Selected ledger account balances for Business Solutions follow. office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For Three Months Ended December 31, 2021 $ 7,100 355 Required 1 Required 2 22,000 1,375 Required 3 31,984 83,160 Complete this question by entering your answers in the tabs below. 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. For Three Months Ended March 31, 2022 $ 7,100 710 22,000 2,750 45,900 120,768

Selected ledger account balances for Business Solutions follow. office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For Three Months Ended December 31, 2021 $ 7,100 355 Required 1 Required 2 22,000 1,375 Required 3 31,984 83,160 Complete this question by entering your answers in the tabs below. 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. For Three Months Ended March 31, 2022 $ 7,100 710 22,000 2,750 45,900 120,768

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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