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 equipment and for Depreciation expense—Computer equipment (assume use of the straight-line method).
Homework Answers
Answer 1.
Office Equipment:
Depreciation for 3 months = $750
Depreciation Expense for 2018 = 4 * $750
Depreciation Expense for 2018 = $3,000
Computer Equipment:
Depreciation for 3 months = $1,500
Depreciation Expense for 2018 = 4 * $1,500
Depreciation Expense for 2018 = $6,000
Add Answer to:
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 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...
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...
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...
Dec. 31, 2017 $55,472 5,368 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2017, and March 31,...
Dec. 31, 2017 $55,472 5,368 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2017, and March 31, 2018 Mar. 31, 2018 Assets Cash $ 83,637 Accounts receivable 23,967 Inventory 614 Computer supplies 2,015 Prepaid insurance 1,040 Prepaid rent 735 Total current assets 112,008 Office equipment 7,500 Accumulated depreciation-office equipment (780) Computer equipment 19,500 Accumulated depreciation-Computer equipment (2,460) Total assets $135,768 Liabilities and Equity Accounts payable $ Wages payable 885 Unearned computer service revenue © Total current liabilities 885 Equity Common stock...
$ 25,207 18,593 43,800 BUSINESS SOLUTIONS Income Statement For Three Months Ended March 31, 2020 Computer...
$ 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,...
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...
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...
After the success of the company's first two months, Santana Rey continues to operate Business Solutions....
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2018, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2018) follows. Credit Debit $ 38,564 12,918 2,645 2,100 2,920 8,700 $ 0 20,000 No. Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment...
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...
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...
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...
Dec. 31, 2017 $55,472 5,368 BUSINESS SOLUTIONS Comparative Balance Sheets December 31, 2017, and March 31, 2018 Mar. 31, 2018 Assets Cash $ 83,637 Accounts receivable 23,967 Inventory 614 Computer supplies 2,015 Prepaid insurance 1,040 Prepaid rent 735 Total current assets 112,008 Office equipment 7,500 Accumulated depreciation-office equipment (780) Computer equipment 19,500 Accumulated depreciation-Computer equipment (2,460) Total assets $135,768 Liabilities and Equity Accounts payable $ Wages payable 885 Unearned computer service revenue © Total current liabilities 885 Equity Common stock...
$ 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,...
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...
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...
After the success of the company's first two months, Santana Rey continues to operate Business Solutions. The November 30, 2018, unadjusted trial balance of Business Solutions (reflecting its transactions for October and November of 2018) follows. Credit Debit $ 38,564 12,918 2,645 2,100 2,920 8,700 $ 0 20,000 No. Account Title 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment...
Most questions answered within 3 hours.
-
The energy required to remove an electron from a surface of a
solid element is called...
asked 11 minutes ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 33 minutes ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 1 hour ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 2 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 2 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 4 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 4 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 5 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 7 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 7 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 7 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 7 hours ago