SP $13$ Serial Problem Business Solutions $($Algo$)$ LO P$3$

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.

Computer services revenue $ $28,437$

Net sales $($of goods$)20,067$

Total sales and revenue $48,504$

Cost of goods sold $13,332$

Net income $19,305$

Quick assets $88,064$

Current assets $97,608$

Total assets $123,608$

Current liabilities $710$

Total liabilities $710$

Total equity $122,898$

Required:

Compute the gross margin ratio $($both with and without services revenue$)$ and net profit margin ratio.

Compute the current ratio and acid$-$test ratio.

Compute the debt ratio and equity ratio.

What percent of its assets are current? What percent are long term?