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mariarad [96]
2 years ago
12

On Mr. Casper’s debate team at Thunderbird High School, 20% of the members are Sophomores, 35% are Juniors and 45% are Seniors.

A team member is selected randomly to give the closing argument for the team. If a sophomore gives the closing argument, the team has a probability of 0.25 of winning the debate. If a junior gives the closing argument, the probability of winning is 0.6. If a senior closes, the probability of winning is 0.85.
Business
1 answer:
balandron [24]2 years ago
4 0

Answer:

here is a 63.25% for winning the debate given the student distribution and the chance of success  of each type of student.

Explanation:

As the student will be picked at random we can determiante the expected value by doing a weighted average:

\left[\begin{array}{cccc}$Student&$Return&$Probability&$Weight\\$Sophomore&0.2&0.2&0.04\\$Junior&0.6&0.35&0.21\\$Senior&0.85&0.45&0.3825\\Total&&1&0.6325\\\end{array}\right]

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At the end of the current year, the accounts receivable account has a debit balance of $947,000 and sales for the year total $10
ExtremeBDS [4]

Answer:

A.$26,850

B.$28,200

C.$80,550

D.$53,000

Explanation:

Calculation to Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions

A.) We are using net sales as a basis, therefore the balance in the allowance account is ignored.

$10,740,000 x 1% x 1/4 = 26,850

26,850- 12,800

= 14,050 adjustment

B.) We are using Accounts Receivables as the basis, therefore the balance in the allowance account needs to be considered.

41,000 - 12,800 = 28,200 adjustment

C.) Since allowance account before adjustment has a debit balance of $5,700 in which Bad debt expense is estimated at 3/4 of 1% of net sales. The adjustment will be:

10,740,000 x 1% x 3/4 =80,550

80,550 - 5,700 = 74,850 adjustment

D.) Since we have a debit balance, the adjustment would be :

47,300+ 5,700 = 53,000

8 0
1 year ago
Caars Inc. issued a 120-day note in the amount of $360,000 on November 1, 2016 with an annual rate of 6%. What amount of interes
Arte-miy333 [17]

Answer:

The amount of interest accrued as of December 31, 2016 is $10,980.

Explanation:

On December 31, two months interest is accrued and this is equivalent to 61 days (30 days for November and 31 days for December).

Calculation of Interest accrued is as follows ;

Interest accrued =  $360,000 × 6% × 61/120

                           =   $10,980

3 0
2 years ago
On March 1, it was discovered that the following errors took place in journalizing and posting transactions:
kaheart [24]

Answer:

a. Reversal entry:

Debit Rent expense $4,650

Credit Miscellaneous Expense $4,650

Correct Entry:

Debit Rent expense $4,650

Credit Cash $4,650

b. Reversal entry:

Debit Accounts payable $3,700

Credit Cash $3,700

Correct Entry

Debit Cash $3,700

Credit Accounts Receivable $3,700

Explanation:

Reverse entry is to simply close to zero the original entry that has been made in mistake. Afterwards, record the correct entry to properly account the transaction.

To reverse the previously made entry, we simply debit what is credited and debit what is credited.

a. We need to close the rent expense credited by debiting it and credit the miscellaneous expense that is previously debited to zereod out the mistake recording. Then to record the correct entry, Debit Rent expense and Credit Cash at the amount $4,650

b. Just ike what we did on the previous transaction, we will debit the Accounts payable and credit the cash that has been recorded by mistake to zereod out the balance and then make the correct entry. Debit Cash $3,700 and credit Accounts receivable $3,700.

5 0
2 years ago
You want to borrow $115,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $2,250, but n
Alex787 [66]

Answer:

APR 6.498%

Explanation:

We solve for rate using excel goal seek

we write on A1:

=PV(A2;60;2,250)

Now, on A2 wirite any number as a placeholder

Last we use goal seak tool to make the A1 value of 115,000 changin A2 (which is the rate)

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C 2,250.00

time 60

rate 0.00541501

2250 \times \frac{1-(1+0.00541501038042548)^{-60} }{0.00541501038042548} = PV\\

PV $115,000.0007

now, this rate will be monthly so we multiply by 12

0.00541501 x 12 = 0,06498012‬ = 6.498%

7 0
2 years ago
1. Use these sentence starters to explain how Cat Insanity is an analogy for
sveticcg [70]

Answer:

Cat Insanity

An analogy for debt repayment:

a. The multiply rate is...  the compound interest rate on the principal.

b. The # of cats is...  the number of debts (loans) you hold.

c. Your food scoops are...  the periodic repayments of principal and interest.

d. An underfed cat is...  a damaged credit rating.

e. A dead cat is... bankruptcy caused by financial distress.

Explanation:

Cat Insanity is a game that teaches students what they will get by acquiring loans which must be repaid.  It compares the feeding of cats as debt repayment.  The game provides practical learnings for students to be wary of student loans.  It concludes that failure to feed the cats leads to damaged credit ratings, and if the cats become dead, the student declares for bankruptcy.

The authors of the game are McKinney GCD Jenny Nicholson, Art Director Kathryn Moffitt, and Copywriter Jade Stoner.  Their idea is to connect with students by exposing their future in a way they do not expect it to turn when they continue to acquire more and more student loans.

6 0
2 years ago
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