Create a Balance Sheet, Profit and Loss Statement, Closing Entries, and Post Trial Balance

Accounts Payable922,200

Accounts Receivable723,300

Cash141,100

Common Stock454,900

Cost of Goods sold9,501,400

Debt Investments, short-term382,600

Equipment921,000

Accumulated Depreciation--Equipment36,000

Goodwill202,700

Income Tax Expense30,500

Income Tax Payable7,200

Interest Expense1,500

Inventory1,636,500

Mortgage Payable451,500

Notes Payable, due in 6 months784,600

Notes Payable, due in 3 years50,500

Retained Earnings, as of December 31, 20141,310,400

Salaries & Wages Expense2,933,600

Sales Revenue12,456,900

 

3. Researchers Hill and Barton used data collected on the results of 457 matches and found that the competitor wearing red won 248 times, whereas the competitor wearing blue won 209 times. We will carry out a simulation to assess whether or not the observed data provide evidence in support of the research conjecture. This simulation will employ the 3S strategy: Determine the statistic, simulate could-have-been outcomes of the statistic under the null model, and assess the strength of evidence against the null model by esti- mating the p-value or the standardized statistic. a. What is the statistic we will use? Calculate the observed value of the statistic in this study. b. Describe how you could use a coin to develop a null distribution to test our hypothesis. c. Use the One Proportion applet to test our hypothesis. Based on your simulation, find the p-value and write a conclusion. Also write down the mean and standard deviation