Reference no: EM132956485

Problem - Use the following selected data from Business Solutions's 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 $25,307

Net sales (of goods) 18,693

Total sales and revenue 44,000

Cost of goods sold 14,052

Net income 18,833

Quick assets 90,924

Current assets 95,568

Total assets 120,268

Current liabilities 875

Total liabilities 875

Total equity 119,393

Required -

1. Compute the gross margin ratio (both with and without services revenue) and net pro?t 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?