Three Icebergs Are Each Floating in Bathtubs Filled to the Brim

question 8

Multiple Choice

Three icebergs are each floating in bathtubs filled to the brim with water.Iceberg A has large air bubbles in it.Iceberg B has unfrozen water in it.Iceberg C has an iron railroad spike in it.When the ice melts,what happens?

• A)The water level in C will decrease while the other two water levels will remain the same.
• B)Only the water in C will spill over.
• C)The water level in A will stay the same,while the other tubs will spill over.
• D)All the tubs spill over.
• E)All stay exactly the same.

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Definitions:

Mortgage

A loan secured by real property, typically paid back with interest over a long period, used by individuals and businesses to purchase real estate.

Allowance Account

An account used in accounting to record reductions in the carrying amount of accounts receivable, due to potential or estimated uncollectible debts.

Net Realizable Value

The estimated selling price in the ordinary course of business minus the estimated costs of completion and the estimated costs necessary to make the sale.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was acquired.