The Number of Vacancies at a Gulf Shore Resort Motel

question 34

Short Answer

The number of vacancies at a Gulf Shore resort motel on a day during weekends through the tourist season has the following probability distribution: $$\begin{array} { | c | c | } \hline \text { Number of Vacancies } & \text { Probability } \\\boldsymbol { x } & \boldsymbol { P } ( \boldsymbol { x } ) \\\hline 0 & 0.29 \\1 & 0.18 \\2 & 0.15 \\3 & 0.13 \\4 & 0.11 \\5 & 0.08 \\6 & 0.06 \\\hline\end{array}$$ If the mean is 2.07,compute the variance of this distribution.

Recognize the order of presentation for components within the statement of stockholders' equity.

Distinguish between current assets, fixed assets, current liabilities, and long-term liabilities on the balance sheet.

Understand the differences between the unadjusted trial balance and the adjusted trial balance.

Identify fixed asset accounts that do not have related contra asset accounts.

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Definitions:

Work Week

A fixed, regular schedule during which an individual is employed to work, typically consisting of 40 hours spread across five days in many countries.

Expenses

Expenses refer to the outflows or consumption of assets or incurrence of liabilities during an accounting period, stemming from activities that drive revenue.

Income

Earnings obtained from work, investments, or business operations, reflecting the financial gain.

Net Income

Net Income is the total earnings or profit of a company after subtracting all expenses from revenue, indicating the financial performance over a specific period.