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).AccountAmountCompliance1278Y2192Y3310Y494N586Y6335Y7310N8290Y9221Y10168Y11118N12212N1392Y1456Y15142Y1637Y17186N18221Y19219N20305YEstimate 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?

Given: Account Amount Compliance 1 278 Y 2 192 Y 3 310 Y 4 94 N 5 86 Y 6 335 Y 7…

Answered: An auditor randomly samples 20 accounts…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

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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?

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