Question
In: Statistics and Probability
A small accounting firm pays each of its seven clerks $55,000, three junior accountants $85,000 each,...
A small accounting firm pays each of its seven clerks $55,000, three junior accountants $85,000 each, and the firm's owner $650,000.
What is the mean salary paid at this firm? (Round your answer to
the nearest whole number.)
What is the median salary?
The firm gives no raises to the clerks and junior accountants, but
the owner is given a new salary of $860,000.
How does this change affect the mean? (Round your answer to the
nearest whole number.)
The mean increases by $ .
How does it affect the median?
The median increases by $ .
Solutions
Expert Solution
i have removed thousand from each values,
hence
85000 is coverted to 85
What is the mean salary paid at this firm? (Round your answer to
the nearest whole number.)
mean = sum of all terms/ number of terms
= 1290/11 = 117.2727
actual = 117272.7
What is the median salary?
The median is the middle number in a sorted list of numbers. So, to
find the median, we need to place the numbers in value order and
find the middle number.
Ordering the data from least to greatest, we get:
55 55 55 55 55 55 55 85 85 85 650
So, the median is 55 .
55000
The firm gives no raises to the clerks and junior accountants,
but the owner is given a new salary of $860,000.
How does this change affect the mean? (Round your answer to the nearest whole number.)
mean = 1320/11 = 120
120000
The mean increases by 120000-117272.7 =2727.3 $
How does it affect the median?
The median increases by 0 $ .
median doesn't change
Please rate
orchestra answered 2 years agoRelated Solutions
A small accounting firm pays each of its seven clerks $55,000, three junior accountants $80,000 each,...
A small accounting firm pays each of its seven clerks $55,000,
three junior accountants $80,000 each, and the firm's owner
$630,000.
What is the mean salary paid at this firm? (Round your answer to
the nearest whole number.)
What is the median salary?
The firm gives no raises to the clerks and junior accountants, but
the owner is given a new salary of $860,000.
How does this change affect the mean? (Round your answer to the
nearest whole number.)
The...
Romello Accounting LLP is a small CPA firm consisting of three partners and seven other professional...
Romello Accounting LLP is a small CPA firm consisting of three
partners and seven other professional staff. The firm offers full
attestation and assurance services. Most of the work is for small
and medium-sized nonpublic companies. The firm is registered with
the PCAOB and does audits of about 30 penny stock or pink sheet
companies and broker-dealers each year.
Tony Romello, the managing partner of the firm, has been the
review partner on all audits for the last several years....
Romello Accounting LLP is a small CPA firm consisting of three partners and seven other professional...
Romello Accounting LLP is a small CPA firm consisting of three
partners and seven other professional staff. The firm offers full
attestation and assurance services. Most of the work is for small
and medium-sized nonpublic companies. The firm is registered with
the PCAOB and does audits of about 30 penny stock or pink sheet
companies and broker-dealers each year
Tony Romello, the managing partner of the firm, has been the
review partner on all audits for the last several years....
Romello Accounting LLP is a small CPA firm consisting of three partners and seven other professional...
Romello Accounting LLP is a small CPA firm consisting of three
partners and seven other professional staff. The firm offers full
attestation and assurance services. Most of the work is for small
and medium-sized nonpublic companies. The firm is registered with
the PCAOB and does audits of about 30 penny stock or pink sheet
companies and broker-dealers each year.
Tony Romello, the managing partner of the firm, has been the
review partner on all audits for the last several years....
1. Michaels is a levered firm with $55,000 of debt. Michaels pays tax at the rate...
1. Michaels is a levered firm with $55,000 of debt. Michaels
pays tax at the rate of 30%. The firm faces EBIT scenarios of
recession, normal, and boom. {Note: EBIT = earnings before interest
and tax, $ Interest = dollar amount of interest owed on the debt,
NIBT = net income before tax, NI = net income, EPS = earnings per
share}. Assume that firms with zero or negative NIBT pay zero in
tax. ………………………..EBIT………..$ INTEREST…….. NIBT…………TAXES………
NI…….EPS -----------------------------------------------------------------------------------
BOOM
………….$9,000………….$4,400 NORMAL………………………………….....………………....
You are a junior energy analyst at a large financial firm. The small nation of Slobovia...
You are a junior energy analyst at a large financial firm. The
small nation of Slobovia has just announced the probable existence
of a large deposit of tight natural gas beneath its central plain.
You immediately start crunching the available numbers in order to
update the company’s estimate of Slobovia’s natural gas reserve.
However, after commending your analysis your immediate supervisor
puts a hold on any update of the company’s figures. For what reason
has she done this? What conditions...
You have an interview for a junior management accounting role with a medium sized IT firm...
You have an interview for a junior management accounting role
with a medium sized IT firm which has plans to list on the ASX. The
interviewer informs you of a debate within the firm about whether
or not to produce ‘corporate responsibility’ reports. She asks you
what your opinion on the issue is. How would you respond?
a junior auditor working for ab Accounting Firm is included in the audit team engaging in...
a junior auditor working for ab Accounting Firm is included in
the audit team engaging in the audit the Financial Reports of
Complicated Ltd., a listed company on AST. When evaluating audit
results for assets in the audit, Alexander has set the preliminary
judgment about materiality to be $67,000. He then allocated the
materiality to all the asset accounts. The account balances,
performance materiality and estimated overstatements in the
accounts are shown below:
Account
Account balance
Performance materiality
Estimate of...
Part A MelSwin is an accounting consultancy firm that provides its services to small, medium and...
Part A
MelSwin is an accounting consultancy firm that provides its
services to small, medium and large sized clients. The client size
is determined by the number of employees as follows:
Small sized clients
Medium sized clients
Large sized clients
Number of employees
<50
50 to 100
>100
MelSwin uses a traditional overhead cost driver of “data
analysis hours” to estimate the cost of providing its services.
Although MelSwin does not operate in a competitive environment, the
Finance Manager, Grainne,...
Part A MelSwin is an accounting consultancy firm that provides its services to small, medium and...
Part A
MelSwin is an accounting consultancy firm that provides its
services to small, medium and large sized clients. The client size
is determined by the number of employees as follows:
Small sized clients
Medium sized clients
Large sized clients
Number of employees
<50
50 to 100
>100
MelSwin uses a traditional overhead cost driver of “data
analysis hours” to estimate the cost of providing its services.
Although MelSwin does not operate in a competitive environment, the
Finance Manager, Grainne,...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A pension fund manager is considering three mutual funds. The first is a stock fund, the...
- As a network manager in a medium-size corporation, it is your responsibility to use a proactive...
- When it comes to language within various cultures what is a good point or idea that...
- Dr. Lillian Fok, a New Orleans psychologist, specializes in treating patients who are agoraphobic (i.e., afraid...
- A box contains N identical gas molecules equally divided between its two halves. For N =...
- Discuss other systems and their artifacts we might find. This class revolves around a traditional computer....
- I and my husband Jose have total amount of $150,000 in our savings account. We have...
ADVERTISEMENT