Before dawn Josh hurriedly packed some clothes for a job interview trip while his roommate was still sleeping. He reached in his disorganized sock drawer where there were 5 black socks and 5 navy blue socks, although they appeared to be the same color in the dimly lighted room. Josh grabbed 6 socks, hoping that at least 2, and preferably 4, of them were black to match the gray suit he had packed
With no time to spare, he then raced to the airport to catch his plane.
a. What is the probability Josh packed at least 2 black socks so that he will be dressed appropriately the day of his interview?
b. What is the probability Josh packed at least 4 black socks so that he will be dressed appropriately the latter day of his trip as well?
a. .976
b. .262
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Which of the following procedures would normally be performed by the auditor when conducting tests of payroll transactions?
A. Interview employees selected in a statistical sample of payroll transactions. B. Trace a sample of payroll checks to the master employee list. C. Examine signatures on paid salary checks. D. Confirm amounts withheld from employees' salaries with proper governmental authorities.
As a result of taking a physical inventory count on December 31, 2016, the Mona Lisa Company inventory was determined to be $61,500. The auditors for Mona Lisa suspected an inventory shortage and used the gross profit method to estimate the ending inventory. The accounting records for the company contained the following information: Inventory (1/1/16) $ 130,000 Purchases (2016) 760,000 Sales
(2016) 1,020,000 Sales returns (2016) 60,000 Gross profit ratio 25% of sales Using the gross profit method, what did the auditors estimate as the amount of the inventory that should have been on hand at December 31, 2016? A) $240,000 B) $170,000 C) $125,000 D) $ 61,500
When a teenage girl asks her best friends for their opinions on a career opportunity, she is most likely seeking support from which of the following groups?
A) culture B) subculture C) social class D) reference E) mastery
In which of the following instances is rivalry among competing sellers not more intense?
A. when competitors are fairly equal in size and capability B. when the products of rivals are weakly differentiated, buyer switching costs are low, and market demand is growing slowly C. when certain competitors are dissatisfied with their market position and make moves to bolster their standing D. when there are vast numbers of small rivals so the impact of any one company's actions is spread thinly across all industry members E. when strong companies outside the industry acquire weak firms in the industry and launch aggressive moves to transform their newly acquired competitors into stronger market contenders