Consider the Following to Answer the Question(s) Below

question 11

Multiple Choice

Consider the following to answer the question(s) below:
To determine whether the tip left at the end of a meal is related to the size of the total bill at their restaurant, Chez Michelle, data were gathered for 10 customers. The data and summary statistics are shown below.

-The intercept of the estimated regression line that relates the response variable (Tip) to the predictor variable (Total Bill) is

• A) -0.6684.
• B) 0.6684.
• C) 57.42.
• D) -57.42.
• E) 12.0.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, preparing the books for the next period.

Adjusting Entries

Journal entries made in accounting at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Unadjusted Trial Balance

A listing of all accounts in the general ledger with their balances before any adjustments are made for the end of the accounting period.

Drawing Account

A drawing account is used to track the money or goods withdrawn by the business owner for personal use from the business.