Use the following selected data from Success Systems' income statement for the three months ended March 31, 2014, and from its March 31, 2014, balance sheet to complete the requirements below: Computer services revenue $29,221 Net sales (of goods) $18,480 Total sales and revenue $47,701 Cost of goods sold $15,344 Net income $19,179 Quick assets $88,668 Current assets $96,904 Total assets $123,448 Current liabilities $970 Total liabilities $970 $122,478 Total equity Required: Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. (Round your answers to 1 decimal place.)

Principles of Accounting Volume 2
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ISBN:9781947172609
Author:OpenStax
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Chapter9: Responsibility Accounting And Decentralization
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Use the following selected data from Success Systems' income statement for the three months ended March 31, 2014, and from its March
31, 2014, balance sheet to complete the requirements below:
Computer services revenue $29,221
Net sales (of goods)
$18,480
Total sales and revenue
$47,701
Cost of goods sold
$15,344
Net income
$19,179
Quick assets
$88,668
Current assets
$96,904
Total assets
$123,448
Current liabilities
$970
Total liabilities
$970
$122,478
Total equity
Required:
Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. (Round your answers to 1 decimal
place.)
Transcribed Image Text:Use the following selected data from Success Systems' income statement for the three months ended March 31, 2014, and from its March 31, 2014, balance sheet to complete the requirements below: Computer services revenue $29,221 Net sales (of goods) $18,480 Total sales and revenue $47,701 Cost of goods sold $15,344 Net income $19,179 Quick assets $88,668 Current assets $96,904 Total assets $123,448 Current liabilities $970 Total liabilities $970 $122,478 Total equity Required: Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. (Round your answers to 1 decimal place.)
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