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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
Illustrate what is the price of this stock today given a required return of 12 percent? Your tax rate is 31 percent and your required return on this project is 11 percent. What bid price per stamp should you submit?
Prepare the appropriate bad debt expense adjusting entry for the year 2011 and Show how the various accounts related to accounts receivable should be shown on the December 31, 2011 balance sheet.
Verify the overall break-even point for the company by constructing a contribution format income statement showing the appropriate levels of sales for the two products.
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
describe whether the determination of the current value of the long-term assets is subjective or objective. Illustrate what is the best that can be achieved in such a determination?
Assume that the company uses the weighted-average method. Find the equivalent units for June for the first process.
the company incurred $340,000 actual overhead and 39,000 actual labor hours while producing 19,500 units. Calculate Earth Company's overhead application rate for total overhead.
Determine the following amount of materials price variance to be prorated to complete goods inventory at Dec. 31
Beth's business purchased only one asset during the current year. It placed in service machinery (7-year property) on December 1 with a basis of $50,000. Calculate the maximum depreciation expense
Evaluate the cost of abnormal rework and spoilage, goods completed, and ending work in process.
Who are the stakeholders in this situation
Purpose the journal entry to record Tanner-UNF's investment in the bonds on July 1, 2009. and Prepare the journal entry by Tanner-UNF to record interest on December 31, 2009, at the effective (market) rate.
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