Following Is an Extract of Account Balances of Wilson Mowing

question 74

Multiple Choice

Following is an extract of account balances of Wilson Mowing Service as at 31 December of the first year of operation: $$\begin{array} { | l | l | } \hline \text { Accounts receivable } & \$ 4000 \\\hline \text { Accounts payable } & 7000 \\\hline \text { Salary expense } & 5000 \\\hline \text { Repairs expense } & 700 \\\hline \text { Truck } & 11,000 \\\hline \text { Equipment } & 2000 \\\hline \text { Loans payable } & 3400 \\\hline \text { Cash } & 7000 \\\hline \text { Supplies expense } & 1000 \\\hline \text { Service revenue } & 32,000 \\\hline \text { Petrol expense } & 2900 \\\hline \text { Salary payable } & 300 \\\hline\end{array}$$ At the end of the year,what is the amount of total assets?

• A)$27,000
• B)$20,000
• C)$31,000
• D)$15,000

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Definitions:

Chi-square Statistic

A statistical measure used to assess the differences between categorical variables in a contingency table.

Expected Frequencies

The theoretically calculated frequencies of outcomes or categories in a statistical experiment based on the probability model.

Nonparametric Statistical Tests

Statistical tests that do not assume a specific distribution for the data, useful for ordinal or non-normally distributed interval data.

Population Parameters

Numerical characteristics that describe various aspects of a population, such as its mean or variance.