Which of the Following Is Correct When Land Costing $20,000

question 24

Multiple Choice

Which of the following is correct when land costing $20,000 is sold for $29,000? The land was a component of property and equipment on the balance sheet.

• A)Revenues are debited for $29,000.
• B)Cost of goods sold is credited for $20,000.
• C)Gain on sale of land is credited for $9,000.
• D)Operating income increases $29,000.

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Definitions:

Cerebellum

The part of the brain that regulates motor movements, coordination, and balance.

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Difficulty or discomfort in swallowing, as a symptom of disease.

Powerlessness

A psychological state wherein an individual feels they have no control over situations or outcomes affecting their life.

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A break in the upper quarter of the femur (thigh bone), often a result of a fall or direct impact, common in the elderly.