An Inlet Pipe on a Swimming Pool Can Be Used

question 132

Multiple Choice

An inlet pipe on a swimming pool can be used to fill the pool in 45 hours. The drain pipe can be used to empty the pool in 50 hours. If the pool is half filled and then the drain pipe is accidentally opened, how long will it take to fill the pool? ​

• A) 209 hours
• B) 225 hours
• C) 237 hours
• D) 450 hours
• E) 5 hours

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Definitions:

Fair Value

The estimated price at which an asset can be bought or sold in a current transaction between willing parties, other than in a liquidation sale.

Capital Lease

A lease agreement where the lessee essentially becomes the owner of the asset for accounting purposes, often including an option to purchase at the lease's end.

Operating Lease

An operating lease is a lease agreement for the use of an asset where the lessee obtains rights to use the asset for a fraction of the asset's useful life without ownership transfer.

FASB

The Financial Accounting Standards Board is responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations following Generally Accepted Accounting Principles (GAAP) in the United States.