Your Company Owned Equipment with a Book Value of $120,000

question 119

Multiple Choice

Your company owned equipment with a book value of $120,000 that was sold during this accounting period for $30,500 in cash,and purchased new equipment for cash of $148,000.Your company would record:

• A)a debit of $148,000 and a credit of $30,500 to the cash account for a net cash inflow of $117,500.
• B)a debit of $148,000 and a credit of $89,500 to the cash account for a net cash inflow of $58,500.
• C)a debit of $30,500 and a credit of $148,000 to the cash account for a net cash outflow of $117,500.
• D)a debit of $89,500 and a credit of $148,000 to the cash account for a net cash outflow of $58,500.

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Definitions:

Memento Mori

Latin, “reminder of death.” In painting, a reminder of human mortality, usually represented by a skull.

Vanitas Paintings

A genre of still-life painting that flourished in the Netherlands in the 17th century, emphasizing the fleeting nature of life, the futility of pleasure, and the certainty of death, often symbolized by skulls, flowers, and other objects.

Still-Life Compositions

Still-Life Compositions are artworks depicting inanimate objects arranged together, often including flowers, fruit, vessels, and other household items, celebrated for their beauty, symbolic meanings, and the skill of the artist.

Elevation of the Cross

A masterpiece by artist Peter Paul Rubens, depicting the mounting of Jesus Christ on the cross, celebrated for its dramatic intensity and emotional depth.