Which of the following is a property of r, the coefficient of correlation?
a. r always lies between 0 and 1.
b. r has no units.
c. If you switch the values of X and Y, the sign of r changes.
d. All of these choices are true.
B
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During 2012, the accounts receivable turnover ratio for Upward Company increased from 10 to 15 times per year. Which one of the following statements is the most likely explanation for the change?
A) The company's credit department has followed up with customers whose account balances are past due in order to generate quicker collections. B) The company has decreased sales to its most credit worthy customers. C) The company has increased the amount of time customers have to pay their accounts before they are past due. D) The company has extended credit to more risky customers in order to increase the accounts receivable turnover ratio.
On January 1, $328,800 of par value bonds with a carrying value of $346,000 is converted to 54,800 shares of $5 par value common stock. The entry to record the conversion of the bonds includes all of the following entries except:
A. Debit to Bonds Payable $328,800. B. Credit to Paid-In Capital in Excess of Par Value, Common Stock $72,000. C. Credit to Common Stock $274,000. D. Debit to Premium on Bonds Payable $17,200. E. Debit to Bonds Payable $346,000.
The person who establishes and funds a trust is known as the
A) testator. B) executor. C) grantor. D) administrator.
High Step Shoes had annual revenues of $190,000, expenses of $106,200, and dividends of $20,000 during the current year. The retained earnings account before closing had a balance of $302,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:
A. Debit Income Summary $83,800, credit Retained earnings $83,800 B. Debit Retained earnings $83,800, credit Income Summary $83,800 C. Debit Retained earnings $302,000; credit Income Summary $302,000 D. Debit Income Summary $63,800; credit Retained earnings $63,800 E. Debit Retained earnings $63,800; credit Income Summary $63,800