Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the information in the exhibits, enter the appropriate amounts in the designated cells below. Use the Reliability Factors Table if necessary. Enter any percentages

Using the information in the exhibits, enter the appropriate amounts in the designated cells below. Use the Reliability Factors Table if necessary. Enter any percentages as a decimal (e.g.,10%=0.1). For question 5., round the sample size to the nearest whole number.
1. Carrying amount of the population
2. Risk of incorrect acceptance
3. Reliability factor
4. Sampling interval
5. Sample size
To: Anthony Carlisle
From: Pete Mitchell
Date: February 1, Year 1
RE: Goose, Inc., Audit Task
Hey Tony,
Im going to need your help tying up the loose ends related to the Goose, Inc., audit. As mentioned in my previous email, the key points have all been laid out. Additionally, someone in the firm recently copied a reliability factors table from a textbook to use with some related calculations. I am going to ask you to perform those related calculations because I have been inundated with requests to complete other audit tasks. I really appreciate your help with these final few calculations.
Thank you,
Pete
To: Anthony Carlisle
From: Pete Mitchell
Date: January 26, Year 1
RE: Audit of Goose, Inc.
Tony,
I am currently engaged in the audit of the accounts receivable balance of Goose, Incorporated. Here are the key points that I have discovered so far:The total number of accounts is 2,500.
The average balance of each individual account is $150. I want to be 95% confident that the recorded balance is not overstated by more than $60,000.
Currently, I do not believe any errors exist. I will keep you updated as I continue this engagement. Please let me know if you have any questions or comments.
Sincerely,
Pete
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Building Accounting Systems Using Access 2010

Authors: James Perry, Richard Newmark

8th Edition

1111530998, 978-1111530990

More Books

Students also viewed these Accounting questions