Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2020, and from its March 31, 2020, balance

image text in transcribed
image text in transcribed
image text in transcribed
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, 2020, and from its March 31, 2020, balance sheet to complete the requirements Computer services revenue Not sales of goods) Total sales and revenue Coat of ads sold Not income Quick assets Current sets Total Current liabilities Total Tulitis Total equity $ 29, 130 19, 484 40534 16,022 19,278 91,722 05, 192 110.BD 1.130 1.130 117,700 Required: 1. Compute the gross margin ratio both with and without services fovenon and net promargin 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 ore long term Complete this question by entering your answers in the tabs below DULULLLLLLS Total liabilities Total equity Po 1,130 117,766 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? Complete this question by entering your answers in the tabs below. Req 1 Req 2 Reg 3 Reg 4 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 Req 2 > Req 1 Req 2 Req3 Reg 4 Compute the current ratio and acid-test ratio. (Round your answers to 1 decimal place.) Current ratio Acid-test ratio Reg 1 Req 2 Req3 Reg 4 Compute the debt ratio and equity ratio. (Round your percentage answers to 1 decimal plec % Debt ratio Equity ratio % Req 1 Req 2 Req3 Req 4 What percent of its assets are current? What percent are long term? (Round your answers to the ne % Current assets Long-term assets % & Roq 3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Horngrens Accounting

Authors: Tracie Miller Nobles, Brenda Mattison

13th Edition

0135982235, 9780135982235

More Books

Students also viewed these Accounting questions

Question

5. Give examples of binary thinking.

Answered: 1 week ago