Homework Answers
Part A:
Depreciation on Office Equipment = 380/7600 = 5% for 3 months but for 1 year = 20%
So, Depreciation on office equipment for the year ended dec,31 2020 = 7600*20% = $ 1520
Depreciation on Computer Equipment = 1000/16000 = 6.25% for 3 months but for 1 year = 25%
So, Depreciation on computer equipment = 16000*25% = $ 4000
Part B:
Book value of the office equipment as on Dec,2020 = 7600 - 1520 - 1520 = $ 4560
Book value of the Computer equipment as on Dec,2020 = 16000 - 4000 - 4000 = $ 8000
Part C:
Total assets Turnover for 3 months as on 31st march, 2020 = Turnover/Average Total assets
= 45900 / 102114 = 0.45
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i have the other ones correct but i keep doing the math still comes up wrong...
i have the other ones correct but i keep doing the math still
comes up wrong
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Selected ledger account balances for Business Solutions follow.
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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...
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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...
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i have the other ones correct but i keep doing the math still
comes up wrong
Selected ledger account balances for Business Solutions follow For Three Months For Three Months Ended March 31, 2020 $ 8,400 Ended December 31, 2019 Office equipment Accumalated depreciation-Office equipment Computer equipment Accumulated depreciation-Computer equipeent Total revenue Total assets 8,400 420 10,000 625 31,334 82,660 840 10,000 1,250 45,4004 120,368 Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment...
$ 25,207 18,593 43,800 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 $14,852 370 1,150 3,050 465 2,275 1,235 560 300 880 25,137 $ 18,663 Dec. 31, 2019 $58,812 4,968 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2019, and March 31,...
Santana Rey. owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2028 $24,407 17,993 42,400 Computer services revenue Net sales Total revenue Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Computer equipment Wages expense Insurance expense $14,452 348 1,21e 2,95e 545 Rent expense Computer supplies expense Advertising expense Mileage expense Repairs expense-Computer Total expenses 2,375 1,285 540 240 958...
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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