I need to figure out the office equipment and computer equipment depreciation expense. Can you help?
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Question 8 - Chapter 8: Home X
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Depreciation
X Question 11 Chapter 8: Pract X
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Selected ledger account balances for Business Solutions follow.
For Three Months
Ended December 31,
For Three Months
Ended March 31,
2021
2022
Office equipment
Accumulated depreciation-Office equipment
Computer equipment
Accumulated depreciation-Computer equipment
000'8 $
000
000'8 $
008
000'07
000'07
1,250
31,284
83,460
2,500
Total revenue
000'
120,268
Total assets
Required:
1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2022. Compute amounts
for the year ended December 31, 2022, for Depreciation expense-Office equipment and for Depreciation expense-Computer
equipment (assume use of the straight-line method).
2. Given the assumptions in part 1, what is the book value of both the office equipment and the computer equipment as of December
31, 2022?
3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2022.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2022. Compute
amounts for the year ended December 31, 2022, for Depreciation expense-Office equipment and for Depreciation expense-
Computer equipment (assume use of the straight-line method).
Depreciation
Expense
Office equipment
Computer equipment
<Required 1
Required 2 >
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MacBook Pro
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Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video
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