Question: Use the following selected data from Success Systems' income statement for the three months ended March 31, 2014, and from its March 31, 2014, balance
Use the following selected data from Success Systems' income statement for the three months ended March 31, 2014, and from its March 31, 2014, balance sheet to complete the requirements below:
Computer services revenue, $28,584
Net sales (of goods), $20,574
Total sales and revenue, $49,158
Cost of goods sold, $12,816
Net income, $19,536
Quick assets, $88,112
Current assets, $97,840
Total assets, $123,232
Current liabilities, $715
Total liabilities, $715
Total equity, $122,517.
| 1. | Compute the gross margin ratio. (Both with and without services revenue) and net profit margin ratio.(Round your answers to 1 decimal place.) |
What is Gross Margin Ratio With Services Revenue?_____%
What is Gross Margin Ratio Without Services Revenue?_____%
What is Net profit margin ratio? ______%
| 2. | Compute the current ratio and acid-test ratio. (Round your answers to 1 decimal place.) |
Current ratio is?
Acid-Test ratio is?
| 3. | Compute the debt ratio and equity ratio. (Round your answers to 1 decimal place.) |
Debt ratio is ____%?
Equity ratio is____%?
| 4. | What percent of its assets are current? What percent are long term? (Round your answers to the nearest whole percentage.) |
Current assets is _____%?
Long-term assets is ____%?
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