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Selected ledger account balances for Business Solutions follow. office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets Office equipment Computer equipment For Three Months For Three Months Ended December 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. Complete this question by entering your answers in the tabs below. Depreciation Expense 31, 2021 $ 7,100 355 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 22,000 1,375 31,9841 83,160 Required 2 >

Selected ledger account balances for Business Solutions follow. office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets Office equipment Computer equipment For Three Months For Three Months Ended December 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. Complete this question by entering your answers in the tabs below. Depreciation Expense 31, 2021 $ 7,100 355 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 22,000 1,375 31,9841 83,160 Required 2 >

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 10SPA: COMPLETION OF A WORK SHEET SHOWING A NET LOSS The trial balance for Cascade Bicycle Shop, a business...
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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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