Consider Drops of Water That Leak at a Steady Rate

question 16

Multiple Choice

Consider drops of water that leak at a steady rate from a dripping faucet. As the drops fall they

• A) get closer together.
• B) remain at a relatively fixed distance from one another.
• C) get farther apart.

Understand the composition and calculation of net income.

Recognize how inventory is classified in financial statements.

Calculate cost of goods sold and understand its impact on gross profit.

Understand the significance of nonoperating income and expenses on overall financial performance.