please help with accounting

1 question with 2 parts

thank you! :)

prompt:

part 1:

part 2:

Transactions Here are the transactions you have entered into during the month of August: 1. On August 1st, you purchase a truck (Vehicles account) for $12,000 by issuing a note payable for two years, carrying an interest rate of 5%. (lgnore interest calculations in this module). The truck has a residual value of 2,000 at the end of two years, and is depreciated using the units of production method. The estimated useful life of the truck in units is 200,000 miles. Record the purchase of the truck. Assuming the mileage on the truck for August was 10,000 miles, also record depreciation expense for the month of August. 2. On August 15th, you purchase a freezer (Equipment account) for $18,000cash. The freezer has a useful life of 3 years, zero residual value, and is depreciated using the straight line method. Record the purchase of the freezer and partial month depreciation for August. 3. The truck needed an oil change and this was done on August 18 th for $250 and immediately paid in cash. Record this transaction making sure that you understand whether it should be expensed or capitalized. You can use the account Repairs and Maintenance to expense it, or Vehicles account if you capitalize it. Assume that Net Sales were $220,600, Average Total Assets were $34,100, and Net Profit was $6,350. Commas will automatically populate for numerical answers, Do not include dollar signs. Round ratio answers to two decimal places. 1.Calculate the Asset Turnover Ratio. 2. Calculate the Return on Assets Ratio. Do not convert to a percentage, keep in decimal format (e.g. 0.67). The industry average for the Asset Tumover ratio is 9 times. Your company is performing than the industry. Record the joumal entries associated with the truck, freezer, and oil change. Commas will automatically populate for numerical answers. Do not include dollar signs or decimals in your amounts. Record the partial month's depreciation expense for the freezer on Aurutust 31 . As of the end of August, the book value of the new truck is The book value of all the long term assets owned prior to August 1 st was $15,800. Depreciation expense on these prior assets for the month of August was $500. Calculate the new book value of long-term assets, including the new assets purchased during August, and depreciation recorded on these new assets. Commas will automatically populate. Do not use decimals or dollar signs. Do not enter negative amounts. Assume that you sold an asset with an original cost of $7,000, and accumulated depreciation of $4,500 for cash proceeds of $2,300. The on sale of this asset was Your company is looking to create a patent for the lemonade process and have consulted your CPA. Your CPA advises that: intangible assets cannot be