Computer services revenue Net sales (of goods) Total sales and revenue Cost of goods sold Net income Quick assets $ 25,868 18,114 43,982 15,834 20,106 90,780 Current assets 95,768 Total assets 123,024 Current liabilities 1,035 Total liabilities 1,035 Total equity 121,989 Required: 1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. 2. Compute the current ratio and acid-test ratio. 3. Compute the debt ratio and equity ratio. 4. What percent of its assets are current? What percent are long term?
Computer services revenue Net sales (of goods) Total sales and revenue Cost of goods sold Net income Quick assets $ 25,868 18,114 43,982 15,834 20,106 90,780 Current assets 95,768 Total assets 123,024 Current liabilities 1,035 Total liabilities 1,035 Total equity 121,989 Required: 1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. 2. Compute the current ratio and acid-test ratio. 3. Compute the debt ratio and equity ratio. 4. What percent of its assets are current? What percent are long term?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
100%
Transcribed Image Text:Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2022, and from its
March 31, 2022, balance sheet to complete the requirements.
Computer services revenue
Net sales (of goods)
Total sales and revenue
Cost of goods sold
Net income
Quick assets
$ 25,868
18,114
43,982
15,834
20,106
90,780
Current assets
95,768
Total assets
123,024
Current liabilities
1,035
Total liabilities
1,035
121,989
Total equity
Required:
1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio.
2. Compute the current ratio and acid-test ratio.
3. Compute the debt ratio and equity ratio.
4. What percent of its assets are current? What percent are long term?
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3 Required 4
Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio.
Note: Round your percentage answers to 1 decimal place.
Without Service
Gross margin ratio
Net profit margin ratio
With Service
Revenue
96
%
Revenue
%
Transcribed Image Text:Required 1
Required 2
Required 3
Required 4
Compute the current ratio and acid-test ratio.
Note: Round your answers to 1 decimal place.
Current ratio
Acid-test ratio
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