Multiple Choice
Ranger,CPA used nonstatistical sampling to examine the accounts receivable balances of Cowboy,Inc.He audited a sample of 150 items and found an audited value of $5,000 less than the recorded balance of $25,000.The entire account balance contained 2,000 items and had a total recorded value of $350,000.Using nonstatistical methods and assuming that Ranger used the ratio of audited value to recorded value to estimate the account balance,the estimated total account balance is
A) $345,000
B) $330,000
C) $295,000
D) $280,000
Correct Answer:
Verified
Correct Answer:
Verified
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