You are auditing accounts receivable of HUSKY Corp. as of December 31, 2009. The accounts receivable general ledger balance is $4,263,919.52. The data files must be downloaded from the website www.cengage.com/ accounting/rittenberg. The files are labeled "HUSKY Unpaid Invoices 2009" (the 12/31/2009 unpaid invoices), "HUSKY Shipping File 2009" (contains the shipment numbers and shipment dates for those invoices), and "HUSKY Credit Limit 2009" (contains each customer's credit limit). Sales are made FOB shipping point. The auditor has verified the last shipment in 2009 is numbered 62050 and that shipping numbers have been used in proper sequence.
Required
a. Using ACL:
1. Foot the file of unpaid invoices using the menu option Analyze then Statistical then Statistics and agree to the general ledger. Print the statistics for the audit documentation and note the other statistics provided
2. Identify customers with balances over their credit limit and print out the results. (Hint: Before combining files, be sure the matching fields, such as CUSTNUM or INVNUM, have been changed in each table from a number format to ASCII format using the menu item Edit then Table Layout. Double-click on the field you want to change.
3. Perform a sales cutoff test to identify any unpaid invoices with shipping dates in 2009 and print out the results including the total of those invoices. (Hint: In the expression editor, use the Date button and find and enter the proper cutoff date.)
4. Age the unpaid invoices, print the aging and graph of the aging, extract (by double-clicking on the over 45 days aging indicator), and print out a list of invoices over 45 days old that also shows the total of those invoices.
5. Summarize your results and describe what procedures should be performed based on those results.
b. Use ACL to stratify the population of customer balances, print the results, and describe how this information could be used to help determine which balances to confirm.