Which One of the Following Men Established the First Textile

question 44

Multiple Choice

Which one of the following men established the first textile factory using water-powered spinning machines in Rhode Island in 1790?

• A)Samuel Slater.
• B)Richard Arkwright.
• C)Eli Whitney.
• D)Samuel Newcomen.
• E)John Brown.

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Definitions:

Allowance Method

An accounting technique that estimates uncollectible accounts receivable and records those estimates as an expense, providing a more accurate representation of net income.

Write Off

An accounting action resulting in the reduction of the book value of an asset due to uncollectibility or loss of value, impacting profit and loss statements.

Accounting Equation

The fundamental equation that represents the relationship between a company's assets, liabilities, and shareholders' equity: Assets = Liabilities + Stockholders' Equity.

Note Receivable

A note receivable is a financial document representing a written promise for payment received by one party from another, typically including specifics of interest rate and maturity date.