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stealth61 [152]
3 years ago
10

Historically, 74% of credit card users carry a balance from month-to-month. A certain credit card company would like to study th

e spending patterns of its cardholders in more detail and to start the analysis, takes a random sample of 140 cardholders. What is the probability more than 72% of these cardholders are carrying a balance
Business
1 answer:
Hoochie [10]3 years ago
3 0

Answer:

The probability more than 72% of the cardholders are carrying a balance is 0.2946

Explanation:

Test statistic (z) = (p' - p) ÷ sqrt[p(1-p) ÷ n]

p' is the sample proportion = 0.72

p is the population proportion = 0.74

n is the number of cardholders sampled = 140

z = (0.72 - 0.74) ÷ sqrt[0.74(1-0.74) ÷ 140] = -0.02 ÷ 0.037 = -0.54

The cumulative area of the test statistic is the probability that less than 72% of the cardholders are carrying a balance. The probability is 0.7054.

Probability (more than 72% of the cardholders are carrying a balance) = 1 - 0.7054 = 0.2946

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Wilton Corporation had beginning retained earnings of $724,000 and ending retained earnings of $833,000. During the year, it iss
ryzh [129]

Answer:

Explanation:

The ending retained earnings =  beginning retained earnings + net income - Dividends Paid

Net income = ending retained earnings - beginning retained earnings + Dividends Paid

                   = $833,000 - $724,000 + $50,000

                   = $159000.

Therefore, the net income for the year is $159000.

7 0
3 years ago
Overton Company has gathered the following information. Units in beginning work in process 20,300 Units started into production
storchak [24]

Answer:

a. Materials = 206,000 units and Conversion costs = 196,040 units

b. Materials = $0.50 and Conversion costs = $2.65

c. Costs to units transferred out = $570,465 and Costs to units in process =  $59,511

Explanation:

a. Calculation of Equivalent Units of Production for Materials and for Conversion costs

Units Completed and Transferred  = Units in beginning work in process + Units started into production - Units in ending work in process

                                                          = 20,300 +  185,700 - 24,900

                                                          = 181,100

<u>Materials </u>

Units Completed and Transferred (181,100 × 100%) =    181,100

Units in Ending Work in Process (24,900 × 100%)   =    24,900

Equivalent Units of Production                                  = 206,000

<u>Conversion costs </u>

Units Completed and Transferred (181,100 × 100%) =    181,100

Units in Ending Work in Process (24,900 × 60%)    =     14,940

Equivalent Units of Production                                  =  196,040

b. Calculation of  the unit costs of production.

Unit costs of production = Total Cost / Equivalent Units of Production

Materials = $103,000 / 206,000

               = $0.50

Conversion costs = ($333,306 + $186,200) / 196,040

                             = $2.65

Total Unit Cost = $0.50 + $2.65

                         = $3.15

c. Assignment of costs to units transferred out and in process.

Costs to units transferred out = 181,100 × $3.15

                                                 = $570,465

Costs to units in process

Materials  ($0.50 × 24,900)             = $12,450

Conversion costs  ($3.15 × 14,940)  = $47,061

Total Cost                                         =  $59,511

8 0
3 years ago
Your assistant wants to use secondary data exclusively for the current research project. You advise him that the use of secondar
Juli2301 [7.4K]

Answer:

The correct option is C

Explanation:

Secondary data is the kind of data, where the data or the information is collected through or using someone other than the user. And the sources of the secondary data are or involve information as well as censuses collected through organizational records, departments of government and data or information which originally collected from other research purposes.

This data has potential problems which is that it might not be so relevant, the data is not current or updated and also might not be impartial.

6 0
3 years ago
Clarice became very ill in August of 2019 and was unable to work the rest of the year. She had only $30,000 of income from her j
CaHeK987 [17]

Answer:

total taxable income = $73,000

tax liability = $7,505

Explanation:

Clarice's ordinary income $30,000

Clarice's capital gains:

  • selling of stock = $34,000 - $16,000 = $18,000
  • selling of coin collection = $55,000 - $30,000 = $25,000
  • total long term capital gains = $43,000

Clarice's taxable income = $73,000

Clarice's ordinary income tax rate 2011:

ordinary income = $30,000 - standard deduction $5,800 = $24,200

  • 10% on taxable income from $0 to $8,500  = $850
  • 15% on taxable income over $8,500 to $34,500 = $2,355

ordinary income taxes = $3,205

Clarice's capital gains tax rate 2011 = 10%

capital gains taxes = $43,000 x 10% = $4,300

total tax liability = $7,505

5 0
3 years ago
Steve borrowed $750 for a new dresser. He made 9 monthly payments to repay the loan. He paid $45 interest. What is his simple in
GuDViN [60]

Answer:

222

Explanation:

8 0
3 years ago
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