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 22,000 1,375 31,984 83,160 For Three Months Ended March 31, 2022 $ 7,100 710 22,000 2,750 45,900 120,768 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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5
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 For Three Months
Ended December Ended March 31,
31, 2021
2022
$ 7,100
$ 7,100
355
710
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).
22,000
1,375
31,984
83,160
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.
Office equipment
Computer equipment
Depreciation
Expense
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).
Required t
22,000
2,750
45,900
120,768
Required 2 >
Transcribed Image Text:5 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 For Three Months Ended December Ended March 31, 31, 2021 2022 $ 7,100 $ 7,100 355 710 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). 22,000 1,375 31,984 83,160 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. Office equipment Computer equipment Depreciation Expense 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). Required t 22,000 2,750 45,900 120,768 Required 2 >
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