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jolli1 [7]
3 years ago
7

The manager of a savings and loan branch wants to estimate the average amount held in passbook savings accounts by the branch ba

nk depositors. A random sample of 25 depositors is selected, and the results indicate a sample average of $4,750 and a sample standard deviation of $1,200. Given the 95% confidence interval estimates calculated above, if an individual had $4,000 ina passbook savings account, is this considered unusual?
a. Yes
b. Maybe
c. Do not know
d. No
Business
1 answer:
GaryK [48]3 years ago
3 0

Answer:

Correct answer:

d. No

Explanation:

This is because, from the random sample that was done, it shows that the average money held by customers falls within $3550 - $5950 which averages $4750 (Factoring in the standard deviation of $1200). <em>Therefore, it is not considered unusual if an individual had $4000 since it falls within the range of amount held by most depositors and customers of the said bank.</em>

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At year-end (December 31), Chan Company estimates its bad debts as 0.80% of its annual credit sales of $654,000. Chan records it
allsm [11]

Answer and Explanation:

The journal entries are shown below:

On December 31

Bad debt expense Dr  $5,232      ($654,000 × 0.80%)

      To Allowance for doubtful debts  $5,232

(To record the bad debt expense)  

On Feb 01

Allowance for doubtful debts Dr $327

     To Account receivable $327

(To record the uncollectible amount)

On June 5

Account receivable $327

         To Allowance for doubtful debts Dr $327

 (To record the uncollectible amount)

On June 5

Cash Dr $327

  To Account receivable $327

(To record the cash received)

7 0
2 years ago
The two ways that a corporation can be classified by ownership are
makvit [3.9K]

Answer:

The two ways that a corporation can be classified by ownership are: publicly held and privately held

Explanation:

Corporation is majorly defined by the ownership of the entity and this ownership can only be determined by the number of share being held by private groups and promoters or the general public.

6 0
2 years ago
A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una
Maru [420]

Answer:

Option E is the correct answer

5300$ is the correct answer.

Explanation:

Credit Sales = $800000

Uncollectible net sales = $800000*0.6% = $4800

Hence, balance in Allowance for uncollectible accounts after adjustment should be $4800 credit

Balance already in the account = $500 debit

Hence, adjustment required is $5300 credit

8 0
3 years ago
Dragon Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $57,000, and the
gulaghasi [49]

Answer and Explanation:

The computation is shown below:

Contribution Margin for Bat

= $50 - $50

= $0

Contribution Margin for Gloves = $100 - $80

= $20

Now  

Overall Contribution Margin = (0 ×70%) + ($20 × 30%)

= $0 + $6

= $6

Now  

A. Break even sales = Fixed cost ÷ contribution margin

= $57,000 ÷  $6

= 9,500

B.Baseball bats = 9,500 × 70% =6,650

Baseball Gloves = 9,500 × 30% = 2,850

7 0
2 years ago
PLS HELP ASAP WILL GIVE BRAINLIEST!!!
Lynna [10]
The answer is D because the monopoly is the hardest to get into.
8 0
3 years ago
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