Homework Help is Here – Start Your Trial Now!
Business
Accounting
SP 13 Serial Problem Business Solutions (Algo) LO P3 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 incone Quick assets Current assets. Total assets Current liabilities Total liabilities. Total equity $ 26,309 21,372 47,681 13,476 18,582 91,156 95,144 122,720 755 755 121,965 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.

SP 13 Serial Problem Business Solutions (Algo) LO P3 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 incone Quick assets Current assets. Total assets Current liabilities Total liabilities. Total equity $ 26,309 21,372 47,681 13,476 18,582 91,156 95,144 122,720 755 755 121,965 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku 

Book 0 erences Computer services revenue Net sales (of goods). Total sales and revenue Cost of goods sold i Net income Quick assets Current assets Total assets Current liabilities Total liabilities. Total equity $ 26,309 21,372 47.681 13,476 18,582 Required 1 91,156 95,144 122,720 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. Current ratio Acid-test ratio 755 755 121,965 Complete this question by entering your answers in the tabs below. Required 2 Compute the current ratio and acid-test ratio. Note: Round your answers to 1 decimal place. < Required 1 Required 3 >
Transcribed Image Text:Book 0 erences Computer services revenue Net sales (of goods). Total sales and revenue Cost of goods sold i Net income Quick assets Current assets Total assets Current liabilities Total liabilities. Total equity $ 26,309 21,372 47.681 13,476 18,582 Required 1 91,156 95,144 122,720 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. Current ratio Acid-test ratio 755 755 121,965 Complete this question by entering your answers in the tabs below. Required 2 Compute the current ratio and acid-test ratio. Note: Round your answers to 1 decimal place. < Required 1 Required 3 >
SP 13 Serial Problem Business Solutions (Algo) LO P3 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 incone Quick assets Current assets Total assets Current liabilities Total liabilities. Total equity $ 26,309 21,372 47,681 13,476 18,582 91,156 95,144 122,720 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. Gross margin ratio Net profit margin ratio 755 755 121,965 Complete this question by entering your answers in the thaoelow. Required 1 Required 2 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. % % With Service Without Service Revenue Revenue 1% Required 1 Required 2 >
Transcribed Image Text:SP 13 Serial Problem Business Solutions (Algo) LO P3 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 incone Quick assets Current assets Total assets Current liabilities Total liabilities. Total equity $ 26,309 21,372 47,681 13,476 18,582 91,156 95,144 122,720 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. Gross margin ratio Net profit margin ratio 755 755 121,965 Complete this question by entering your answers in the thaoelow. Required 1 Required 2 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. % % With Service Without Service Revenue Revenue 1% Required 1 Required 2 >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS