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The 4,000 accounts receivable of Miller Company have a total book value of $150,000. A CPA has selected and audited a sample of 100 accounts with a total book value of $3,700 and an audited value of $3,800.

Using the ratio estimation technique, the estimated total audited value of the population is______________.

Respuesta :

Answer:

$154,054.05

Explanation:

Given that

Number of account receivable = 4,000

Total book value = $150,000

Sample = 100 accounts

Total book value = $3,700

Audited value = $3,800

So, the estimated total audited value of the population is

= Total book value × audited value ÷ total book value

= $150,000 × $3,800 ÷ $3,700

= $154,054.05

Hence, the estimated total audited value is $154,054.05

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