Atkins Corporation Has Provided the Following Information for the Year

question 13

Multiple Choice

Atkins Corporation has provided the following information for the year ended December 31, 2014: • The equipment account balance increased $200,000.
• The equipment accumulated depreciation account increased $35,000.
• Equipment costing $50,000 was sold during the year resulting in a $10,000 gain.
• Depreciation expense recorded on the equipment during the year was $65,000.
How much was the investing activities cash inflow from the sale of the equipment? Assume that the equipment purchase and sale resulted in cash flows.

• A) $30,000.
• B) $60,000.
• C)$40,000.
• D)$50,000.

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Definitions:

Conventional Thermal Energy

Conventional thermal energy refers to the energy produced by traditional methods of generating heat and power, such as burning fossil fuels, as opposed to renewable energy sources.

Short-termism

An excessive focus on short-term results, even at the expense of long-term interests and objectives.

Capitalistic System

The capitalistic system is an economic system characterized by private ownership of the means of production, creation of goods and services for profit, and market-based allocation of resources.

Ecologically Sustainable

Practices or processes that are designed to preserve the environment and natural resources for future generations.