Chapter 13 Serial Problem

Use the following selected data from Business Solutionss 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	$	27,156
Net sales (of goods)		21,561
Total sales and revenue		48,717
Cost of goods sold		12,750
Net income		19,743
Quick assets		88,868
Current assets		95,936
Total assets		120,408
Current liabilities		915
Total liabilities		915
Total equity		119,493

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?