Loose Leaf for Financial Accounting: Information for Decisions
9th Edition
ISBN: 9781260158762
Author: John J Wild
Publisher: McGraw-Hill Education
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These items are taken from the financial statements of Crane Company at December 31, 2022.
Buildings
$133,308
Accounts receivable
15,876
Prepaid insurance
4,032
Cash
14,918
Equipment
103,824
Land
77,112
Insurance expense
983
Depreciation expense
6,678
Interest expense
3,276
Common stock
75,600
Retained earnings (January 1, 2022)
50,400
Accumulated depreciation-buildings
57,456
Accounts payable
11,970
Notes payable
117,936
Accumulated depreciation-equipment
23,587
Interest payable
4,536
Service revenue
18,522
Selected ledger account balances for Business Solutions follow. For Three Months Ended
December 31, 2021 For Three Months Ended March 31, 2022 Office equipment $ 7,200 $
7,200 Accumulated depreciation Office equipment 360 720 Computer equipment
22,000 22,000 Accumulated depreciation-Computer equipment 1, 375 2,750 Total revenue
31,584 45, 100 Total assets 83, 060 120, 468 Required: 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 expense-Office equipment and for
Depreciation expense-Computer equipment (assume use of the straight-line method).
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? Compute the three month total asset
turnover for Business Solutions as of March 31, 2022.
Selected ledger account balances for Business Solutions follow.
For Three Months
Ended December 31, 2019
For Three Months
Ended March 31, 2020
2$
Office equipment
Accumulated depreciation-Office equipment
Computer equipment
Accumulated depreciation-Computer equipment
Total revenue
$ 8,400
8,400
420
840
20,000
1,250
31,984
83,560
20,000
2,500
44,500
120,368
Total assets
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 (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, 2020?
3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2020.
Complete this question by entering your answers in the tabs below.
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Chapter 8 Solutions
Loose Leaf for Financial Accounting: Information for Decisions
Ch. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Identify events that might lead to disposal of a...Ch. 8 - Prob. 9DQCh. 8 - Prob. 10DQ
Ch. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Prob. 14DQCh. 8 - Prob. 15DQCh. 8 - Prob. 16DQCh. 8 - Prob. 17DQCh. 8 - Prob. 18DQCh. 8 - Refer to the December 31, 2016, balance sheet of...Ch. 8 - Prob. 20DQCh. 8 - Prob. 1QSCh. 8 - Prob. 2QSCh. 8 - Prob. 3QSCh. 8 - Prob. 4QSCh. 8 - Prob. 5QSCh. 8 - Prob. 6QSCh. 8 - Prob. 7QSCh. 8 - Prob. 8QSCh. 8 - Prob. 9QSCh. 8 - Prob. 10QSCh. 8 - Identify the following assets a through i as...Ch. 8 - Prob. 12QSCh. 8 - Prob. 13QSCh. 8 - Caleb Co. owns a machine that costs $42,400 with...Ch. 8 - Prob. 15QSCh. 8 - Prob. 16QSCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Prob. 14ECh. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 17ECh. 8 - Prob. 18ECh. 8 - Prob. 19ECh. 8 - Prob. 20ECh. 8 - Prob. 21ECh. 8 - Prob. 22ECh. 8 - Prob. 23ECh. 8 - On January 2, 2018, Bering Co. disposes of a...Ch. 8 - Prob. 25ECh. 8 - Prob. 26ECh. 8 - Timberly Construction negotiates a lump-sum...Ch. 8 - Prob. 2PSACh. 8 - Prob. 3PSACh. 8 - Prob. 4PSACh. 8 - Prob. 5PSACh. 8 - Onslow Co. purchases a used machine for $178,000...Ch. 8 - Prob. 7PSACh. 8 - Prob. 8PSACh. 8 - Prob. 2PSBCh. 8 - Prob. 4PSBCh. 8 - Prob. 5PSBCh. 8 - Prob. 6PSBCh. 8 - Prob. 7PSBCh. 8 - Prob. 8PSBCh. 8 - Selected ledger account balances for Business...Ch. 8 - Prob. 3FSACh. 8 - Prob. 5BTN
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