The Following Table Shows the Distribution of Household Incomes for a Sample

question 11

Short Answer

The following table shows the distribution of household incomes for a sample of 1,000 households in the U.S. with incomes up to $100,000.


Use this information to estimate, to the nearest $1,000, the average household income for such households.
The average household income is __________.

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Definitions:

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenses to the periods in which they actually occurred.

Rent Expense

The cost incurred by a business to utilize property or equipment for operational purposes, recognized as an expense on the income statement.

Accrual Adjusting Entry

An accounting entry made to record revenues that have been earned or expenses that have been incurred but not yet recorded through the normal transaction process.

Interest Expense

The financial charge for the use of borrowed capital, reflected in the income statement.