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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.
A company has a return on common stockholders' equity of 22%. Net income is $600,000 and average common stockholders' equity is $2,500,000. What is the amount of preferred dividends?
Houghton Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be $200,000 and direct labor hours would be 2..
Madison Industries has equivalent units of 2,000 for materials and for conversion costs. Total manufacturing costs are $160,000. Total materials costs are $120,000. How much is the conversion cost per unit?
Provide a brief definition of compilation and review performed in accordance with the SSARS. Include the type of assurance provided.
National expects the market for the new compound variant to be 57,000 gallons initially and determines that processing costs to refine the basic compound into the variant would be $72,800.
Calculate the total dollar amount of discount or premium amortization during the first year (5/1/04 through 4/30/05) these bonds were outstanding. (Show computations and round to the nearest dollar.)
Graceland writes the inventory down from $95,000 to its lower market value of $82,000 at the end of the year. Elvis owns 75 % of Graceland. Based on this information, what amount of inventory should be eliminated in the consolidation workpaper for..
Overhead applied to Standard using traditional costing using direct labor hours is:
The estimated residual value of the property is $80,000. During 2009, the company extracted and sold 4,000 tons of ore. The depletion expense for 2009 is:
Effectiveness of communication - i.e.readability, legibility, grammar, spelling, neatness, completeness and presentation will be a minimum threshold requirement for all written work submitted for assessment.
If the relevant tax rate is 34 percent, what is the aftertax cash flow from the sale of this asset? (Do not round your intermediate calculations.)
Horatio Ltd. uses job order costing to measure and track product costs. Horatio has determined that machine hours drive its manufacturing overhead costs. During the month of June, the following data were available for Product #80:
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