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Selected ledger account balances for Business Solutions follow. For Three Months For Three Months Ended December 31, 2017 $ 7,500 Ended March 31, 2018 Office
Selected ledger account balances for Business Solutions follow. For Three Months For Three Months Ended December 31, 2017 $ 7,500 Ended March 31, 2018 Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment $ 7,500 375 750 12,000 12,000 750 1,500 44,300 120,668 31,534 83,260 Total revenue Total assets Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2018. Compute amounts for the year ended December 31, 2018, for Depreciation expense-Office equipment and for Depreciation expense-Computer equipment (assume use of the straight-line method) Depreciation Expense Office equipment Computer equipment 750 1,500 $ 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, 2018? Book Value 3,000 Office equipment $ 6,000 Computer equipment $ 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2018. (Round your answer to 2 decimal places.) Total asset turnover times
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