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Serial Problem 2 - Question 6 Use the following selected data from Business Solutionss income statement for the three months ended March 31, 2022, and

Serial Problem 2 - Question 6

Use the following selected data from Business Solutionss 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 $ 27,009
Net sales (of goods) 18,264
Total sales and revenue 45,273
Cost of goods sold 14,312
Net income 18,849
Quick assets 91,968
Current assets 96,736
Total assets 120,400
Current liabilities 760
Total liabilities 760
Total equity 119,640

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?

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