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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 Required: For
Selected ledger account balances for Business Solutions follow. Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets Required: For Three Months Ended December 31, 2021 $ 7,000 350 For Three Months Ended March 31, 2022 $ 7,000 22,000 700 22,000 1,375 2,750 31,684 83,860 45,400 121,168 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.
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