The Balance for Supplies Is $41,000 and $27,000 for 12/31/05

question 38

Multiple Choice

The balance for supplies is $41,000 and $27,000 for 12/31/05 and 12/31/06, respectively. During the 2006, the company recorded $30,500 of supplies expense was recorded. How much new supplies were purchased?

• A)$44,500
• B)$16,500
• C)$14,000
• D)$30,500

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Definitions:

Independent Random Samples

Samples selected from a population in such a way that each individual sample is chosen randomly and independently of each other.

Population Means

The average value of a numerical characteristic in a population, representing the central tendency of the population.

Confidence Interval

A confidence interval is a range of values, derived from sample statistics, used to estimate the true value of a population parameter with a certain degree of confidence.

Normally Distributed

Describes a type of continuous probability distribution for a real-valued random variable where the data forms a symmetric, bell-shaped curve about the mean.