Transcribed Image Text: Selected ledger account balances for Business Solutions follow. For Three Months Ended December 31, 2019 $ 8,400 For Three Months Ended March

Academic Writing accounting, business-managerial-accounting Transcribed Image Text: Selected ledger account balances for Business Solutions follow. For Three Months Ended December 31, 2019 $ 8,400 For Three Months Ended March

accounting, business-managerial-accounting

Transcribed Image Text: Selected ledger account balances for Business Solutions follow. For Three Months Ended December 31, 2019 $ 8,400 For Three Months Ended March

Transcribed Image Text: Selected ledger account balances for Business Solutions follow.
For Three Months
Ended December 31, 2019
$ 8,400
For Three Months
Ended March 31, 2020
Office equipment
Accumulated depreciation-Office equipment
Computer equipment
Accumulated depreciation-Computer equipment
$
8,400
420
840
20,000
1,250
31,984
83,560
20,000
2,500
44,500
120,368
Total revenue
Total assets
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

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