Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help please Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2016, and from its

I need help please

image text in transcribed

image text in transcribed

Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2016, and from its March 31, 2016. balance sheet to complete the requirements below. computer services revenue, $27,555, net sales (of goods), $19,500 total sales and revenue, $47,055, cost of goods sold $14,270; net income, $18,966; quick assets, $89,064, current assets, 595,488; total assets, $118,120, current liabilities, $1,160, total liabilities, $1,160, and total equity, $116,960. Required: 1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. (Round your percentage answers to 1 decimal place.) With Service Revenue Without Service Revenue Gross margin ratio Net profit margin ratio 2. Compute the current ratio and acid-test ratio. (Round your answers to 1 decimal place.) Current ratio Acid-test ratio 3. Compute the debt ratio and equity ratio. (Round your percentage answers to 1 decimal place.) Debt ratio Equity ratio 4. What percent of its assets are current? What percent are long term? (Round your answers to the nearest whole percentage.) Current assets Long-term assets

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions