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?
Homework Answers
| Projected misstatement | 1000 | =250*(208-204) |
| Book value in the population | 50000 | |
| Add: Projected misstatement | 1000 | |
| Estimated total audited value | 51000 |
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The auditors have sampled 50 accounts from a population of 250
accounts receivable. The sample items...
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
13 k. The auditors have sampled 25 accounts from a population of 500 accounts receivable. The...
13
k. The auditors have sampled 25 accounts from a population of 500 accounts receivable. The sample items have a mean book value of $206 and a mean audited value of $209. The book value in the population is $101.000 What is the estimated audited value of the population using the mean per-unit method? Multiple Choice О 301,роо О чоооо. ооо 302,500.
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...
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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...
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...
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...
1 Scott Duffney, CPA, has randomly selected and audited a sample of 100 of Will-Mart's accounts...
1
Scott Duffney, CPA, has randomly selected and audited a sample of 100 of Will-Mart's accounts receivable. Will-Mart has 3,000 accounts receivable accounts with a total book value of $3,200,000 Duffney has determined that the account's tolerable misstatement is $450,000 His sample results are as follows: Average audited value Average book value $1,655 1,864 Required: Calculate the accounts receivable estimated audited value and projected misstatement using the (Do not round your intermediate calculations and round your final answer to nearest...
Problem 9-46 [LO 9-7, 9-8] Scott Duffney, CPA, has randomly selected and audited a sample of...
Problem 9-46 [LO 9-7, 9-8] Scott Duffney, CPA, has randomly selected and audited a sample of 100 of Will-Mart’s accounts receivable. Will-Mart has 3,000 accounts receivable accounts with a total book value of $3,950,000. Duffney has determined that the account’s tolerable misstatement is $1,200,000. His sample results are as follows: Average audited value $ 1,310 Average book value 1,318 Required: Calculate the accounts receivable estimated audited value and projected misstatement using the: Estimated Audited Value Projected Misstatement a Mean-Per-Unit Method...
Gurjot Gill, CPA has randomly selected and audited a sample of 100 of Chrisel Gladson Corporation's...
Gurjot Gill, CPA has randomly selected and audited a sample of 100 of Chrisel Gladson Corporation's accounts receivable. Chrisel Gladson Corp. has 14,000 accounts receivable accounts with a total book value of $14,000,000. Gurjot Gill has determined that the account's tolerable misstatement is $100,000. Her sample results are as follows: Average audited value $997 Average book value 999 Calculate the accounts receivable estimated audited value and projected misstatement of Chrisel Gladson Corp. using the: Mean-per-unit method. Ratio method. Difference method.
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...
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
13
k. The auditors have sampled 25 accounts from a population of 500 accounts receivable. The sample items have a mean book value of $206 and a mean audited value of $209. The book value in the population is $101.000 What is the estimated audited value of the population using the mean per-unit method? Multiple Choice О 301,роо О чоооо. ооо 302,500.
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...
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...
1
Scott Duffney, CPA, has randomly selected and audited a sample of 100 of Will-Mart's accounts receivable. Will-Mart has 3,000 accounts receivable accounts with a total book value of $3,200,000 Duffney has determined that the account's tolerable misstatement is $450,000 His sample results are as follows: Average audited value Average book value $1,655 1,864 Required: Calculate the accounts receivable estimated audited value and projected misstatement using the (Do not round your intermediate calculations and round your final answer to nearest...
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...
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