Recent flashcard sets
Sets found in the same folder
Other sets by this creator
On December 31, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded consulting revenue. On January 16, Yates received$26,700 cash as payment in full for consulting work it provided that began on December 18 and ended on January 16. The company uses reversing entries.
a. Prepare the December 31 adjusting entry.
b. Prepare the January 1 reversing entry.
c. Prepare the January 16 cash receipt entry.
A report suggests that business majors spend the least amount of time on course work than all other college students (The New York Times, November 17, 2011). A provost of a university decides to conduct a survey where students are asked if they study hard, defined by spending at least 20 hours per week on course work. Of 120 business majors included in the survey, 20 said that they studied hard, as compared to 48 out of 150 nonbusiness majors who said that they studied hard.
d. If a student spends at least 20 hours on course work, what is the probability that he/she is a business major? What is the corresponding probability that he/she is a nonbusiness major?