You Are Floating in a Boat in a Swimming Pool

question 59

Multiple Choice

You are floating in a boat in a swimming pool.The boat contains some blocks of wood.The specific gravity of the wood is 0.66.You throw the wood blocks into the pool.When the waves settle,the depth of the water in the pool

• A)has increased.
• B)is the same as before.
• C)has decreased.
• D)is impossible to determine from the information given
• E)is none of these

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Definitions:

Income From Operations

This refers to the profit realized from a business's ongoing core business operations, excluding deductions of interest and taxes.

Periodic Inventory Method

An accounting method where the inventory is physically counted and valued at the end of a specific period to determine cost of goods sold and ending inventory.

Cost of Goods Sold

The total cost directly associated with producing or purchasing the goods sold by a business during a specific period, including materials and labor.

Selling Expense

Expenses directly related to the selling of products or services, such as advertising, sales commissions, and retail store expenses.