Jackson Industries Has Collected the Following Information but Needs Assistance

question 188

Essay

Jackson Industries has collected the following information but needs assistance completing the table. The cash payments were 90% of collections.​​ $$\begin{array} { | c | l | } \hline \text { Cash } & \\\hline ? ? & \text { Beg. balance } \\\hline \$ 511,770 & \text { Collections } \\\hline ? ? & \text { Payments } \\\hline \$ 102,275 & \text { End. bal ance } \\\hline\end{array}$$ How much was the beginning balance of the cash account?

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Definitions:

Overconfidence

A cognitive bias where an individual's subjective confidence in their judgments is greater than their objective accuracy.

Hindsight Bias

is the tendency to believe, after an event has occurred, that one would have predicted or expected the outcome, often referred to as the "I-knew-it-all-along" effect.

Hindsight Bias

The tendency to believe, after an event has occurred, that one would have predicted or expected the outcome.

Illusory Correlations

The perception of a relationship between two variables even when no such relationship exists.