Using the Following Data, Conduct a Two-Tailed T-Test

question 17

Short Answer

Using the following data, conduct a two-tailed t-test.Use a known population mean of 49 and α = .05.
51 48 52 50 48 52 50 48 52 54
50 52 54 47 49 53 47 46 50 51 $\begin{array}{l}\bar{X}=\frac{1004}{20}=50.2 \\\\s_{X}^{2}=\frac{50506-\frac{(1004)^{2}}{20}}{20-1}=\frac{105.2}{19}=5.537 \\\\s_{X}=\sqrt{5.537}=2.35 \\\\s_{\bar{X}}=\frac{2.35}{\sqrt{20}}=0.525 \\\\t_{\text {obt }}=\frac{50.2-49}{0.525}=+2.29 \\\\t_{\text {crit }}=\pm 2.093\end{array}$

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Definitions:

Normal Balance

The side (debit or credit) of an account that is typically increased. For example, assets and expenses usually have a debit normal balance, while liabilities, equity, and revenue have a credit normal balance.

Adjusting Journal Entry

A record made in the books to correct or update financial statements prior to issuing them, ensuring they reflect true values.

Fees Earned

Revenue generated from providing services, as opposed to selling goods, in a given period.

Prepaid Expense

An expense that has been paid in advance and will be recognized as an expense in a future accounting period.