As Part of a Conservation Effort for a Lake, 60

question 41

Multiple Choice

As part of a conservation effort for a lake, 60 fish are caught, tagged, and then released. Later 120 fish are caught. Eight of the 120 fish are found to have tags. Estimate the number of fish in the lake. ​

• A) 1,500
• B) 35,900
• C) 900
• D) 57,600
• E) 3,900

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Definitions:

Retrospective Application Method

A method of applying new accounting policies to transactions, other events, and conditions as if the new policies had always been in place.

Financial Statements

Reports summarizing the financial performance and position of a company, including the income statement, balance sheet, and cash flow statement.

Company's Management

The group of individuals who operate at various levels within a company and are responsible for making decisions, implementing strategies, and running day-to-day operations.

Interest Receivable

An accounting term referring to the interest income that has been earned but not yet received in cash.