Jones Company Financial Information December 2007 December 2008 Net income $2,00

Question

Jones Company Financial Information
                                               December 2007               December 2008
Net income                                $2,000                            $5,000
Accounts receivable                    750                                  750
Accumulated depreciation           1,000                               1,500
Common stock                           4,500                                5,000
Paid-in capital                           7,500                                8,000
Retained earnings                       1,500                                2,500
Accounts payable                       750                                    750

a. $375.
b. $3,500.
c. $2,500.
d. $500.

Explanation / Answer

The answer is (c ) Calculation : Accumulated Depreciation 1,500.00 for Dec 2008 Less: Accumulated Depreciation 1,000.00 for Dec 2007 Depreciation Expense 500.00 Accumulated Depreciation 1,500.00 for Dec 2008 Less: Accumulated Depreciation 1,000.00 for Dec 2007 Depreciation Expense 500.00

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