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Williams, CPA intends to use probability-proportional-to-size sampling. He has properly selected and audited a sample of 100 accounts receivable from his client's population of 3000 accounts. He calculated a sampling interval of $5,000 and the tolerable misstatement for the account is $40,000.
He has the following table available:
Williams also recalls that "basic precision" is equal to the appropriate reliability factor multiplied times the sampling interval. He wishes to accept a risk of incorrect acceptance of 10 percent. He found that 97 of the 100 accounts in the sample were properly calculated. However, the following three errors existed:
a. Calculate the projected misstatement. b. Calculate the basic precision. c. Calculate the incremental allowance. d. Calculate the upper limit on misstatement. e. Explain how the auditors would consider the results calculated above.
Many states have prevailing wage laws that require government contracts pay premium wages to workers who would otherwise work for 20% to 30% less. What is the rationale for such laws? In your opinion, what is their effectiveness?
What are several possible explanations for the markdown and slow sale of common waleth Edison's bonds?
Determine the (a) current ratio, and (b) quick ratio. Round your answer to one digit after the decimal.
The tax law provides very favorable tax treatment for long term capital gains. First, explain what that favorable treatment is. Second, why? Why does the tax law provide favorable treatment for long term capital gains? Do you agree that they shoul..
Make the necessary adjusting journal entries at December 31, 2007, and December 31, 2008 to record depreciation for each year under the following depreciation methods: (a.) Straight-line. (b.) Double-declining-balance
Show entries in general journal form for the following transactions of Bothwell Regional Hospital, a not-for-profit hospital.
Green Corporation made extensive modifications to a portion of a building so that it could be used to conduct product research. Discuss whether the modification costs would qualify as research and experimental expenditures.
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50.
What is Bethany' amortization expense for the current year, rounded to the nearest whole dollar?
Allen Company produces and sells a single product whose selling price is $100.00 per unit and whose variable expense is $80.00 per unit. The company's fixed expense total $400,000 per month. What is the monthly break-even in sales dollars?
The accountant of Whitney Houston Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2007- Prepare a multiple-step income statement. Prepare a single-step in..
During the past month, the company purchased 6,000 pounds of direct materials at a cost of $16,500. All of this material was used in the production of 1,400 units of product. Direct labor cost totaled $28,500 for the month.
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