Question:

The effective management of cash flows by business organization is necessary for the proper budgeting and control of their present and future resources. In an analysis of the cash position of a departmental store, an accounting firm decides to select a simple random sample of n=15 monthly retail accounts receivable from among the N=1000 current monthly retail accounts of the department store in order to estimate the total amount due to all outstanding accounts receivable.

The simple random sample of n=15 accounts yielded the following:
Rs. 14.50 Rs. 23.40 Rs. 42.00
30.20 15.50 13.30
17.80 27.50 23.70
10.00 6.90 18.40
8.50 19.50 12.10

Solution:

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