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As the mobility of the population in the United States has increased and with the increase in home-based employment, there is an inclination to assume that the personal income in the United States would become fairly uniform across the country. The following table provides the per capita personal income for each of the 50 states and the District of Columbia.
a. Construct a relative frequency histogram for the income data.
b. Describe the shape of the histogram using the standard terminology of histograms.
c. Would you describe per capita income as being fairly homogenous across the United States?
Discuss closing entries and reversing entries. Discuss the steps in the accounting process.
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