Homework Answers
Book value is calculated as value of asset minus accumulated depreciation,
- Office equipment = 8400 - accumulated depreciation as on 31 December 2020. From the given figures we can conclude that the quarterly depreciation is 420. So the depreciation for tbe year 2020 will be 420 x 4 = 1680 add opening accumulated depreciation = 1680 + 420 = 2100. Therefore total accumulated depreciation as on December 31 2020 is 2100. Book value of office equipment = 8400 - 2100 = 6,300.
- Computer equipment, following the same calculation as above depreciation for the year 2020 is 625 x 4 = 2500. Total accumulated depreciation as on 31 December 2020 is 2500 + 625 = 3125. Therefore Book value of computer equipment = 10,000 - 3,125 = 6,875.
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Serial Problem Business Solutions LO P1, A1 Selected ledger account balances for Business Solutions follow. pok...
Serial Problem Business Solutions LO P1, A1 Selected ledger account balances for Business Solutions follow. pok Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For Three Months Ended December 31, 2019 $ 7,300 365 22,000 1,375 31,384 84,260 For Three Months Ended March 31, 2020 $ 7,300 730 22,000 2,750 44,100 120,668 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2020. Compute amounts for the year...
Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For...
Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For Three Months Ended December 31, 2019 $ 7,600 380 16,000 1,eee 31,484 82,860 For Three Months Ended March 31, 2020 $ 7.600 768 16,eee 2, eee 45, 9ee 121,368 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...
For Three Months Ended December 31, 2018 $ 8,600 For Three Months Ended March 31, 2019...
For Three Months Ended December 31, 2018 $ 8,600 For Three Months Ended March 31, 2019 Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets $ 8,600 860 16,000 2,000 45,000 121,568 430 16,000 1,000 32,184 84,160 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2019. Compute amounts for the year ended December 31, 2019, for Depreciation expense-Office equipment and for Depreciation expense Computer equipment (assume use...
Selected ledger account balances for Business Solutions follow. For Three Months For Three Months Ended December...
Selected ledger account balances for Business Solutions follow. For Three Months For Three Months Ended December 31, 2017 $ 7,500 Ended March 31, 2018 Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment $ 7,500 375 750 12,000 12,000 750 1,500 44,300 120,668 31,534 83,260 Total revenue Total assets Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2018. Compute amounts for the year ended December 31, 2018, for Depreciation expense-Office equipment...
Selected ledger account balances for Business Solutions follow For Three Months Ended December 31, For Three...
Selected ledger account balances for Business Solutions follow For Three Months Ended December 31, For Three Months Ended March 31, Spoed $ 8,700 $ 8,7ee office equipment Accumulated depreciation office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets le, eee 1.250 10.ee 625 31,734 83,760 122,068 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2018. Compute amounts for the year ended December 31, 2018, for Depreciation expense-Office equipment and for...
Selected ledger account balances for Business Solutions follow.
Selected ledger account balances for Business Solutions follow. Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2018. Compute amounts for the year ended December 31, 2018, 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, 2018? 3. Compute the three-month total asset turnover for Business...
tml Serial Problem Business Solutions LO P1, A Ended December 31, Ended March 31, 2818 Accumulated...
tml Serial Problem Business Solutions LO P1, A Ended December 31, Ended March 31, 2818 Accumulated Computer equipment 12,800 12,e00 31,434 84,460 45,280 for くPrey 6016 Next Intangible Assets Help Save &Exit Sub Check my wor 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, 2018? Office S 5.400 equipment 8,250 3. Compute the three-month total asset turnover for Business Solutions as of March...
am I using the incorrect numbers? & Answer is complete but not entirely correct. Complete this...
am I using the incorrect numbers?
& Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Part A Part B Compute Inventory turnover and days' sales in inventory for the three months ended March 31, 2020. - Inventory Turnover Choose Numerator: Cost of goods sold Inventory Turnover Choose Denominator: Average inventory 20,1725 492 Inventory Turnover Choose Numerator: Ratio Days Sales In Inventory Choose Denominator Cost of goods sold 41 X S...
Selected ledger account balances for Business Solutions follow. For Three Months Ended December 31, 2017 For...
Selected ledger account balances for Business Solutions follow. For Three Months Ended December 31, 2017 For Three Months Ended March 31, 2018 Office equipment $ 7,500 $ 7,500 Accumulated depreciation—Office equipment 375 750 Computer equipment 12,000 12,000 Accumulated depreciation— Computer equipment 750 1,500 Total revenue 31,534 44,300 Total assets 83,260 120,668 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2018. Compute amounts for the year ended December 31, 2018, for Depreciation expense—Office...
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her...
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data $ 24,907 18,693 43.600 $14,352 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense Computer Total expenses Net Income 1,210 2.450 455 1,275 1,245...
Serial Problem Business Solutions LO P1, A1 Selected ledger account balances for Business Solutions follow. pok Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For Three Months Ended December 31, 2019 $ 7,300 365 22,000 1,375 31,384 84,260 For Three Months Ended March 31, 2020 $ 7,300 730 22,000 2,750 44,100 120,668 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2020. Compute amounts for the year...
Office equipment Accumulated depreciation Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets For Three Months Ended December 31, 2019 $ 7,600 380 16,000 1,eee 31,484 82,860 For Three Months Ended March 31, 2020 $ 7.600 768 16,eee 2, eee 45, 9ee 121,368 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...
For Three Months Ended December 31, 2018 $ 8,600 For Three Months Ended March 31, 2019 Office equipment Accumulated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets $ 8,600 860 16,000 2,000 45,000 121,568 430 16,000 1,000 32,184 84,160 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2019. Compute amounts for the year ended December 31, 2019, for Depreciation expense-Office equipment and for Depreciation expense Computer equipment (assume use...
Selected ledger account balances for Business Solutions follow. For Three Months For Three Months Ended December 31, 2017 $ 7,500 Ended March 31, 2018 Office equipment Accumulated depreciation-office equipment Computer equipment Accumulated depreciation-Computer equipment $ 7,500 375 750 12,000 12,000 750 1,500 44,300 120,668 31,534 83,260 Total revenue Total assets Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2018. Compute amounts for the year ended December 31, 2018, for Depreciation expense-Office equipment...
Selected ledger account balances for Business Solutions follow For Three Months Ended December 31, For Three Months Ended March 31, Spoed $ 8,700 $ 8,7ee office equipment Accumulated depreciation office equipment Computer equipment Accumulated depreciation-Computer equipment Total revenue Total assets le, eee 1.250 10.ee 625 31,734 83,760 122,068 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2018. Compute amounts for the year ended December 31, 2018, for Depreciation expense-Office equipment and for...
tml Serial Problem Business Solutions LO P1, A Ended December 31, Ended March 31, 2818 Accumulated Computer equipment 12,800 12,e00 31,434 84,460 45,280 for くPrey 6016 Next Intangible Assets Help Save &Exit Sub Check my wor 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, 2018? Office S 5.400 equipment 8,250 3. Compute the three-month total asset turnover for Business Solutions as of March...
am I using the incorrect numbers?
& Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Part A Part B Compute Inventory turnover and days' sales in inventory for the three months ended March 31, 2020. - Inventory Turnover Choose Numerator: Cost of goods sold Inventory Turnover Choose Denominator: Average inventory 20,1725 492 Inventory Turnover Choose Numerator: Ratio Days Sales In Inventory Choose Denominator Cost of goods sold 41 X S...
Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data $ 24,907 18,693 43.600 $14,352 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-office equipment Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense Computer Total expenses Net Income 1,210 2.450 455 1,275 1,245...
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