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The following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 Sold 20 items of merchandise to Customer
The following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,000 (total); terms 4/10, n/30. November 25 Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her visa credit card. Visa charges Bennett Retailers a 3 percent credit card fee. November 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,100 (total); terms 4/10, n/30. November 29 Customer D returned one of the items purchased on the 28 th; the item was defective and credit was given to the customer. December 6 Customer D paid the account balance in full. December 20 Customer B paid in full for the invoice of November 20. Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net The Wall Street Journal reported that 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $17,870. Assume that the standard deviation is =$2831. Use z-table. a. What is the probability that a sample of taxpayers from this income group who have itemized deductions will show a sample mean within $165 of the population mean for each of the following sample sizes: 30,50,100, and 400 ? Round your answers to four decimals. n=30n=50n=100n=400 b. What is the advantage of a larger sample size when attempting to estimate the population mean? Round your answers to four decimals. A larger sample the probability that the sample mean will be within a specified distance of the population mean. In this instance, the probability of being within \pm 165 of ranges from for a sample of size 30 to for a sample of size 400
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