economicsThe following table is based on a summary of a survey conducted by the Bureau of Labor Statistics. There are wide differences in the median wages of the occupations listed—for example, between air traffic controllers and actors. (Half the workers in an occupation earn more than the median wage and half earn less.) But there are also significant variations in wages within occupations. The highest-paid workers in any of the occupations earned more than the lowest-paid workers in any of the other occupations. For each of the following occupations, provide one reason large variations exist between the tenth and ninetieth percentile wages:
Athletes
| Occupation | Employment | Median wage | 10th Percentile Wage | 90th Percentile Wage |
|:-----------------------:|:----------:|:-----------:|:--------------------:|:--------------------:|
| Actors | 59,210 | $41,203 |$18,720 | >$187,200 |
| Athletes | 11,520 | 43,350 | 20,190 | >187,200 |
| Veterinarians | 62,470 | 87,590 | 52,530 | 157,390 |
| Chiropractors | 29,830 | 66,720 | 31,440 | 143,760 |
| Real estate brokers | 38,720 | 57,360 | 23,880 | 178,770 |
| Physicists | 16,790 | 109,600 | 54,930 | 184,650 |
| Economists | 18,680 | 95,710 | 50,440 | 170,780 |
| Lawyers | 603,310 | 114,970 | 55,400 | >187,200 |
| Postsecondary teachers | 1,522,210 | 63,010 | 28,950 | 138,720 |
| Air traffic controllers | 22,860 | 122,340 | 67,070 | 172,000 | algebra$$
\begin{array}{c}
\small \textbf{ANNUAL PREMIUMS FOR A TYPICAL HOMEOWNER'S POLICY}
\end{array}
$$
$$
\begin{array}{c c c}
\small \text{Amount of Insurance} \hspace{25pt}& \small \text{Brick/Masonry Veneer} \hspace{70pt}& \small \text{Wood Frame}\hspace{150pt}\\
\small \text{Coverage}\hspace{25pt} & \small \text{Fire Protection Class} \hspace{70pt}& \small \text{Fire Protection Class}\hspace{150pt}\\
\end{array}
$$
$$
\begin{array}{|r| c c c c c| c c c c c c c|}\hline
& 1-6 & 7-8 & 9 & 10 & 11 & 1-6 & 7-8 & 9 & 10 & 11 \\ \hline
\$ ~~~40,000 & \$~~128 & \$~~131 & \$~~173 & \$~~182 & \$~~208 & \$~~137 & \$~~ 141 & \$~~ 182 & \$~~191 & \$~~219\\
45,000 & ~~~~133 & ~~~~137 & ~~~~173 & ~~~~182 & ~~~~208 & ~~~144 & ~~~~147 & ~~~~191 & ~~~~200 & ~~~~229\\
50,000 & ~~~~137 & ~~~~141 & ~~~~185 & ~~~~195 & ~~~~223 & ~~~~146 & ~~~~150 & ~~~~195 & ~~~~204 & ~~~~234 \\
60,000 & ~~~~147 & ~~~~151 & ~~~~199 & ~~~~210 & ~~~~241 & ~~~~158 & ~~~~162 & ~~~~210 & ~~~~221 & ~~~~252\\
70,000 & ~~~~164 & ~~~~166 & ~~~~219 & ~~~~230 & ~~~~264 & ~~~~173 & ~~~~178 & ~~~~230 & ~~~~242 & ~~~~277 \\
80,000 & ~~~~185 & ~~~~191 & ~~~~252 & ~~~~264 & ~~~~303 & ~~~~198 & ~~~~204 & ~~~~264 & ~~~~279 & ~~~~319\\
90,000 & ~~~~206 & ~~~~212 & ~~~~281 & ~~~~295 & ~~~~339 & ~~~~222 & ~~~~228 & ~~~~295 & ~~~~310 & ~~~~357 \\
100,000 & ~~~~229 & ~~~~236 & ~~~~313 & ~~~~328 & ~~~~377 & ~~~~246 & ~~~~253 & ~~~~328 & ~~~~345 & ~~~~396\\
120,000 & ~~~~272 & ~~~~280 & ~~~~372 & ~~~~391 & ~~~~449 & ~~~~293 & ~~~~301 & ~~~~391 & ~~~~411 & ~~~~472 \\
150,000 & ~~~~353 & ~~~~362 & ~~~~481 & ~~~~505 & ~~~~581 & ~~~~379 & ~~~~389 & ~~~~505 & ~~~~532 & ~~~~611\\
200,000 & ~~~~474 & ~~~~487 & ~~~~647 & ~~~~680 & ~~~~782 & ~~~~509 & ~~~~523 & ~~~~680 & ~~~~716 & ~~~~823 \\
250,000 & ~~~~567 & ~~~~580 & ~~~~739 & ~~~~785 & ~~~~898 & ~~~~600 & ~~~~614 & ~~~~785 & ~~~~835 & ~~~~956 \\
300,000 & ~~~~676 & ~~~~693 & ~~~~882 & ~~~~937 & ~~1072 & ~~~~716 & ~~~~733 & ~~~~937 & ~~~~996 & ~~1141\\
400,000 & ~~~~785 & ~~~~804 & ~~1024 & ~~1087 & ~~1244 & ~~~~831 & ~~~~850 & ~~1087 & ~~1157 & ~~1325\\
500,000 & ~~1007 & ~~1031 & ~~1313 & ~~1394 & ~~1595 & ~~1065 & ~~1091 & ~~1394 & ~~1484 & ~~1699\\ \hline
\end{array}
$$
Use the table to find the annual premium.
The Campbells’ wood-frame house.
$40,000 homeowner’s policy.
Fire protection class 8.
What is the annual premium? financeOn March 1, 2012, Mitch Quade established Marine Realty, which completed the following transactions during the month:
c. Earned sales commissions, receiving cash, $14,000.
Instructions
1. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Mitch Quade, Capital; Mitch Quade, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Journal entry explanations may be omitted.
2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the account balances, after all posting is complete. Accounts containing only a single entry do not need a balance.
3. Prepare an unadjusted trial balance as of March 31, 2012.
4. Determine the following:
a. Amount of total revenue recorded in the ledger.
b. Amount of total expenses recorded in the ledger.
c. Amount of net income for March.
5. Determine the increase or decrease in owner’s equity for March. 15th Edition•ISBN: 9781337520164John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine249 solutions
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