10.00 points Selected ledger account balances for Business Solutions follow Fo.

Question

10.00 points Selected ledger account balances for Business Solutions follow Fo. Three Months For Ended December 31, 2016 Ended March 31, 2017 Three Months 7,100 Office equipment Accumulated depreclation- Office equipment Computer equipment Aocumulated depreciation-Computer equipment Total revenue Total assets $ 7,100 355 10,000 625 32,134 83,660 710 10,000 1,250 45,900 121,368 Required 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2017. Compute amounts for the year ended December 31, 2017, for Depreciation expense-Office equipment and for Depreciation expense-Computer equipment (assume use of the straight-line method). Office equipment 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, 2017? Office equipment Computer equipment 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2017, (Round your answer to 2 decimal places.) times

Explanation / Answer

1 Office equipment 355*4 $ 1,420.00 Computer equipment 625*4 $ 2,500.00 2 Office equipment 7100-355-1420 $ 5,325.00 Computer equipment 10000-625-2500 $ 6,875.00 3 Asset turnover 45900/((121368+83660)/2) 0.4477437

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