Use the Following Information for Questions $\quad$ $\quad$ $\quad$

question 38

Multiple Choice

Use the following information for questions.
Polis Corp.'s trial balance at December 31, 2020 is properly adjusted except for the income tax expense adjustment.
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ Polis Corp.
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ Trial Balance
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ December 31, 2020
$\begin{array}{llcc}&\underline{ \text {Dr.} }&\underline{\text {Cr.} }\\ \text { Cash } & \$337,500& \\ \text { Accounts receivable (net) } &1,447,500&\\ \text { Inventory } &1,192,500&\\ \text { Property, plant, and equipment (net) } &4,183,000&\\ \text { Accounts payable and accrued liabilities } &&\$990,500\\ \text {Income taxes payable } &&342,000\\ \text {Future income tax liability } &&37,500\\ \text {Common shares } &&1,675,000\\ \text { Contributed surplus } &&1,340,000\\ \text { Retained earnings, Jan 1,2020} &&2,325,000\\ \text { Net sales and other revenues } &&6,180,00\\ \text { Costs and expenses } &5,040,000&\\ \text { Income tax expenses } &\underline{689,500}&\underline{\quad }\\ &\underline{\$12,890,000}&\underline{\$12,890,000}\\ \text { } &\\ \text { } &\\\end{array}$

Other financial data for the year ended December 31, 2020:
• Included in accounts receivable is $360,000 due from a customer and payable in quarterly instalments of $45,000. The last payment is due December 29, 2022.
• The balance in the future income tax liability account relates to a temporary difference that arose in a prior year, of which $15,000 is classified as a current liability.
• During the year, estimated tax payments of $330,000 were charged to income tax expense. The current and future tax rate on all types of income is 35 percent.

-In Polis' December 31, 2020 statement of financial position, the current assets total is

• A) $2,977,500.
• B) $2,797,500.
• C) $1,530,000.
• D) $2,247,500.

Recognize the conditions required for using the normal approximation to the binomial in testing differences between population proportions.

Calculate and interpret the p-value in hypothesis testing.

Apply statistical methods to evaluate differences in opinions or behaviors between two groups.

Use interval estimates for hypothesis testing and interpretation of results.

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Definitions:

Portfolio

A collection of investments, projects, or products held by an individual or an organization, designed to reduce risk and maximize returns.

Cash Flow

The net amount of cash being transferred into and out of a business, crucial for maintaining operations.

Core Purpose

The Core Purpose represents the fundamental reason a company exists beyond making a profit, often reflecting its long-term vision and values.

Visionary Goal

A long-term, aspirational goal set by a company or organization, aiming to guide its progress and inspire stakeholders towards overarching ambitions.