Lab 6-2 perform substantive tests of account balances

Q1- What data do you need to calculate the account balances?

Q2- What is the formula needed to compute the balance in accounts receivable?

Q3- How would you compute and group the age of each receivable?

Q4- What is the primary and foreign key that relates the two tables in this workbook?

Q5- Of the not yet collected balances in each of four buckets, which bucket least likely to be collected? Which bucket is most likely to be collected? How would this help us come up with an allowance for doubtful accounts?

Q6- Based on what you have viewed with the September data, what do you expect to find as far as outstanding balances now that the year has finished at the end of December?