list Previous Net Selected ledger account balances for Success Systems follaxw F
ID: 2535375 • Letter: L
Question
list Previous Net Selected ledger account balances for Success Systems follaxw For Three MonthsF Ended December 31, 2013 Ended March 31, 2014 For Three Months 5 8,000 400 20,000 1,250 31,284 93,248 Office equipment Accumulated depreciation-Office equipment Computer equipment 5 8,000 20,000 2.500 43,853 129,909 Total revenue Total assets Required 1. Assume that Success Systems does not ac quire additional office equipment or computer equipment an 2014 Compute amounts for the yoar ended December 31, 2014, for Depreciation Expense-Office Equpmet and for Depreciation Expense-Computer Equipment (assume use of the straight-ine method). 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, 2014? Office Equipment Computor Equipment 3. Compute the thre month tetal assat tumover for Sxccess Syslams as of Mach 31, 2014 Round your answer to 2 decimal places.) 0.39 tmes LIFE SAFETY CAfExplanation / Answer
1.
Office equipment = $400 x 12/3 = $1600
Computer equipment = $1250 x 12/3 = $5000
2.
Office equipment = $8000 - ($400 + $1600) = $8000 - $2000 = $6000
Computer equipment = $20000 - ($1250 + $5000) = $20000 - $6250 = $13750
3.
Total asset turnover = Total revenues/Average total assets = $43853/$111578.50 = 0.39
Average total assets = ($93248 + $129909)/2 = $223157/2 = $111578.50
Depreciation expense Office equipment $1,600 Computer equipment $5,000Related Questions
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