Serial Problem 2 - Question 2

Selected ledger account balances for Business Solutions follow.

	For Three Months Ended December 31, 2021	For Three Months Ended March 31, 2022
Office equipment	$ 7,700	$ 7,700
Accumulated depreciationOffice equipment	385	770
Computer equipment	20,000	20,000
Accumulated depreciationComputer equipment	1,250	2,500
Total revenue	32,134	44,500
Total assets	82,660	121,668

Required: 1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2022. Compute amounts for the year ended December 31, 2022, for Depreciation expenseOffice equipment and for Depreciation expenseComputer 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, 2022? 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2022.