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?