Use the Information Below to Answer the Following Questions)

question 21

Multiple Choice

Use the information below to answer the following questions)
Misty Inc. launches a new range of perfumes for men and women. The probability of high consumer demand for the product is 0.6 and low consumer demand is 0.4. The probability of a favorable survey response given high consumer demand is 0.9 and the probability of a favorable survey response given low consumer demand is 0.2.
-A children's welfare fundrai'er involves selling one thousand $70 tickets to win a $20,000'grand prize. If the probability of winning is only 0.005, what is the expected payoff?

• A) -$40
• B) -$50
• C) $30
• D) $60

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Definitions:

Wages Expense

The total cost incurred by an employer for paying the hourly earnings of its employees.

Wages Payable

The total amount of wages earned by employees that the company has not yet paid.

End-Of-Period Spreadsheet

An End-Of-Period Spreadsheet is a document used in accounting to compile balances from journals and ledgers, facilitating adjustments and preparing financial statements.

Chart of Accounts

A list of all the accounts used in a company's accounting system, organized by category, that helps in preparing and reporting financial statements.