A College Sent a Survey to a Sample of Juniors $\frac { 279 } { 512 }$

question 35

Multiple Choice

A college sent a survey to a sample of juniors.Of the 512 students surveyed, 279 live on campus, of whom 110 have a GPA of 2.5 or greater.The other 233 juniors live off-campus, of whom 85 have a GPA of 2.5 or greater.What is the probability that a survey participant chosen at random lives on campus and has a GPA of 2.5 or greater?

• A) \(\frac { 279 } { 512 }\)
• B) \(\frac { 22 } { 39 }\)
• C) \(\frac { 110 } { 279 }\)
• D) \(\frac { 195 } { 512 }\)
• E) \(\frac { 55 } { 256 }\)

Understand the accounting treatment for product warranty liabilities and how to estimate and record warranty expenses.

Calculate the warranty expense to be reported in the income statement based on estimated repairs.

Distinguish between different types of payroll items and their tax treatment characteristics.

Comprehend the importance of matching the product warranty expense with the period of sales.

---

Definitions:

Periodic Inventory Method

An accounting approach where inventory is physically counted at specific intervals to determine the cost of goods sold and ending inventory levels.

Beginning Inventories

Beginning inventories are the value of a company's inventory at the start of an accounting period, serving as a basis for determining the cost of goods sold.

Ending Inventories

The final value of goods available for sale at the end of an accounting period, calculated through physical count or estimation.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material costs and direct labor.