Determine the Expenses for the Current Period Based on the Following

question 79

Essay

Determine the expenses for the current period based on the following data: $\begin{array}{llcc} \text {Net income for the current period } &\$15,000 \\ \text { Ending owner's equity } &45,000\\ \text { Beginning owner's equity } &40,000\\ \text { Owner withdrawals } &10,000\\ \text { Revenue for the current period } &90,000\\\end{array}$

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Definitions:

Finite Population

A population set that contains a countable number of individuals or observations.

Nonsampling Error

Any difference between the value of a sample statistic (such as the sample mean, sample standard deviation, or sample proportion) and the value of the corresponding population parameter (population mean, population standard deviation, or population proportion) that is not the result of sampling error. These include but are not limited to coverage error, nonresponse error, measurement error, interviewer error, and processing error.

Nonresponse Error

Nonsampling error that results when some segments of the population are either more or less likely to respond to the survey mechanism.

Nonsampling Errors

Errors that occur during data collection, causing data to differ from the true values, not related to the sample being non-representative.