Please Refer to Table 3-1 for the Following Questions

question 116

Multiple Choice

Please refer to Table 3-1 for the following questions.
Table 3-1
Jones Company
Financial Information

-Based on the information in Table 3-1,assuming that no assets were disposed of during 2010,the amount of depreciation expense was

• A) $375.
• B) $500.
• C) $2,500.
• D) $3,500.

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Definitions:

Mutual Consent

An agreement or decision made jointly by two or more parties with both or all agreeing voluntarily.

At-Will Employees

Employees who can be dismissed by an employer for any reason (that is not illegal) and without warning, as long as the reason is not illegal.

Gift Promises

A declaration by an individual to transfer ownership of an item to another without the exchange of payment.

Legality

The state of being in accordance with the law; legality refers to conformity with statutes and regulations.