An auditor selected a random sample of 12 accounts from all accounts receivable of a given firm.

Question:

An auditor selected a random sample of 12 accounts from all accounts receivable of a given firm. The amounts of the accounts, in dollars, are as follows: 87.50, 123.10, 45.30, 52.22, 213.00, 155.00, 39.00, 76.05, 49.80, 99.99, 132.00, 102.11. Compute an estimate of the mean amount of all accounts receivable. Give an estimate of the variance of all the amounts.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...