Students Jones Company Financial Information SF Policies & Re- sources ProctorU

Question

Students Jones Company Financial Information SF Policies & Re- sources ProctorU Purchase Course December 2009 $2,000 750 1,000 December 2010 $4,000 950 1,500 Materials Google Drive SMILE Office 365 Net Income Accounts receivable Accumulated depreciation Common stock Paid-in capital Retained earnings Accounts payable 7,500 1,500 750 8500 3,500 750 Based on the information in Table 3-1, assuming that no assets were disposed of during 2010, the amount of depreciation expense was O $375. O $2,500. O $3,500. O $500.

Explanation / Answer

Answer:

Depreciation for the Year = Ending Accumulated Depreciation + Depreciation on Equipment Sold - Beginning Accumulated Depreciation
Depreciation for the Year = $1,500 + $0 - $1,000
Depreciation for the Year = $500

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