Atkins Corporation Has Provided the Following Information for the Year

question 42

Multiple Choice

Atkins Corporation has provided the following information for the year ended December 31,2010:
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 on the equipment recorded 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:

Recessive Allele

An allele that produces its characteristic phenotype only when its paired allele is identical, often masked by a dominant allele in a heterozygote.

Dominant Allele

An allele that expresses its phenotype even in the presence of a recessive allele within a diploid organism.

Hardy-Weinberg Law

The Hardy-Weinberg Law is a principle that predicts the genetic variation and allele frequencies will remain constant in a population from generation to generation, assuming no evolutionary influences affect them.

Gametic Isolation

A type of reproductive barrier where gametes (sperm and egg) of different species fail to meet or fuse, preventing gene flow between the species.