Answered step by step
Verified Expert Solution
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,
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 Net sales (of goods) Total sales and revenue Cost of goods sold Net income $ 29,256 21,711 58,967 12,350 19,662 Quick assets 91,212 Current assets 96,696 Total assets 121,728 Current liabilities 1,010 Total liabilities Total equity 1,010 120,718 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?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started