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:_______.

1. based on the results of the tests of controls and risk assessment procedures, a low assessment is made for the risk of material misstatement. 2. the desired confidence level is moderate. 3. the tolerable misstatement allocated to accounts receivable is $155,000, and the expected misstatement is $55,000. 4. all the balances greater than $50,000 will be auditedrequired-using the nonstatistical sampling formula included in the textbook, compute the suggested sample size for this test using table 9-5. gren confirmed the accounts receivable accounts selected and noted the following results (round your answer to the nearest dollar amount. omit the "$" sign in your response. ):stratumbook value of stratumbook value of sampleaudit value of sampleamount of overstatement>$

50,000$ 750,000$ 750,000$ 746,500$ 3,500>$5,0003,000,000910,000894,75015,250>$5,0001,750,00070,00068,4501,550using ratio projection, what is the total projected misstatement? what conclusion should gren make concerning the accounts receivable balance?

Answers

Answer 1

The total projected misstatement of the firm is $92225 and it can be concluded that projected misstatement is more than the expected misstatement.

How to calculate the projected misstatement?

The total projected misstatement will be calculated thus:

= $3500 + ($15250/$910000 × 3000000) + (1550/70000 × 1750000

= $3500 + $50275 + $38750

= $92225

The projected misstatement is more than the expected misstatement. Therefore, there is an unacceptable risk that the true misstatement is more than the tolerable misstatement.

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Related Questions

In which scenario can a firm pay part, but not all, of its fixed costs and should therefore continue producing even though it is experiencing a loss

Answers

The scenario where a firm pay part, but not all, of its fixed costs is when the price exceeds average variable cost but is less than average total cost.

What is a fixed cost?

It should be noted that a fixed cost simply means a cost that doesn't vary with the production level.

In their case, the scenario where a firm pay part, but not all, of its fixed costs is when the price exceeds average variable cost but is less than average total cost.

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Alpha associates was organized on january 1, year 1. Alpha was organized as a corporation. Alpha reported $200,000 of before tax income during year 1 and paid a $30,000 cash dividend to its stockholders. Assuming a corporate income tax rate of 30% and a personal income tax rate of 15%, the total amount of tax collected by the government is.

Answers

Explanation:

GIVEN DATA:

Alpha reported =  $200,000

withdrew = $30,000

corporate income tax rate = 30%

personal income tax rate = 15%

SOLUTION:

we get here total amount of tax collect as

total amount of tax collect = Alpha reported amount × personal income tax rate  ...............1

put here value

total amount of tax collect = $200,000 × 15%

total amount of tax collect = $30,000

here no corporate  tax required  and partner is taxed on share of total partnership income regardless of amount withdrawn

so the correct answer is $30,000

Building, maintaining and strengthening beneficial relationships with suppliers and customers is accomplished through the use of: a. External process integration b. Data warehouses c. Expediting d. All of these choices are correct.

Answers

Building, maintaining and strengthening beneficial relationships with suppliers and customers is accomplished through the use of: a. External process integration.


What is External process integration?

External process integration can be defined as the process in which suppliers  build and maintain a  long lasting relationship with their customers.

External process integration is important as it enables suppliers to improve the quality of services rendered to their customers and it as well help them to save cost and time.

Inconclusion Building, maintaining and strengthening beneficial relationships is accomplished through the use of: a. External process integration.

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How can you stop inappropriate text and pictures from appearing in search results? A. Use keywords. B. Change filtering settings. C. Click sponsored links. D. Add bookmarks.

Answers

The major step to stop inappropriate text and pictures that appear in search results is by changing the filtering settings.

What is the inappropriateness of text and pictures?

An inappropriateness of text and pictures is that are not suitable or the quality of the text and pictures is unfit.

A change in filtering settings can help in stopping the inappropriate text and pictures that appear in search results.

Therefore, B is the correct option.

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What are marketing information systems?

Answers

Answer:

A marketing information system, or an MIS, is a system for gathering, storing, analyzing and distributing valuable marketing data to help marketers make better decisions

An MIS is a system used for gathering, analyzing, storing and distributing marketing information to help the marketers in making decisions.

Patrick believes that it is his responsibility to speak on behalf of his team during meetings. However, Patrick's team members have not elected him to be their leader or spokesperson and feel that he is hindering them from expressing their opinions. This work team is most likely experiencing _____

Answers

In this case, the team is experiencing a minority domination which make them to choose not to elect patrick to be their leader since they felt he will hinder them from expressing their opinions.

What is a minority domination?

A minority domination means a situation where a few members of a group dominate the team discussions.

In conclusion, because of the minority domination present in the team, these made them not to elect patrick to be their leader since they felt he will hinder them from expressing their opinions.

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Which organization oversees medicare and medicaid services.

Answers

Answer:

The CMS which is also known as " The Centers for Medicare & Medicaid Services " oversees Medicare and Medicaid services.

A ___________ cost system would be used by a company that makes custom, made-to-order wedding cakes

Answers

A job order cost system would be used by a company that makes custom, made-to-order wedding cakes.

What is a job order costing system?

A job order costing system is a costing method that determines the cost of manufacturing each product or job separately.

The circumstances that favor the use of the job order costing system include:

Production includes a variety of different and customized products.There is a need to calculate the cost of producing an individual job.Production must match the customer's order and not for stocking for sale.The costs are accumulated for each job separately.A job is performed according to the customer's specifications.

Thus, a  job order cost system would be used by a company that makes custom, made-to-order wedding cakes.

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Economic stability is a benefit of technological advances. please select the best answer from the choices provided t f

Answers

Economic stability depends on financial health i.e Inflation & Output Growth where technology plays its part but it is not the sole factor.

The above statement is false.

What is Economic stability?

Minor fluctuations in output growth with consistent low Inflation,stable banking system constitutes  Economic stability.

Technological advances has palyed an important role in changing the Economy of any country  but it is not the sole factor. Hence, The statement is False

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Answer:

false

Explanation:on edge

Which of the following is a disadvantage associated with scientific advances? a. decreased urbanization b. increased energy efficiency c. increased waste production d. increased renewable resource use

Answers

Answer:

increased waste production

Though development in the scientific advances and technology helped in improving the quality of life still it increases waste production.

What is Science?

Science refers to the organized body of knowledge that depends upon some principles.

Scientific advancements and technology made life better through improvements in communication, transportation, and growth in the economy but the major disadvantage is an increase in the hazardous waste product that is released into the atmosphere including an increase in carbon dioxide emissions, nuclear wastes, etc.

Thus, increased waste production is a major disadvantage.

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Crowding out occurs when investment declines because:.

Answers

Answer:

Crowding out is a concept that has been around in economics since the 1930s and 1940s. It occurs when investment declines because, as a result of stimulus from government spending or tax cuts, private investors believe that they will be less likely to receive profitable investments in the future.

Question 1 Brijesh is negotiating with Sara, who wants to purchase his car. The only issue is price. This is an example of a

Answers

Answer:

position-based negotiation

Explanation:

they are bargaining.

This is an example of a negotiation or a bargaining situation.

In this scenario, Brijesh and Sara are engaged in a negotiation over the price of Brijesh's car. Negotiation refers to the process of reaching an agreement or settlement between parties who have conflicting interests or different preferences. It typically involves a back-and-forth exchange of offers, counteroffers, and compromises to find a mutually acceptable solution.

Sara is interested in purchasing Brijesh's car, but the price is the main point of contention. Both parties have different perspectives and goals. Brijesh, as the seller, likely wants to maximize the price he receives for his car, while Sara, as the buyer, aims to pay the lowest possible price.

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Technology has made our life easier. Justify the statement.

Answers

The digital era has simplified life in every aspect—from keeping people connected, to storing data, making information available, and enhancing security of data to end-end encryption. Technology has made this all possible, and its value and reach expand with each passing day.

In a period of steep increases in interest rates, which issuer is most likely to be negatively affected

Answers

Answer:

the answer to yout question is utility companys

Explanation:

Fancy Nails' budgeted revenue is $20 per manicure. The planning budget for June was based on 2,400 manicures. During June, the actual revenue was $49,750 for 2,500 manicures. The revenue variance for June is ______.

Answers

Based on the information given the revenue variance for June is : $250 Unfavorable

Revenue Variance

Using this formula

Revenue variance=(Flexible budget-Actual revenue)

Let plug in the formula

Revenue variance=($20 per manicure x 2,500 manicures)-$49,750

Revenue variance=$50,000- $49,750

Revenue variance = $250 Unfavorable

Inconclusion the revenue variance for June is : $250 Unfavorable.

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Choose the term that best matches the description given.

When the person at the counter at a fast food restaurant asks you if you would like fries with your order, he or she is practicing what?

A personal selling
B upselling
C pre-approach

Answers

Answer:

upselling

Explanation:

Since they are adding more to your order they are UPselling the product by adding more.

Darren has borrowed $100$ clams from ethan at a $10\%$ simple daily interest. meanwhile, fergie has borrowed $150$ clams from gertie at a $5\%$ simple daily interest. in how many days will darren and fergie owe the same amounts, assuming that they will not make any repayments in that time period?

Answers

Answer:

20

Explanation:

start doing math

In 20 days Darren and Fergie owe the same amounts.

What is simple interest?

simple interest is primarily based on the primary quantity of a  or the primary deposit in a savings account. simple interest does not compound, which means that a creditor will best pay interest on the main amount and a borrower could by no means pay extra interest at the previously gathered interest.

calculation:-

10% is on $100 is = $10

5% SI on $150 = $7.5

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Promotion is one of the four ps of marketing. The promotion mix is.

Answers

Answer:

Marketing mix refers to the four Ps of marketing: product, price, place, and promotion. In order to effectively market a good or service, there are a number of key elements, and these elements interact strongly.

Hope this helps you!

Have a great Day!

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Francis has the Standard Plan offered by his employer and is making an Office Visit to an in-network doctor to treat his flu-like symptoms. How much would Francis be asked to pay by the office manager in the doctor's office?

Answers

When Francis gets to the office of the doctor he is not going to have to pay any amount of money due to the standard plan.

Why would Francis pay 0 dollars for the standard plan?

This is due to the fact that he is already covered by the insurance from the company that he works.

The plan requires one to pay pay some percentages for their health cost and the company that they work would pay some.

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Table 1 contains information about the number of new business start-ups in four cities in the UK in 2016.
Using the information in Table 1, calculate, to 2 decimal places, the number of new start-ups in Birmingham as a percentage of the number of new start-ups in London. You are advised to show your workings.

Answers

The number of start-ups in Birningham as a percentage of the start-ups in London is 8.51%.

What are percentages?

Percentage is a measure of frequency. It is the fraction of an amount that is usually expressed as a number out of hundred. The sign used to represent percentages is %.

The number of start-ups in Birningham as a percentage of the start-ups in London = (17473 / 205320) x 100 = 8.51%

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Kay a person with a disability is an employee of mid state transport company when the firms elevator is taken out of service kay cannot get to her offics

Answers

Companies are supposed to provide working elevators for people living with disabilities.

In this regard, because Kay is disabled, the only means for her to access her office conveniently and on time is availability of elevator during the working hours.

However too, it could be inferred that the company is trying to kick her out if management is taking away the elevator or if they stopped the elevator officially from working.

What is an elevator?

An elevator is lift that moves people or passengers in a vertical shaft in a multistory building.

So therefore, companies are supposed to provide working elevators for people living with disabilities.

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A small network is more effective than a large network.
Please select the best answer from the choices provided
ОТ
OF

Answers

Answer:

is

Explanation:

A small network is more efficient than a huge network is a false claim.

What do you meant by Wide area network?

A telecommunications network that covers a significant amount of ground is called a wide area network (WAN). Often, leased telecommunications circuits are used to construct wide area networks.

Wide area networks are used by businesses, as well as by institutions of higher learning and governmental organizations, to transmit information to personnel, pupils, clients, customers, and suppliers located all over the world. In short, this form of communication makes it possible for a company to efficiently perform its regular tasks wherever it is.

A WAN could be thought of as the Internet. Yet, a lot of WANs are private and were created for a single enterprise. Given that LANs are networks that are physically close together, WANs can be distinguished from them.

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After years of false starts in disappointing career paths, bruce feels happy. More than that, he feels that he is living up to his potential and doing what he is meant to do with his life. What state has bruce reached?.

Answers

Answer:

Self-actualization

Explanation:

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A product has three distinct layers. The most basic layer is the ________, which consists of all the benefits the product will provide for consumers or business customers.

Answers

The most basic layer of a product is the core product which consists of all the benefits the product will provide for consumers or business customers.

What are core products?

Core products or services are company products/services that are close to the company's core competencies. It describes the satisfaction that a consumer gets from consuming a product.

Core product involves the benefits the product will provide for consumers.

The three layers of products are :

AugmentedActualCore

Hence, the most basic layer of a product is the core product which consists of all the benefits the product will provide for consumers or business customers.

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About how many lightbulbs does it take to cover a three story building in light?

Answers

Answer:

Explanation:

About 40

How much does it cost to open a chick-fil-a franchise?.

Answers

Answer: between $342,990 and $1,982,225, including a $10,000 franchise

Explanation:

Answer:

between $342,990 and $1,982,225, including a $10,000 franchise fee.

Opening a Chick-fil-A franchise costs between $342,990 and $1,982,225, including a $10,000 franchise fee, but unlike most other franchisors, Chick-fil-A covers all opening expenses, meaning franchisees are on the hook only for that $10,000.

________ are legal documents that the state issues to companies based on information the company provides in the articles of incorporation.

Answers

The legal documents that the state issues to companies based on information that the company provides is known as corporate charter.

What is a corporate charter?

It should be noted that a corporate charter is the document that's filed with the secretary of state to establish a company as a corporation.

It is simply legal documents that the state issues to companies based on information the company provides in the articles of incorporation.

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resoudre cette equation suivante. 5 - 6 = 3 +2 x. aidez moi svp .. reponse​

Answers

Answer :

-2

5-6=3+2x

-1=3+2x

-1-3=2x

-4=2x

-4/2=x

-2=x

Krysta, who manages the is organization for her company, is continually striving to expand is services and capitalize on the latest technology developments to support her company's business plans through the coming months. her is organization is perceived as a _____.

Answers

Based on the goals of the IS organization that Krysta manages, it can be perceived as a business partner or peer.

What is a business partner or peer?

This is a business established by a company to help it achieve its goals by engaging in alternative technological developments that will be beneficial to the parent company.

Krysta is managing an organization that helps her company to strive for more excellence which makes this a business partner.

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Discuss the technology leadership/e leadership approach as well as it's impact on Samsung electronics

Answers

The leadership approach used by samsung electronic is situational leadership model and it lead to their continuous productivity.

What is situational leadership model?

Situational leadership is a type of leadership style where the leader leads based on the people and the environment he finds himself.

The leader is able to adjust and adapt to ensure a good working environment that will lead to their productivity.

Therefore, the leadership approach used by samsung electronic is situational leadership model and it lead to their continuous productivity.

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