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Verizon [17]
3 years ago
9

Sales prices of baseball cards from the 1960s are known to possess a right skewed distribution with a mean sale price of $5.25 a

nd a standard deviation of $2.80. Supppose a random sample of 100 cards from the 1960s is selected. Describe the sampling distribution of the sample mean sale price of the selected cards
a. Right skewed with mean of $5.25 and a standard error of $2.80
b. Normal with a mean of $5.25 and a standard error of $0.28
c. Right skewed with a mean of $5.25 and a standard error of $0.28
d. Normal with a mean of $5.25 and a standard error of $2.80
Business
1 answer:
VMariaS [17]3 years ago
7 0

Answer:

option  b is correct

Normal with a mean of $5.25 and a standard error of $0.28

Explanation:

Given data

mean = $5.25

standard deviation SD = $2.80

sample n = 100

to find out

sampling distribution

solution

we will find here first mean error that is

standard error = SD/ √n

put here value n and SD

standard error = 2.80 /√100

standard error = 0.28

and we know here that by central limit theorem that is state that sample distribution of sample mean is approximate normally distribute with Standard error and mean so

mean with normal is 5.25

Hence

option  b is correct here

Normal with a mean of $5.25 and a standard error of $0.28

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Explanation:

Income tax expense: The expense account that reveals the amount of pre-determined tax paid on income for a required period of time is known as income tax expense account. The following formula can be used to determine the income tax expense:

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Rules for debit and credit:

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Earnings before tax: It is the revenue of a company before adjustment of tax. It consists of all operating expenses. It is the earning retained by the company.

1.) To calculate the taxable income and income tax payable:

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Financial income                            $70,000

Excess tax collected                      $16,000                                           $16,000

Excess rent collected                    $22,000              -$22,000

Fines (permanent)                          $11,000

Taxable income(IRS)                     $87,000              -$22,000            $16,000

Tax rate                                           30%                      30%                     30%

Income tax                                     $26,100               -$6,600              $4,800

Therefore, the taxable income is $87,000, and the income tax is $26,100 for current year.        

The taxable income is calculated by adding the income earned, which are eligible for taxation. The financial income is $70,000, the excess tax depreciation is $16,000 (which should be deducted), and the excess rent collected is $22,000. The fines are $11,000. It is taxable as it is permanent. Thus, the taxable income is $87,000. The tax rate is 30 percent. The taxable income should be multiplied with the tax rate. Thus, the taxable income is $26,100. It is income tax payable.

2.) To Prepare a journal entry to record income tax expense, deferred income taxes, and income tax payable for 2014.

Date      Account titles and ex[planations      Debit           Credit

2014      Income tax expense                          $24,300

             Deferred tax asset                             $6,600

             Deferred tax liability                                                  $4,800

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Therefore, income tax expense is debited with $24,300, deferred tax asset is debited with $6,600, deferred tax liability is credited with $4,800, and the income tax payable is credited with $26,100.

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Net income(loss)                                                       $45,700

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