Please answer the question below

Question #1

Here are selected 2020 transactions of Akron Corporation.

Jan 1

Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $62,000 and had a useful life of 10 years with no salvage value

Jun 30

Sold a computer that was purchased on January 1, 2018. the computer cost $36,000 and had a useful life of 3 years with no salvage value. The computer was sold for $5,000 cash.

Dec 31

Sold a delivery truck for $9,000 cash. The truck cost $25,000 when it was purchased on January 1, 2017, and was depreciated based on a 5-year useful life with a $4,000 salvage value.

Required

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Akron Corporation uses straight-line depreciation.

Question #2

The March 29, 2012, edition of the Wall Street Journal Online contains an article by Miguel Bustillo entitled, "Best Buy Forced to Rethink Big Box." The article explains how the 1,100 giant stores, which enabled Best Buy to obtain its position as the largest retailer of electronics, are now reducing the company's profitability and even threatening its survival. The problem is that many customers go to Best Buy stores to see items but then buy them for less from online retailers. As a result, Best Buy recently announced that it would close 50 stores and switch to smaller stores. However, some analysts think that these changes are not big enough.

Suppose the following data were extracted from the 2017 and 2012 annual reports of Best Buy. (All amounts are in millions.)

Question #1 Here are selected 2020 transactions of Akron Corporation. Jan 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $62,000 and had a useful life of 10 years with no salvage value Jun 30 Sold a computer that was purchased on January 1, 2018. the computer cost $36,000 and had a useful life of 3 years with no salvage value. The computer was sold for $5,000 cash. Dec 31 Sold a delivery truck for $9,000 cash. The truck cost $25,000 when it was purchased on January 1, 2017, and was depreciated based on a 5-year useful life with a $4,000 salvage value. Required Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Akron Corporation uses straight-line depreciation.Required Using the data above, answer the following questions. 1. How might the return on assets and asset turnover of Best Buy differ from an online retailer? 2. Compute the profit margin, asset turnover, and return on assets for 2017 and 2012. 3. Discuss the implications of the ratios calculated in part (2).Question #2 The March 29, 2012, edition of the Wall Street Journal Online contains an article by Miguel Bustillo entitled, "Best Buy Forced to Rethink Big Box." The article explains how the 1,100 giant stores, which enabled Best Buy to obtain its position as the largest retailer of electronics, are now reducing the company's profitability and even threatening its survival. The problem is that many customers go to Best Buy stores to see items but then buy them for less from online retailers. As a result, Best Buy recently announced that it would close 50 stores and switch to smaller stores. However, some analysts think that these changes are not big enough. Suppose the following data were extracted from the 2017 and 2012 annual reports of Best Buy. (All amounts are in millions.) 2017 2016 2012 2011 Total assets at year-end $17,849 $18,302 $11,864 $10,294 Net sales 50,272 30,848 Net income 1,277 1,140Suppose the following data were extracted from the 2017 and 2012 annual reports of Best Buy. (All amounts are in millions.) 2017 2016 2012 2011 Total assets at year-end $17,849 $18,302 $11,864 $10,294 Net sales 50,272 30,848 Net income 1,277 1,140