Gulf Waterworks Company Provides Plumbing Services

question 105

Multiple Choice

Gulf Waterworks Company provides plumbing services.The company is a sole proprietorship.Transactions during the first year of operations are given below.
a) The owner,Jason Robinson,contributed $6,000 cash in exchange for capital.
b) Paid $5,000 cash for equipment to be used for plumbing repairs.
c) Borrowed $26,000 from a local bank and deposited the money in the checking account.
d) Paid $600 rent for the year.
e) Purchased $1,800 of office supplies on account.
f) Completed a plumbing repair project for a local lawyer and received $3,200 cash.
Calculate the amount of total owner's equity at the end of the first year after recording the transactions.Assume office supplies of $1,800 are left at the end of the year.

• A) $8,600
• B) $3,200
• C) $6,000
• D) $26,000

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Definitions:

Random-Effects ANOVA

A statistical method that accounts for variability within and across groups when analyzing differences among multiple groups.

Multifactor Experiment

A multifactor experiment is an investigative process in research that involves the manipulation of multiple variables to determine their effect on the subject of interest.

SSE

Sum of Squares due to Error; a measure used in statistics that quantifies the variance in an observed variable not explained by the predictive model.

Blocks

In the context of experimental design, a group of experimental units that are similar in some way that is expected to affect the response to the treatments.