Table 1-2
Following Is a List Showing the Account Balances

question 95

Multiple Choice

Table 1-2
Following is a list showing the account balances of various assets, liabilities, revenues, and expenses for Tim's Landscaping at December 31, 2019, the end of its first year of operations. $\begin{array} { | l | r | } \hline \text { Accounts receivable } & \$ 30,000 \\\hline \text { Accounts payable } & 7,000 \\\hline \text { Salary expense } & 9,000 \\\hline \text { Repairs expense } & 1,600 \\\hline \text { Truck } & 17,000 \\\hline \text { Equipment } & 12,600 \\\hline \text { Notes payable } & 16,400 \\\hline \text { Cash } & 13,600 \\\hline \text { Supplies expense } & 3,200 \\\hline \text { Service revenue } & 25,600 \\\hline \text { Gasoline expense } & 1,600 \\\hline \text { Salary payable } & 4,400 \\\hline\end{array}$ The owner, Tim Brown, invested $45,200 during the year and withdrew $10,000 during the year for personal use.
-Refer to Table 1-2. Total liabilities at December 31, 2019, were:

• A)$25,600.
• B)$27,800.
• C)$41,200.
• D)$45,200.

Understand the application of the relative frequency method in developing discrete probability distributions.

Analyze and compute probabilities using various probability distributions in real-world situations.

Identify and apply the concepts of discrete and continuous random variables.

Understand the foundational theories and mathematicians associated with probability distributions.

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Definitions:

Budget Line

A graphical representation of all possible combinations of two goods that can be purchased with a given budget at fixed prices.

Shifting Outward

Refers to the expansion of production possibilities or outward movement of the production possibility frontier, indicating economic growth or improvement in resource availability.

Indifference Curves

Graphical representations showing different combinations of goods or services among which a consumer is indifferent.

Budget Lines

A graphical representation depicting all combinations of goods and services that a consumer can afford given their income and the prices of goods.