D. Rome, CPA is conducting a classical variables sampling application on a client’s accounts receivable recorded at $3,000,000. These receivables are composed of 5,000 customer accounts. Assume that Rome identified an acceptable level of the risk of incorrect acceptance of 5 percent, determined a sample size of 100, and confirmed the accounts with the client’s customers. Rome’s substantive procedures indicated that the average audited value was $590 per account.
a. Determine the sample estimate of the client’s accounts receivable.
b. If the standard deviation of sample estimates is $30, calculate the precision.
c. Calculate the precision interval.
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