Homework Answers
| Solution: |
| To calculate the estimated audited value of the population using the mean per unit method we will |
| use the following formula: |
| Estimated audited value of populaton using the mean per unit method = Population of Accounts Receivable * Mean audited value |
| 500*$209 |
| $104,500 |
| Estimated audited value of population using the mean per unit method = $104,500 |
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13
k. The auditors have sampled 25 accounts from a population of 500 accounts receivable. The...
14 1. The auditors have sampled 100 accounts from a population of 500 accounts receivable. The...
14
1. The auditors have sampled 100 accounts from a population of 500 accounts receivable. The sample tems have a mean book value of $197 and a mean audited value of $201 The book value in the population is 597000 What is the estimated total audited value of the population using the difference method? Multiple Choice o 597000 o o О 599 доо o sco soo
The auditors have sampled 50 accounts from a population of 250 accounts receivable. The sample items...
The auditors have sampled 50 accounts from a population of 250 accounts receivable. The sample items have a mean book value of $204 and a mean audited value of $208. The book value in the population is $50,000. What is the estimated total audited value of the population using the difference method?
The 1,000 accounts receivable of Baker Company have a total book value of $30,000 (Average book...
The 1,000 accounts receivable of Baker Company have a total book value of $30,000 (Average book value = $30). Wendy Duffo, CPA, has selected and audited a sample of 50 accounts with the following mean values: 1. Book value of $29.00 2. Audited value of $29.50. TB MC Qu. 09-20 What is the estimated total audited value... What is the estimated total audited value using mean-per-unit sampling? Multiple Choice $29,000. $29,500. $30,500. $30,517. The 4,000 accounts receivable of Miller Company...
Teal Corporation has 2,000 accounts receivable, with a total book value of $300,000. Ricardo Ramaro, CPA,...
Teal Corporation has 2,000 accounts receivable, with a total book value of $300,000. Ricardo Ramaro, CPA, has selected and audited a sample of 100 of the accounts with a combined book value of $16,100; the total of the audited values was $16,000. Using the difference OR ratio estimation technique, calculate the accounts receivable estimated audited value and the projected misstatement Using the mean-per-unit method, calculate the accounts receivable estimated audited value and the projected misstatement Why do we compare the...
5 The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to...
5
The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the ndihas 12,400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the overall audit plan, the auditors believe that the test's tolerable misstatement is $61.295. Use Fiqure...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have de...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts receivable. The client's records include 10,200 accounts with a total book value of $1,275,000. You decide to use tolerable misstatement of $162,000, an incorrect acceptance risk of 10 percent, and an incorrect rejection risk of 5.0 percent. Using Excel, you estimated the standard deviation of the population as...
15 Assume that you have selected the following nonstatistical sample for selecting accounts receivable for confirmation....
15 Assume that you have selected the following nonstatistical sample for selecting accounts receivable for confirmation. The total book value of the population is $9,000,000, and tolerable misstatement is $350,000. You have decided to audit every item over $50,000 and randomly select items in two groups under $50,000, as the following shows. You selected the following sample. Stratum N n a) >$50,000 b) 50,000>X>4,999 c) <5,000 20 100 300 20 30 30 Book Value of Stratum $3,000,000 3,000,000 3,000,000 9,000,000...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts receivable. The client's records include 9,600 accounts with a total book value of $1,270,000. You decide to use tolerable misstatement of $217,000, an incorrect acceptance risk of 20 percent, and an incorrect rejection risk of 15.0 percent. Using Excel, you estimated the standard deviation of the population as...
Problem 19-10 with the reasons for the answer Cash ....... Debit Credit Accounts Receivable (net) ......
Problem 19-10 with the reasons for the answer
Cash ....... Debit Credit Accounts Receivable (net) ... 255,000 Contributions Receivable. 625,000 Inventory of Supplies ..... 185,000 Student Loans Receivable .. 175,000 Land, Buildings, and Equipment (net) ........ 300,000 Long-Term Investments... 1,450,000 Accounts Payable ....... 3,025,000 Amounts Held on Behalf of Others. . . . . ... 120,000 250,000 Long-Term Debt 660,000 U.S. Government Grants Refundable .... 100,000 Problem 19-10 (LO 6, 7, 8, 10) Health care, multiple-choice. Select the best answer...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...
14
1. The auditors have sampled 100 accounts from a population of 500 accounts receivable. The sample tems have a mean book value of $197 and a mean audited value of $201 The book value in the population is 597000 What is the estimated total audited value of the population using the difference method? Multiple Choice o 597000 o o О 599 доо o sco soo
5
The auditors of Landi Corporation wish to use a structured approach to nonstatistical sampling to evaluate the ndihas 12,400 receivable accounts with a total book value of $2,665,000 The auditors have assessed the combined level of inherent and control risk at a moderate level and believe that their other substantive procedures are so limited as to require a "maximum" risk assessment. After considering the overall audit plan, the auditors believe that the test's tolerable misstatement is $61.295. Use Fiqure...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts receivable. The client's records include 10,200 accounts with a total book value of $1,275,000. You decide to use tolerable misstatement of $162,000, an incorrect acceptance risk of 10 percent, and an incorrect rejection risk of 5.0 percent. Using Excel, you estimated the standard deviation of the population as...
15 Assume that you have selected the following nonstatistical sample for selecting accounts receivable for confirmation. The total book value of the population is $9,000,000, and tolerable misstatement is $350,000. You have decided to audit every item over $50,000 and randomly select items in two groups under $50,000, as the following shows. You selected the following sample. Stratum N n a) >$50,000 b) 50,000>X>4,999 c) <5,000 20 100 300 20 30 30 Book Value of Stratum $3,000,000 3,000,000 3,000,000 9,000,000...
You are the auditor of Jexel, an auto air-conditioner service and repair company, and you have decided to use the mean-per-unit method to test the existence and gross valuation of recorded accounts receivable. The client's records include 9,600 accounts with a total book value of $1,270,000. You decide to use tolerable misstatement of $217,000, an incorrect acceptance risk of 20 percent, and an incorrect rejection risk of 15.0 percent. Using Excel, you estimated the standard deviation of the population as...
Problem 19-10 with the reasons for the answer
Cash ....... Debit Credit Accounts Receivable (net) ... 255,000 Contributions Receivable. 625,000 Inventory of Supplies ..... 185,000 Student Loans Receivable .. 175,000 Land, Buildings, and Equipment (net) ........ 300,000 Long-Term Investments... 1,450,000 Accounts Payable ....... 3,025,000 Amounts Held on Behalf of Others. . . . . ... 120,000 250,000 Long-Term Debt 660,000 U.S. Government Grants Refundable .... 100,000 Problem 19-10 (LO 6, 7, 8, 10) Health care, multiple-choice. Select the best answer...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...
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