60.1K

Verified Solution

Link Copied!

Selected ledger account balances for Business Solutions follow.

$\backslash$table$[[,\backslash$table$[[$For Three Months$],[$Ended December $31,$ For Three Months$],[$Ended March $31,]],],[$office equipment,$2020,2021],[$Accumulated depreciation$-$Office equipment,$$8,100,8,100],[$Computer equipment,$405,810],[$Accumulated depreciation$-$Computer equipment,$28,000,28,000],[$Total revenue,$1,750,3,500],[$Total assets,$31,484,45,000]]$

Required:

Assume that Business Solutions does not acquire additional office equipment or computer equipment in $2021.$ Compute amounts for the year ended December $31,2021,$ for Depreciation expense$-$Office equipment and for Depreciation expense$-$Computer 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 $31,2021?$

Compute the three$-$month total asset turnover for Business Solutions as of March $31,2021.$

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 $2021.$ Compute amounts for the year ended December $31,2021,$ for Depreciation expense$-$Office equipment and for Depreciation expenseComputer equipment $($assume use of the straight$-$line method$).$

$\backslash$table$[[,\backslash$table$[[$Depreciation$],[$Expense$]]],[$Office equipment,$],[$Computer equipment,$]]$

Answer & Explanation Solved by verified expert

See Answer