: Use the Excel File Template to answer the following questions. a. Upon downloading the Wk. 2 Practice Case Assignment Data File Template Worksheet, what is the total Number of Records? What is the Control Total for the GROSS_AMT Field? b. What percentage of customers have accounts that are aged greater than 90 days? c. What percentage of customer balances (net value) are aged greater than 90 days? d-1. Determine the effect that your findings in parts (b) and (c) would have on the auditor's assessment of the risk of material misstatement. d-2. Determine which of the given accounts and assertions are most likely influenced by your findings. B D Numeric Statistics GROSS AMT GST PST Net Value (Control Value) Absolute Value 435,864.35 29,511.00 33,408.34 36,412.04 509,929.85 32,163.32 # Records 300 300 300 # Zero Records 12 12 Positive Value 472,897.35 30,817.16 34,910.49 Negative Value -37,032.50 -1,326.16 -1,501.55 # Positive Records 255 254 254 # Negative Records 45 34 34 # Data Errors # Valid Values 300 300 300 Arranged Value 1,452.99 98.37 111 Minimum Value -3,145.73 -205.80 -233.02 Maximum Value 18,349.53 1200.44 1,359.22 Record # of Min 236 236 236 Record # of Max 262 262 262 Sample Std Dev Sample Variance Pop Std Dev 2,996.06 193.09 218.64 8,976,402.64 37,282.40 47,801.50 2,981.07 192.76 218.27 A B C D E F H. 1 Accunts Receivable March 31, 2015 2 3 Int (Days) No. Records % Records Debits % Debits Credits % Credits Net Value % Net Value 4 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 31 162 64.03 $259,715.26 63.93 $31.940.83 86.40 $227,774.43 61.68 6 59 67 26.48 $91,318.66 22.48 5027.29 13.60 $86,291.37 23.37 7 91 21 8.30 $49,724.04 12.24 0.00 0.00 $49,724.04 13.47 8 121 0.79 $3,119.75 0.77 0.00 0.00 $3,119.75 0.84 9 121+ 1. 0.40 $2,345.54 0.58 0.00 0.00 2345.54 0.64 10 ERR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11 12 Totals 253.00 100.00 $406,223.25 100.00 $36,968.12 100.00 $369,255.13 100.00 13 14 Complete this question by entering your answers in the tabs below. Required A Regs B and C Required D1 Required D2 a. Upon importing the ACC_REC2015.ACCDB data file, what is the total Number of Records shown by IDEA? what is the Control Total for the GROSS_AMT Field shown by IDEA? (Enter your answer for "GROSS_AMT" to 2 decimal places.) Total Number of Records shown by IDEA Control Total for the GROSS AMT Field shown by IDEA < RequiredA Reqs B and C > Complete this question by entering your answers in the tabs below. Required A Regs B and C Required D1 Required D2 b. What percentage of customers have accounts that are aged greater than 90 days? c. What percentage of customer balances (net value) are aged greater than 90 days? (Enter both answers as whole percentages rounded to 2 decimal places.) b. Percentage of customers have accounts that are aged greater than 90 days c. Percentage of customer balances (net value) are aged greater than 90 days % Required A Regs B and C Required D1 Required D2 d-1. Determine the effect that your findings in parts (b) and (c) would have on the auditor's assessment of the risk of material misstatement. OAs a result of these findings, the risk of material misstatement should be assessed lower OAs a result of these findings, the risk of material misstatement should remain the same OAs a result of these findings, the risk of material misstatement should be assessed higher OAs a result of these findings, either the risk of misstatement should be assessed lower or the risk of misstatement should be assessed the same. < Reqs B and C Required D2 > Required A Regs B and C Required D1 Required D2 d-2. Determine which of the given accounts and assertions are most likely influenced by your findings. OThe risk of material misstatement related to the completeness of accounts receivable is likely to be higher OThe risk of material misstatement related to the valuation of accounts receivable is likely to be higher OThe risk of material misstatement related to the completeness of accounts receivable is likely to be lower The risk of material misstatement related to the valuation of accounts receivable is likely to be lower < Required D1 Required D2 > For this exercise, your client, Bright IDEAS Inc., has provided you with a listing of sales invoices. To test whether the client appears to have a receivables collectability problem, the auditor must complete a series of related steps: 1. Import the client's database of sales invoices (Excel File - ACC 546 Wk. 2 Practice Case Assignment Values Tab A). 2. Perform an aging analysis (Excel File - ACC 546 Wk. 2 Practice Case Assignment Values Tab B Required Data Files: In the Resources section of this question, you will see e-book, hints, and files. Select Files to download the Excel template to answer the questions below Required: Use the Excel File Template to answer the following questions. a. Upon downloading the Wk. 2 Practice Case Assignment Data File Template Worksheet, what is the total Number of Records? What is the Control Total for the GROSS_AMT Field? b. What percentage of customers have accounts that are aged greater than 90 days? c. What percentage of customer balances (net value) are aged greater than 90 days? d-1. Determine the effect that your findings in parts (b) and (c) would have on the auditor's assessment of the risk of material misstatement. d-2. Determine which of the given accounts and assertions are most likely influenced by your findings. B D Numeric Statistics GROSS AMT GST PST Net Value (Control Value) Absolute Value 435,864.35 29,511.00 33,408.34 36,412.04 509,929.85 32,163.32 # Records 300 300 300 # Zero Records 12 12 Positive Value 472,897.35 30,817.16 34,910.49 Negative Value -37,032.50 -1,326.16 -1,501.55 # Positive Records 255 254 254 # Negative Records 45 34 34 # Data Errors # Valid Values 300 300 300 Arranged Value 1,452.99 98.37 111 Minimum Value -3,145.73 -205.80 -233.02 Maximum Value 18,349.53 1200.44 1,359.22 Record # of Min 236 236 236 Record # of Max 262 262 262 Sample Std Dev Sample Variance Pop Std Dev 2,996.06 193.09 218.64 8,976,402.64 37,282.40 47,801.50 2,981.07 192.76 218.27 A B C D E F H. 1 Accunts Receivable March 31, 2015 2 3 Int (Days) No. Records % Records Debits % Debits Credits % Credits Net Value % Net Value 4 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 31 162 64.03 $259,715.26 63.93 $31.940.83 86.40 $227,774.43 61.68 6 59 67 26.48 $91,318.66 22.48 5027.29 13.60 $86,291.37 23.37 7 91 21 8.30 $49,724.04 12.24 0.00 0.00 $49,724.04 13.47 8 121 0.79 $3,119.75 0.77 0.00 0.00 $3,119.75 0.84 9 121+ 1. 0.40 $2,345.54 0.58 0.00 0.00 2345.54 0.64 10 ERR 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11 12 Totals 253.00 100.00 $406,223.25 100.00 $36,968.12 100.00 $369,255.13 100.00 13 14 Complete this question by entering your answers in the tabs below. Required A Regs B and C Required D1 Required D2 a. Upon importing the ACC_REC2015.ACCDB data file, what is the total Number of Records shown by IDEA? what is the Control Total for the GROSS_AMT Field shown by IDEA? (Enter your answer for "GROSS_AMT" to 2 decimal places.) Total Number of Records shown by IDEA Control Total for the GROSS AMT Field shown by IDEA < RequiredA Reqs B and C > Complete this question by entering your answers in the tabs below. Required A Regs B and C Required D1 Required D2 b. What percentage of customers have accounts that are aged greater than 90 days? c. What percentage of customer balances (net value) are aged greater than 90 days? (Enter both answers as whole percentages rounded to 2 decimal places.) b. Percentage of customers have accounts that are aged greater than 90 days c. Percentage of customer balances (net value) are aged greater than 90 days % Required A Regs B and C Required D1 Required D2 d-1. Determine the effect that your findings in parts (b) and (c) would have on the auditor's assessment of the risk of material misstatement. OAs a result of these findings, the risk of material misstatement should be assessed lower OAs a result of these findings, the risk of material misstatement should remain the same OAs a result of these findings, the risk of material misstatement should be assessed higher OAs a result of these findings, either the risk of misstatement should be assessed lower or the risk of misstatement should be assessed the same. < Reqs B and C Required D2 > Required A Regs B and C Required D1 Required D2 d-2. Determine which of the given accounts and assertions are most likely influenced by your findings. OThe risk of material misstatement related to the completeness of accounts receivable is likely to be higher OThe risk of material misstatement related to the valuation of accounts receivable is likely to be higher OThe risk of material misstatement related to the completeness of accounts receivable is likely to be lower The risk of material misstatement related to the valuation of accounts receivable is likely to be lower < Required D1 Required D2 >