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, 2018, and from its March 31, 2018. balance

image text in transcribed
image text in transcribed
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, 2018, and from its March 31, 2018. balance sheet to complete the requirements belowcomputer services revenue, $25,119; net sales (of goods). $18.993: total sales and revenue, $44,112; cost of goods sold, $14.700; net income, $20,352, quick assets, $88,884, current assets, $97,312; total assets, $123,064; current liabilities, $1,045; total liabilities, $1,045, and total equity, $122,019. 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. Reg 1 Reg 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 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. Reg 1 Reg 2 Reg 3 Reg 4 Compute the current ratio and acid-test ratio. (Round your answers to 1 decim Current ratio Acid-test ratio 3. Compute the debt raud and equity ratio. 4. What percent of its assets are current? What percent are long Complete this question by entering your answers in the ta Reg 1 Reg 2 Reg 3 Reg 4 Compute the debt ratio and equity ratio. (Round your percentage Debt ratio Equity ratio

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

Introduction To Management Accounting With Myaccountinglab And

Authors: Alnoor Bhimani, Charles T. Horngren, Gary L. Sundem, William O. Stratton, Jeff Schatzberg, Dave Burgstahler

1st Edition

1292178116, 978-1292178110

More Books

Students also viewed these Accounting questions