Mary Is Fascinated with Rocks and She Collects Them Every

question 16

Multiple Choice

Mary is fascinated with rocks and she collects them every day at the park. To start off with (i.e. when N=0 ) , Mary has 46 rocks in her collection. Each day, Mary will add 21 new rocks to her collection. After 99 days of adding rocks, how many rocks in total will Mary have?

• A) 2125
• B) 2234
• C) 2456
• D) 2649
• E) None of the above.

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Definitions:

Goodwill

An intangible asset representing the excess of the purchase price over the fair market value of an acquired company’s net assets.

Cost Method

An accounting method used to record investments at their original purchase cost, with any changes recognized only when dividends are received or upon sale of the investment.

Fair Value

The amount one would get for selling an asset or the cost to transfer a liability in a regulated exchange among market players on the date of valuation.

Impairment Loss

A recognized reduction in the recoverable amount of a fixed asset or goodwill, indicating that it exceeds its recoverable amount.