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 Current assets Total assets Current liabilities Total liabilities Total equity $ 27,625 21,885 49,510 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? Gross margin ratio Net profit margin ratio 12,412 18,498 91,376 96,480 122,920 Complete this question by entering your answers in the tabs below. 930 930 121,990 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. % 37.3 % With Service Without Service Revenue Revenue 43.2 % Required 1 Required 2 >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Current assets
Total assets
Current liabilities
Total liabilities
Total equity
$ 27,625
21,885
49,510
12,412
18,498
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.
Required 1 Required 2
91,376
96,480
122,920
3. Compute the debt ratio and equity ratio.
4. What percent of its assets are current? What percent are long term?
930
930
121,990
Complete this question by entering your answers in the tabs below.
Gross margin ratio
Net profit margin ratio
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.
37.3 %
With Service Without Service
Revenue
Revenue
43.2 %
Required 1
Required 2 >
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 Current assets Total assets Current liabilities Total liabilities Total equity $ 27,625 21,885 49,510 12,412 18,498 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. Required 1 Required 2 91,376 96,480 122,920 3. Compute the debt ratio and equity ratio. 4. What percent of its assets are current? What percent are long term? 930 930 121,990 Complete this question by entering your answers in the tabs below. Gross margin ratio Net profit margin ratio 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. 37.3 % With Service Without Service Revenue Revenue 43.2 % Required 1 Required 2 >
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