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:

Auditory Hallucination

The perception of sound, often of voices, that is not present in the external environment.

Somatic Hallucination

A type of hallucination where an individual feels as if they are experiencing physical sensations that have no physical cause.

Word Salad

A speech pattern that is incoherent and disjointed, associated with severe mental illnesses like schizophrenia, where words are scrambled, rendering the speech difficult to understand.

Blunted Affect

A reduction in the expression of emotions, often seen as a symptom of certain psychiatric conditions, where the emotional range is significantly diminished.