An auditor randomly samples 20 accounts receivable from among the 500 such accounts of a client's firm. The auditor lists the amount of each account and checks to see if the underlying documents comply with stated procedures. The data are recorded in the accompanying table (amounts are in dollars, Y=yes, and N=no). Account Amount Compliance 1 278 Y 2 192 Y 3 310 Y 4 94 N 5 86 Y 6 335 Y 7 310 N 8 290 Y 9 221 Y 10 168 Y 11 118 N 12 212 N 13 92 Y 14 56 Y 15 142 Y 16 37 Y 17 186 N 18 221 Y 19 219 N 20 305 Y Estimate the total accounts receivable for the 500 accounts of the firm and place a bound on the error of estimation. Do you think that the average account receivable for the firm exceeds $250? Why?
An auditor randomly samples 20 accounts receivable from among the 500 such accounts of a client's firm. The auditor lists the amount of each account and checks to see if the underlying documents comply with stated procedures. The data are recorded in the accompanying table (amounts are in dollars, Y=yes, and N=no). Account Amount Compliance 1 278 Y 2 192 Y 3 310 Y 4 94 N 5 86 Y 6 335 Y 7 310 N 8 290 Y 9 221 Y 10 168 Y 11 118 N 12 212 N 13 92 Y 14 56 Y 15 142 Y 16 37 Y 17 186 N 18 221 Y 19 219 N 20 305 Y Estimate the total accounts receivable for the 500 accounts of the firm and place a bound on the error of estimation. Do you think that the average account receivable for the firm exceeds $250? Why?
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section: Chapter Questions
Problem 8CR
Related questions
Question
An auditor randomly samples 20 accounts receivable from among the 500 such accounts of a client's firm. The auditor lists the amount of each account and checks to see if the underlying documents comply with stated procedures. The data are recorded in the accompanying table (amounts are in dollars, Y=yes, and N=no).
| Account | Amount | Compliance |
| 1 | 278 | Y |
| 2 | 192 | Y |
| 3 | 310 | Y |
| 4 | 94 | N |
| 5 | 86 | Y |
| 6 | 335 | Y |
| 7 | 310 | N |
| 8 | 290 | Y |
| 9 | 221 | Y |
| 10 | 168 | Y |
| 11 | 118 | N |
| 12 | 212 | N |
| 13 | 92 | Y |
| 14 | 56 | Y |
| 15 | 142 | Y |
| 16 | 37 | Y |
| 17 | 186 | N |
| 18 | 221 | Y |
| 19 | 219 | N |
| 20 | 305 | Y |
Estimate the total accounts receivable for the 500 accounts of the firm and place a bound on the error of estimation. Do you think that the average account receivable for the firm exceeds $250? Why?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL