the progressive public accounting ﬁrm of johnson and johnson has
the progressive public 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:jonathan l. gren, senior-in-charge of the audit, has made the following decisions: • based on the results of the tests of controls and risk assessment procedures, a low assessment is made for the risk of material misstatement. • the desired conﬁdence level is moderate.• the tolerable misstatement allocated to accounts receivable is $155,000, and the expected misstatement is $55,000.• all the balances greater than $50,000 will be audited. requireda. using the formula included in the textbook, compute the suggested sample size for this test.b. gren conﬁrmed the accounts receivable accounts selected and noted the following results: what is the total projected misstatement? in projecting the misstatement, use ratio estimation. what conclusion should gren make concerning the accounts receivable balance?
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