SERIAL PROBLEM

Business Solutions P$3$

Alexander Image$/$Shutterstock

Serial problem began in Chapter $1.$ If previous chapter segments were not completed, the serial problem can begin at this point. It is available in Connect with an algorithmic option.

SP $13$ Use the following selected data from Business Solutions's income statement for the three months ended March $31,2022,$ and from its March $31,2022,$ balance sheet to complete the requirements.

$\backslash$table$[[$Computer services revenue..,$$25,307,$Net income.,$$18,833,$Current liabilities.,$$,875],[$Net sales $($of goods$).,18,693,$Quick assets...,$90,924,$Total liabilities,,$875],[$Total sales and revenue.,$44,000,$Current assets $.,95,568,$Total equity.,,$9,393],[$Cost of goods sold.,$14,052,$Total assets,$120,268,,,]]$

Required

Compute the gross margin ratio $($both with and without services revenue$)$ and net profit margin ratio $($round the percent to one decimal$).$

Compute the current ratio and acid$-$test ratio $($round to one decimal$).$

Compute the debt ratio and equity ratio $($round the percent to one decimal$).$

What percent of its assets are current? What percent are long term? Round percents to one decimal.