Selected ledger account balances for Business Solutions follow. For Three Months...
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Accounting
Selected ledger account balances for Business Solutions follow.
For Three Months Ended December 31, 2021
For Three Months Ended March 31, 2022
Office equipment
$ 8,900
$ 8,900
Accumulated depreciationOffice equipment
445
890
Computer equipment
30,000
30,000
Accumulated depreciationComputer equipment
1,875
3,750
Total revenue
31,834
44,000
Total assets
83,560
120,968
Required:
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 expenseOffice equipment and for Depreciation expenseComputer equipment (assume use of the straight-line method).
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?
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. 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? Complete this question by entering your answers in the tabs below. Compute the three-month total asset turnover for Business Solutions as of March 31, 2022. Note: Round your answer to 2 decimal places. Complete this question by entering your answers in the tabs below. 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 expenseComputer equipment (assume use of the straight-line method)
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