(I the Weekly Sales from a Sample of Ten Computer

question 11

Multiple Choice

(i. The weekly sales from a sample of ten computer stores yielded a mean of $25,900; a median $25,000 and a mode of $24,500. The shape of the distribution is positively skewed (ii) For the mean (measure of central tendency) , the data must be ranked before it is possible to determine it.
(iii) If the sum of all the values of a distribution is divided by the number of values, the result is the arithmetic mean.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) and (ii) are correct statements but not (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements, but not (i).
• E) (i), (ii) and (iii) are all false statements.

Understand the procedure for reinstating a previously written-off account under the allowance method.

Analyze accounts receivable to estimate uncollectible amounts.

Apply the percentage of sales and analysis of receivables methods to estimate bad debts.

Record the recovery of a receivable previously written off.

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Definitions:

Income Tax Expense

The cost incurred by businesses or individuals due to taxes on their income.

Income Taxes Payable

The amount of income tax a company owes to the government but has not yet paid.

Cash Paid

The total amount of money that has been disbursed or paid out by an individual or organization.

Direct Method

A method of preparing a statement of cash flows that shows operating cash receipts and payments, making it more consistent with the objective of the statement of cash flows.