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You are planning to use non statistical sampling to evaluate the results of AR confirmation for the Meridian Company. You have already performed tests of controls for sales, sales returns and allowances, and cash receipts, and they are considered excellent. Because of the quality of the controls, you decide to use an acceptable risk of incorrect acceptance of 10%. There are 3,000 accounts receivable with a gross value of $6,900,000. The accounts are similar in size and well be treated as a single stratum. An overstatement or understatement of more than $150,000 is considered material.
Calculate the required sample size. Assume your firm uses the following non statistical formula to determine sample size:
Sample Size = (Book Value of population/Tolerable misstatement) x Assurance Factor
The chief financial officer of the company believes a more realistic scenario would be a $1,000,000 increase in sales, requiring a $250,000 increase in average operating assets, with a resulting $200,000 increase in net operating income. What wou..
Prepare a statement of cash flows (indirect method). Ignore tax effects and Statement of cash flows.
During 2010, Bike reported net income of $500,000. For 2011, Bike reported net income of $800,000. Dividends of $300,000 were paid in each of these two years. Explain how much income did Harley report from Bike for 2011?
On the sale of his principal residence, Cameron realized a $50,000 gain. Explain how much of the gain is Cameron allowed to exclude from his 2012 gross income?
From data calculate the inventory value in the Balance sheet - determine the amount that should appear on Oliva's balance sheet at December 31, 2007, for inventory.
Find what liability do the other six partners in this medical practice have in connection with this lawsuit and what factors can be important in determining the exact liability (if any) of these six doctors?
A television set sells for $1,000 U.S. dollars. In the spot market, $1 = 110 Japanese yen. If purchasing power parity holds, what should be the price (in yen) of the same television set in Japan?
What aspects of the company can you change in order to reduce the amount of fraud that is accruing? Use five most known factors relating to creating a culture of honesty, openess, and assistance to explain your answer.
Prepare a bank reconciliation at July 31, 2007 and Journalize the adjusting entries at July 31 on the books of DeVries Company.
Over how many years should Sooner or Later recognize compensation cost associated with the stock options, and how much, if any, should be recognized in each of those years? The effects of forfeitures and income taxes should be ignored.
When a firm has financial leverage and A management that wanted to increase the financial leverage of its firm
How would consolidated cost of goods sold have differed if the inventory transfers had been for the same amount and cost, but from Stendall to Edgar?
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