According during to the IRS, individuals filing federal income tax returns prior to March 31 received...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
According during to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1,088 in 2018. Consider the population of "last-minute" filers who mail their tax return the last five days of the income tax period (typically April 10 to April 15). a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early fillers. Develop appropriate hypotheses such that rejection of Ho will support the researcher's contention. Ho: is greater than or equal to 1,088 v Ha is less than 1,088 b. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $920. Based on prior experience a population standard deviation of a = $1,800 may be assumed. What is the p-value (to 4 decimals)? -1.645( c. Using a = 0.05, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early filers? Yes d. Repeat the preceding hypothesis test using the critical value approach. Using a = 0.05, what is the critical value for the test statistic (to 3 decimals)? Enter negative value as negative number. -1.866. State the rejection rule: Reject Ho if z is less than or equal to the critical value. Using the critical value approach, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early filers? Yes According during to the IRS, individuals filing federal income tax returns prior to March 31 received an average refund of $1,088 in 2018. Consider the population of "last-minute" filers who mail their tax return the last five days of the income tax period (typically April 10 to April 15). a. A researcher suggests that a reason individuals wait until the last five days is that on average these individuals receive lower refunds than do early fillers. Develop appropriate hypotheses such that rejection of Ho will support the researcher's contention. Ho: is greater than or equal to 1,088 v Ha is less than 1,088 b. For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $920. Based on prior experience a population standard deviation of a = $1,800 may be assumed. What is the p-value (to 4 decimals)? -1.645( c. Using a = 0.05, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early filers? Yes d. Repeat the preceding hypothesis test using the critical value approach. Using a = 0.05, what is the critical value for the test statistic (to 3 decimals)? Enter negative value as negative number. -1.866. State the rejection rule: Reject Ho if z is less than or equal to the critical value. Using the critical value approach, can you conclude that the population mean refund for "last minute" filers is less than the population mean refund for early filers? Yes
Expert Answer:
Answer rating: 100% (QA)
Answer solution a The Given c yes x 930 null and Ho 4 Test ... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
Students also viewed these accounting questions
-
This case is based on an actual situation. Centennial Construction Company, headquartered in Dallas, Texas, built a Rodeway Motel 35 miles north of Dallas. The construction foreman, whose name was...
-
This case is based on an inventory fraud at Phar-Mor and is available online in the Connect library. By completing this case, you will learn to identify clues of inventory misreporting.
-
This case is based on an actual situation experienced by one of the authors. Gilead Construction, headquartered in Topeka, Kansas, built a motel in Kansas City. The construction foreman, Slim...
-
Steven Stores, Inc. provided the following statement of net income for the current year. All income is subject to a 40% income tax rate. The company also had $ 735 of unrealized holding gains on its...
-
Four samples (k = 4) are taken from a process with each sample consisting of six observations (n = 6). The length in centimeters of each sampled item was measured, with the following results: Develop...
-
When is it appropriate to use audit sampling?
-
Suppose Sunshine Florists, Inc., has cash of \($40,000,\) receivables of \($30,000,\) and furniture and fixtures totaling \($170,000.\) Sunshine Florists, Inc., owes \($60,000\) on account and has a...
-
Cron Corporation is planning to issue bonds with a face value of $700,000 and a coupon rate of 13 percent. The bonds mature in five years and pay interest semiannually every June 30 and December 31....
-
Figure 3 shows the vertical cross section through a mylar balloon. That section shows the generating curve for a rotational surface. The upper portion of the balloon is a perfect sphere, while the...
-
1. If you were in Jimmies shoes, would you sell Greg an equity stake in Lees Ice Cream? Explain. If Jimmie does sell equity to Greg for $3,300, what percentage of the business should he offer? 2....
-
Gold has a density of 1 9 . 3 gm / cm 3 . If a gold coin has a mass of 6 0 . 0 grams and a thickness of 0 . 3 0 0 cm , what would you estimate its diameter to be ? Give your answer in units of...
-
Four identical uniform meter sticks are stacked on a table as shown. where d = (3.16x10^-1) m and y = (3.3000x10^-2) m. Where is the x-coordinate of the CM of the metersticks if the origin is chosen...
-
Below are the ages of students attending exhibit. Find the second quartile. (Q2). 11, 11, 12, 12, 12, 13, 15, 16, 17, 17, 18 an art
-
A 72.4 kg woman stands on a horizontal surface. HINT (a)What is the volume of the woman's body (in m 3 ) if her average density is 981kg/m 3 ? (b)What average pressure (in Pa) from her weight is...
-
The interest rate on the bank loan is 8.8% p.a. The interest rate on the mortgage loan is 5.7% p.a. The corporate bonds have a credit rating of BBB+ and have 3 years to maturity. They require...
-
Otsego Industries manufactured 300,000 units of product last year and identified the following costs associated with the manufacturing activity: Variable costs: Direct materials used Direct labor...
-
What happens when a company refuses to implicate appropriate internal controls?
-
What types of inventory issues Starbucks might reflect upon at the end of each year? The mission of Starbucks is to inspire and nurture the human spiritone person, one cup, and one neighborhood at a...
-
Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M.D., P.C. (Professional Corporation), experienced the following events: Jul 6...
-
The T-account showing the manufacturing overhead activity for Jackson, Corp., for 2012 is as follows: Requirements 1. What is the actual manufacturing overhead? 2. What is the allocated manufacturing...
-
When you check out at a Target store, the cash register displays the amount of the sale. It also shows the cash received and any change returned to you. Suppose the register also produces a customer...
-
Solve Prob. 8-48 using Castigliano's theorem. Data From Problem 8.48 = ABC 6.5(103) mm IBC 100(10) mm+ AAB = 18(10) mm IAR 400(10) mm+ DA = 3 m B -50 kN 1 m
-
Solve Prob. 8-40 using Castigliano's theorem. Data From Problem 8.40 2 k/ft 8 ft 8 ft B
-
Solve Prob. 8-53 using Castigliano's theorem. Data From Problem 8.53 8 k 10 ft. 8 ft D A B
Study smarter with the SolutionInn App