Business, 24.04.2020 23:00 kat122402

Use the following selected data from Business Solutions’s income statement for the three months ended March 31, 2018, and from its March 31, 2018, balance sheet to complete the requirements below:

Computer services revenue: $25,287
Net sales (of goods): $20,376
Total sales and revenue: $45,663
Cost of goods sold: $14,304
Net income: $20,718
Quick assets: $88,684
Current assets: $97,856
Total assets: $123,040
Current liabilities: $1,075
Total liabilities: $1,075
Total equity: $121,965.

Required:
a. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio.
b. Compute the current ratio and acid-test ratio.
c. Compute the debt ratio and equity ratio.
d. What percent of its assets are current? What percent are long term?

Answers: 3

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Use the following selected data from Business Solutions’s income statement for the three months ende...

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