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Calculate the upper limit on misstatements

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Question - Jordan Thomas is using MUS to examine a client's accounts receivable balance. Using a sample size of 100 items and a sampling interval of $12,300, Thomas identified the following misstatements:

Item

Recorded Balance

Audited Value

1

$15,000

$12,500

2

10,000

4,000

3

3,000

2,000

Required - Calculate the upper limit on misstatements assuming a risk of incorrect acceptance of (1) 5 percent and (2) 10 percent.

Reference no: EM132908368

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