Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the following: Selected ledger account balances for Business Solutions follow. For Three Months Ended December 31, 2015 For Three Months Ended March 31,

Please answer the following:

Selected ledger account balances for Business Solutions follow.

For Three Months Ended December 31, 2015 For Three Months Ended March 31, 2016
Office equipment $ 8,000 $ 8,000
Accumulated depreciationOffice equipment 400 800
Computer equipment 20,000 20,000
Accumulated depreciationComputer equipment 1,250 2,500
Total revenue 31,284 44,000
Total assets 83,460 120,268

Required
1.

Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2016. Compute amounts for the year ended December 31, 2016, 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, 2016?

3.

Compute the three-month total asset turnover for Business Solutions as of March 31, 2016. (Round your answer to 2 decimal places.)

image text in transcribed

Required 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2016. Compute amounts for the year ended December 31, 2016, for Depreciation expense-Office equipment and for Depreciation expense-Computer equipment (assume use of the straight-line method) Depreciation Expense Office equipment Computer equipment 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, 2016? Book Value Office equipment Computer equipment 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2016. (Round your answer to 2 decimal places.) otal asset turnover times

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting An International Approach

Authors: Jagdish Kothari, Elisabetta Barone

1st Edition

0273712748, 978-0273712749

More Books

Students also viewed these Accounting questions