Serial Problem Business Solutions LO P1, A1 Selected ledger account balances for Business Solutions follow. Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For Three Months Ended December 31, 2019 $ 8,500 425 26,080 1,625 32,134 84,260 For Three Months Ended March 31, 2020 $ 8,500 850 26,600 3,250 45,700 128,968 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 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, 2020? 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2020 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 expense-Office equipment and for Depreciation expense Computer equipment (assume use of the straight-line method). Depreciation Expense office equipment Computer equipment Required 2 > Serial Problem Business Solutions LO P1, A1 Selected ledger account balances for Business Solutions follo Office equipment Accumulated depreciation office equipment Computer equipment Accumulated depreciation Computer equipment Total revenue Total assets For Three Months ded December 31, 2019 $ 8,500 425 26,000 1, 625 32,134 84,260 For Three Months Ended March 31, 2020 $ 8,500 8 50 26, 3 ,250 45,789 120,968 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 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, 2020? 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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? Book Value Office equipment Computer equipment Serial Problem Business Solutions LO P1, A1 Selected ledger account balances for Business Solutions follow. Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For Three Months Ended December 31, 2019 $ 8,500 425 26,888 1,625 32,134 84,260 For Three Months Ended March 31, 2020 $ 8,588 858 26,888 3,250 45,788 128,968 Required: for the year ended December 31, 2020, 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, 2020? 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the three month total asset turnover for Business Solutions as of March 31, 2020. (Round your answer to 2 decimal places.) Total asset turnover times
