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For Three Months Ended December 31, 2019 For Three Months Ended March 31, 2020 Office equipment $ 8,900 $ 8,900 Accumulated depreciationOffice equipment 445 890
For Three Months Ended December 31, 2019 | For Three Months Ended March 31, 2020 | ||||||
Office equipment | $ | 8,900 | $ | 8,900 | |||
Accumulated depreciationOffice equipment | 445 | 890 | |||||
Computer equipment | 22,000 | 22,000 | |||||
Accumulated depreciationComputer equipment | 1,375 | 2,750 | |||||
Total revenue | 31,934 | 44,000 | |||||
Total assets | 82,560 | 121,468 | |||||
Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2020. Compute amounts for the year ended December 31, 2020, for Depreciation expenseOffice equipment and for Depreciation expenseComputer 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, 2020? 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2020.
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