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Category > Accounting Posted 11 Aug 2017 My Price 14.00

firm of Johnson and Johnson

The accounting firm of Johnson and Johnson has decided to design a nonstatistical sample to examine the accounts receivable balance of Francisco Fragrances, Inc., at October 31. As of October 31, there were 1,500 accounts receivable accounts with a balance of $5.5 million. The accounts receivable population can be segregated into the following strata:

 

Number and Size
of Accounts		 Book Value
of Stratum
10 accounts > $ 50,000 $ 750,000
440 accounts > $ 5,000   3,000,000
1,050 accounts $ 5,000   1,750,000

 

Jonathan L. Gren, senior-in-charge of the audit, has made the following decisions:
'

Based on the results of the tests of controls and risk assessment procedures, a low assessment is made for the risk of material misstatement.
' The desired confidence level is moderate.
'

The tolerable misstatement allocated to accounts receivable is $155,000, and the expected misstatement is $55,000.
' All the balances greater than $50,000 will be audited.

 

Required:
a.

Using the nonstatistical sampling formula included in the textbook, compute the suggested sample size for this test using Table 9-5.

 

Sample Size  

 

b. Gren confirmed the accounts receivable accounts selected and noted the following results (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.):

 

Stratum Book Value of Stratum Book Value of Sample Audit Value of Sample Amount of Overstatement
>$ 50,000 $ 750,000 $ 750,000 $ 746,500 $ 3,500
>$ 5,000   3,000,000   910,000   894,750   15,250
>$ 5,000   1,750,000   70,000   68,450   1,550
  Using ratio projection, what is the total projected misstatement?

 

Total Projected Misstatement $


 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 06:08 PM My Price 14.00

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