QUESTION 10 / 11 An asset is classified as goodwill on the balance sheet when a company purchases an asset at greater than fair-market value. According to GAAP, you can adjust goodwill when SELECT ONLY ONE an asset is sold stock prices go down a new asset is purchased stock prices go up goodwill is impaired
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According to GAAP, you can adjust goodwill when goodwill is impaired
A unified set of accounting guidelines, methods, and standards known as generally accepted accounting principles (GAAP) were released by the Financial Accounting Standards Board (FASB). When their accountants put together a public company's financial statements, they must adhere to GAAP in the United States.
Ten basic principles serve as the framework for GAAP, which is a set of regulations. The International Financial Reporting Standards (IFRS), which are seen as more of a principles-based norm, are frequently used as a comparison. There have recently been initiatives to move GAAP reporting to IFRS because it is a more global standard.
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Related Questions
which of the following statements is true with regard to the departmental overhead rate method? multiple choice it uses a different overhead rate for each department. it is the same as activity-based costing. each department has the same rate for the same activity pool. it is especially accurate in assigning overhead costs that are not driven by production volume. it requires one overhead cost pool and one rate.
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The claim that the departmental overhead rate approach employs a different overhead rate for each department is accurate.
Departmental overhead rates give the opportunity to apply a unique activity or cost driver for each department. It happens frequently that certain departments need a lot of physical work while others need more machinery. While machine hours could be more practical for some areas, direct labor hours might be significant for others.
At the beginning of the accounting period, a predefined overhead rate is determined by dividing the projected manufacturing overhead by the estimated activity base.
The costs associated with stage overhead are first calculated separately for each production department. The second stage involves choosing an allocation base for each department, such as machine hours or direct labor hours. The next step is to calculate an overhead rate for each manufacturing department.
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explain six Differences between private and public company
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•explain six Differences between private and public company.
Answer:
•In most cases, a private company is owned by the company's founders, management, or a group of private investors. A public company is a company that has sold all or a portion of itself to the public via an initial public offering.
Explanation:
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On january 1, 2024, a company began construction of a new warehouse. the building was finished and ready for use on september 30, 2025. expenditures on the project were as follows: january 1, 2024 $ 323,000 september 1, 2024 $ 483,000 december 31, 2024 $ 483,000 march 31, 2025 $ 483,000 september 30, 2025 $ 323,000 the company had $6,100,000 in 15% bonds outstanding through both years. capitalized interest in 2024 was:
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In this case, the capitalized interest for 2024 is $202,250. In the case of the aforementioned company, the total cost of the project was $2,235,000, with $323,000 of that amount due on January 1, 2024. The remaining balance of the project was financed by borrowing $6,100,000, which was the amount of bonds the company had in both years of excellent results.
The interest on the bonds was 15%, so the capitalized interest for 2024 is calculated by multiplying the total cost of the project by the annual interest rate and then dividing the result by the total number of days in the year. Capitalized interest is interest that is added to the cost of the project and is considered a capital expenditure rather than an expense. This is done when the company has borrowed to finance the project and the interest cost is part of the total cost of the project.
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Calculation of goodwill - Super Profit Method ). A partnership firm earned net profits during the last four years as under :- Year Profits ($) 1 20,000 11 15,000 III 25,000 IV 10,000 The capital investment in the firm throughout the above mentioned period has been $1,00,000. Having regard to the risk involved, 15% is considered to be a fair return on the capital invested.
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Goodwill= Super Profits x Number of Years Purchase Goodwill is therefore worth $10,000.
Calculation of Goodwill - Super Profit Method is as follows: Given, Net Profits of the Partnership Firm are: Year Profits ($) 120,000 215,000 325,000 410,000 Average Profits= (20,000+15,000+25,000+10,000)/4= 17,500Normal Profits= Total Capital x Normal Rate of Return= $1,00,000 x 15/100= $15,000Super Profits= Average Profits - Normal Profits= $17,500 - $15,000= $2,500 Goodwill= Super Profits x Number of Years Purchase= $2,500 x 4= $10,000 Therefore, the value of Goodwill is $10,000.
Goodwill, in the context of business and accounting, refers to the intangible value or reputation that a company enjoys due to factors such as customer loyalty, brand recognition, strong customer relationships, favorable market positioning, and overall positive business attributes. It represents the value of the company's intangible assets that cannot be separately identified or quantified.
Goodwill arises when a company is acquired for a price higher than the fair value of its identifiable net assets (assets minus liabilities). It reflects the premium paid for the company's reputation, customer base, intellectual property, and other intangible factors that contribute to its future earnings potential.
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How much does one need to have to open a bank
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by what date must taxes be filed in the united states?
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Answer:
april 15
Explanation:
its a direct question the isnt an explanation
Now suppose that Rowe has an argument with her husband and wants to withdraw, and what effect would it have on the LLC?
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A limited liability business enterprise (LLC) is a business structure allowed with the aid of state statutes. every nation might also use exclusive guidelines, you should check with your nation if you are interested in beginning a constrained legal responsibility enterprise. proprietors of an LLC are called contributors
The nation of Oklahoma, like almost every different nation, has an agency earnings tax. In Oklahoma, the corporate tax is a flat 6% of Oklahoma taxable profits. if your LLC is taxed as an employer you may need to pay this tax. The kingdom's company income tax goes back (shape 512) and is filed with the Oklahoma Tax fee.
To begin an Oklahoma LLC you may want to record the Articles of a corporation with the Oklahoma Secretary of state, which costs $one hundred. you could practice online, by way of mail, or in character. The Articles of the corporation is the felony record that officially creates your Oklahoma limited legal responsibility employer.3 days in the past.
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Last year, Ricardo sold a piece of unimproved real estate to Cliff for $20,000. Ricardo acquired the property 15 years ago at a cost of $10,000. Last year, Ricardo received $4,000 cash and Cliff’s note in the amount of $16,000 for the remainder of the selling price, payable in subsequent years. Ricardo reported the sale using the installment method. This year, before Cliff made any further payments, Ricardo sold the note for $15,000 in cash. What is the amount of gain or (loss) Ricardo should report on this year’s tax return?
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flora Quinton is buying a new air compressor for her auto repair shop. it sells for $1,299. She makes a down payment of $199 and finances the remainder. How much does she finance?
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Answer:
$1,100
Explanation:
flora Quinton is buying a new air compressor for her auto repair shop. it sells for $1,299. She makes a down payment of $199 and finances the remainder. How much does she finance?
1,299 - 199 = 1,100
From an internal control standpoint, the asset most susceptible to improper diversion and use is:.
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From an internal control standpoint, the asset most susceptible to improper diversion and use is Cash.
What is cash?
Cash is the most liquid asset because it can easily be used in exchange unlike other assets.
Cash is classified under the Current Assets section of the balance sheet but is always presented first before debtors, inventory, and short-term investments.
Thus, from an internal control standpoint, the asset most susceptible to improper diversion and use is Cash.
Which is the most important decision factor in transportation?
A.capacity
B. Cost
C.capability
D.reliability
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Who’s the intended audience in news articles
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Newspaper readers have typically been more educated, wealthy, and older than non-newspaper audiences.
Who is a research's primary target audience?
The people who read your work are referred to as the "audience." A term paper or thesis, for example, may be produced for a professor or committee of professors. More frequently, a paper is produced for peers in your field, for others who pursue similar academic interests.
Who are the media's intended consumers or target audiences?A group of people who you've identified and wish to appeal to is what we refer to as a social networking target audience. Based on factors like age, occupation, income level, degree of education, geography, or behavior, for example. your target market for social media
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When comparison shopping, all of these hint at a good deal EXCEPT _____________________.
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Answer: the sale price is the cheapest available.
Answer is …. there are more positive customer reviews than negative reviews.
Explanation:
Required information
Use the following information for the Quick Study below.
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BOGO Inc. has two sequential processing departments, roasting and mixing. At the beginning of the month, the roasting department had 2,480 units in inventory, 80% complete as to materials. During the month, the roasting department started 19,600 units. At the end of the month, the roasting department had 3,800 units in ending inventory, 90% complete as to materials.
Cost information for the roasting department for the month follows:
Beginning work in process inventory (direct materials) $ 3,370
Direct materials added during the month 35,900
QS 16-22A FIFO: Assigning costs to output LO C4
Using the FIFO method, assign direct materials costs to the roasting department’s output—specifically, the units transferred out to the mixing department and the units that remain in process in the roasting department at month-end. (Do not round intermediate calculations.)
Bogo Inc
FIFO Method
Costs Transfered out
Cost to direct Materials in begging WIP
Direct Materials
Costs of Units Started and completed this period
Direct Materials
Total Costs of Units transferred out
Costs of ending work in process inventory
Direct Materials
Total Costs Assigned
Answers
Using the FIFO method, the total costs assigned to the units transferred out to the mixing department from the roasting department is $35,160, and the total costs assigned to the units that remain in process in the roasting department at month-end is $2,110.
The FIFO method, or first-in, first-out method, is an inventory valuation method where the first items purchased or produced are assumed to be the first items sold or transferred out of inventory. In this Quick Study, we are using the FIFO method to assign direct materials costs to the output of BOGO Inc.'s roasting department.
To assign costs to the units transferred out, we need to consider the units started and completed during the month, as well as the units in beginning inventory. The cost per equivalent unit for direct materials is calculated by adding the beginning work in process inventory cost to the direct materials added during the month and dividing by the equivalent units. Using this cost per equivalent unit, we can calculate the total direct materials costs for the units transferred out, which is $35,160.
To assign costs to the units that remain in process in the roasting department at month-end, we need to consider the units in ending inventory. The cost per equivalent unit for direct materials is calculated in the same way as for the units transferred out. Using this cost per equivalent unit, we can calculate the total direct materials costs for the units in ending inventory, which is $2,110.
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Which sequence of HACCP principles is in the correct order?
A.
Establish critical limits for each CCP, conduct a hazard analysis, and establish corrective actions.
B.
Conduct a hazard analysis, identify CCPs, and establish critical limits for each CCP.
C.
Establish record-keeping procedures, establish corrective actions, and establish CCP monitoring requirements.
D.
Establish CCP monitoring requirements, conduct a hazard analysis, and identify CCPs.
E.
Conduct a hazard analysis, identify CCPs, and establish CCP monitoring requirements.
Answers
Answer:
B
Explanation:
Hazard analysis of critical control point (HACCP) is a process of identifying and assessing risks alongside the biological , physical and chemical hazards associated with food production .
The sequence of the first three of the seven principles are
1. Conduct hazard analysis to determine potential risks related to food protection
2. Identify the critical control point (CCP) which addresses controlling identified hazards that are mostly likely to cause injury to health
3. Establishing critical limits for each CCP , which is the highest or lowest level a biological ,physical or chemical parameter must be controlled to prevent or minimize hazards.
Answer:
B. Conduct a hazard analysis, identify CCPs, and establish critical limits for each CCP
Explanation:
Assume that sales are expected to increase by 4% next year, core profit margin is expected to be 12% of sales, and current NOA is expected to grow at the same growth rate of sales. If the required return on operations is 8%, current sales are $898664, current NOA is $387094, what is the expected ReOI for the coming year?
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Given information are as follows Current sales, Sales are expected to increase by 4%, core profit margin is expected to be 12% of sales, the current NOA is expected to grow at the same growth rate of sales, and required return on operations is 8%.
Now, we need to determine the expected Re OI for the coming year. We can start solving the problem by finding the expected NOA for the coming year. The formula to calculate the expected NOA is; Expected
NOA = Current NOA x (1+sales growth rate)
Expected NOA = $387,094 x (1+4%)
Expected NOA = $402,697
Next, we can find the expected sales for the coming year.
The formula to calculate the expected sales is;
Expected Sales = Current Sales x (1+sales growth rate)
Expected Sales = $898,664 x (1+4%)
Expected Sales = $933,396
Now, we can find the expected Re
OI for the coming year using the following formula;
Expected ReOI = (Expected Sales - Expected Operating Expenses) x (1 - Tax Rate) - Expected Required Return on Operations
We can find the expected operating expenses by multiplying the expected sales by the expected cost of goods sold. The expected cost of goods sold is
Expected Cost of Goods Sold = Expected Sales x (1 - Core Profit Margin)
Expected Cost of Goods Sold = $933,396 x (1 - 12%)
Expected Cost of Goods Sold = $819,609
We can now find the expected Re OI by using the following formula
Expected Re OI = ($933,396 - $819,609) x (1 - 35%) - 8%
Expected Re OI = $96,416 x 0.65 - 8%
Expected Re OI = $60,501.6 - 8%
Expected Re OI = $55,701.52
Therefore, the expected Re OI for the coming year is $55,701.52.
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How do economists attempt to predict the next business cycle? (leading economic indicator, Dow Jones
Industrial Average, leading economic index, econometric models)
I need very quickly please!
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Answer:
Leading economic indicator.
Explanation:
Leading economic indicators are objective data regarding the economy of a given country or region, which allow projections of future development of the economy of that place. Thus, based on data such as the current economic performance of the place, inflation, the exchange rate, the unemployment rate, etc., projections can be made about how the future economic cycles of the place will develop.
Which indicates that a product meets the definition of done?
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When a product meets the definition of done, it means that it has fulfilled all the necessary criteria and requirements for completion.
What is the indication that a product meets the definition of done?This typically includes meeting the specified functionality, quality, and performance standards set for the product.
It also involves satisfying any relevant acceptance criteria and passing all required tests and evaluations.
Additionally, the product should have undergone necessary documentation, such as user manuals and release notes, and be ready for deployment or delivery to the end-users.
Meeting the definition of done signifies that the product is in a state where it is considered fully developed, tested, and ready for use, ensuring that it meets the intended objectives and delivers value to the stakeholders.
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An environmental lawyer is not part of the Energy cluster.
True or False for K12
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Answer:
True
Explanation:
Lawyers belong to the Law, Public Safety, Corrections, and Security cluster. Work under this career cluster revolves around protecting citizens and their rights. Lawyers train and acquire university degree before training at the law school.
Lawyers may specialize in a specific area such as crime, tax, environment, and so many others. Other prominent job titles for lawyers include Attorney General, Associate Attorney, Attorney, Attorney at Law, General Counsel, and Partner.
Why is creative thinking important to generate business ideas?
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Answer: Creative thinking is necessary for business problem-solving.
Explanation: The skill of creative thinking is a helpful skill because it teaches workers/business owners to find opportunities and ways to improve something even if the situation is challenging. This also lets the person face a problem or situations by a different view. I hope this helped!
how do changes in the environment affect businesses and thus consumers?
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Answer:
If the environment changes then the businesses will make products you need in that environment so consumers will buy more of that product because they need it. For example, if it's summer you need new summer clothes so companies will start to make summer clothes so people will buy them instead of winter or fall clothes because of the environment. So businesses are getting money and the consumers are getting what they need or want.
who is indirectly benefitted by the tax we have paid
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Answer:
Because no one lives in isolation, tax dollars from a variety of sources benefit you, your family and your neighbors, no matter the size of income. Every time you get into your car and travel on a public highway, you ride on roads built, maintained, and paid for by state and local road funds replenished by tax dollars.
Explanation:
Answer: the government
Explanation: because they ar collecting our taxes they can use it for building projects or something they wanna do
9.21 The ABC Corporation placed an asset in service three years ago. The company uses the MACRS method (seven-year life) for tax purposes and the straight-line method (seven-year useful life) for fina
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The difference in the current book value obtained using both methods is $27,143.
The cost of the asset is $100,000 and the salvage value used for depreciating purposes is $20,000. The useful life of the asset is 7 years, therefore the annual depreciation is $100,000 - $20,000 / 7 = $12,857.14.
Depreciation for the first three years (using straight-line method) = 3 x $12,857.14 = $38,571.42.
Book value = Cost - Accumulated depreciation
Book value using straight-line method = $100,000 - $38,571.42 = $61,428.58
Depreciation for the first three years (using MACRS) = (0.1429 + 0.2449 + 0.1749) x $80,000 = $34,285.71.
Book value using MACRS method = $100,000 - $34,285.71 = $65,714.29
The difference in the current book value obtained using both methods = $65,714.29 - $61,428.58 = $4,285.71.
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Complete question is:
The ABC Corporation placed an asset in service three years ago. The company uses the MACRS method (seven-year life) for tax purposes and the straight-line method (seven-year useful life) for financial reporting purposes. The cost of the asset is $100,000, and the salvage value used for depreciating purposes is $20,000. What is the difference in the current book value obtained using both methods?
Sergey's boss has very strong opinions and often frowns upon questions from the team. this creates an environment where everyone just agrees with the boss's decisions without questioning them. what is this called? question 14 options: consensus critical thinking groupthink group dynamics
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An environment where everyone just agrees with the boss's decisions without questioning them is called: groupthink.
What is the decision-making process?The decision-making process simply refers to a cognitive process that involves gathering and analyzing information, as well as evaluating alternative courses of action, in order to enable the proper selection of an optimum and higher-quality solution to a particular problem.
What is a groupthink?A groupthink can be defined as a psychological practice which involves thinking or making decisions as a group of people, that typically results in an unchallenged, irrational, weak, poor-quality, or dysfunctional decision-making due to their desire for harmony, conformity and unanimity.
In this context, we can reasonably infer and logically deduce that Sergey's team are engaged in a groupthink because they all agree with their boss's decisions without questioning or challenging them.
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Answer:
groupthink
because i took the test
"Life is the sum of all of your choices."
What does this quote mean?
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Answer:
"Life is the sum of all of your choices." This quote is something to think about, and could be taken in many different ways. Life takes you in different paths and during those paths you have to make lots of choices. some could be easy and some could be hard. some of those harder choices can turn out to be a mistake. maybe even the easy ones. your choices throughout life determines whether you would have it easy or hard, regret or fulfill, ior even just look back an say, "I wish I would have never done that choice" or "I'm so happy my choice made my life easier, better, and happier." that's how I would take it, however it can be determined in a very different way depending on the person. though I believe this would be the best answer.
Which statement below is something that political machines and the settlement house movement did not have in common? (1 point)
They operated at the neighborhood level.
Their leaders were admired by local citizens.
They provided assistance to immigrant families
Their leaders won international acclaim.
Answers
Answer:
Their leaders won international acclaim.
Explanation:
at the time of his death in 2022, donald owned a farm (a qualified, closely held business) with a most suitable use value of $5,000,000 and a current use value of $3,500,000. question content area a. if the special-use valuation election is made, donald's gross estate must include how much as to the farm?
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If the special-use valuation election is made for Donald's farm, his gross estate must include the most suitable use value of the property, which is $5,000,000.
This election is available for qualified, closely held businesses, such as farms, and allows the estate to value the property at its most suitable use value, rather than its fair market value. This can result in significant estate tax savings for the heirs. This means that the estate tax will be based on this higher value, but it also means that the heirs will be able to inherit the property without having to sell it to pay for the estate taxes.
It is important to note that in order to qualify for this election, the property must meet certain criteria and there are specific rules and procedures that must be followed. It is recommended to consult with a qualified estate planning attorney to ensure that the election is made correctly.
The special-use valuation election allows for the valuation of qualified, closely held businesses, such as a farm, to be based on their current use instead of the most suitable use value. Since the election is made in this case, the gross estate includes the lower current use value rather than the higher most suitable use value.
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Productivity is an important goal for Clearwater Electronics. Like most productive organizations, Clearwater recognizes the contributions human resource management (HRM) can make to improve productivity through people. How can HRM best ensure that the work environment at Clearwater is one in which employees are productive and add value?
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Answer:
HR managers can contribute by providing work organization and design that allow for an increase of output as well as quality
Explanation:
what is your Opinion on DeShaney v. winnebago county social services
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DeShaney v. Winnebago County Social Services, which was a significant case in US constitutional law.
In this case, the Supreme Court ruled that the Due Process Clause of the Fourteenth Amendment did not impose an affirmative duty on the state to protect citizens from harm caused by private actors.
This decision meant that Joshua DeShaney, who was abused by his father despite previous reports to child protection services, could not sue Winnebago County Social Services for their failure to protect him.
Overall, the case remains an important precedent in US constitutional law and has had a significant impact on the way courts interpret the Due Process Clause of the Fourteenth Amendment.
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fill the blank! consider a​ goodness-of-fit test with a computed value of ​chi-square27.385 and a critical value​13.388, the appropriate decision would be to​ __________.
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Because the computed chi-square value (27.385) exceeds the crucial threshold (13.388), which shows that the observed data significantly deviates from the predicted distribution, it would be fair to reject the null hypothesis.
A statistical test known as the goodness-of-fit is used to examine if a collection of actual data matches a specific theoretical distribution. A chi-square statistic is computed throughout the test to compare the observed and predicted frequencies. If the calculated chi-square value is higher than the threshold value for a certain level of significance, the observed data significantly deviates from the predicted distribution. The null hypothesis should be rejected in this case because the estimated chi-square value of 27.385 is higher than the crucial value of 13.388, which is the threshold value. This suggests that additional variables could be at work as the observed data do not match the predicted distribution.
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