Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2022, and from itsMarch 31, 2022, balance sheet to complete the requirements.Computer services revenueNet sales (of goods)Total sales and revenueCost of goods soldNet incomeQuick assets$ 25,86818,11443,98215,83420,10690,780Current assets95,768Total assets123,024Current liabilities1,035Total liabilities1,035121,989Total equityRequired: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?Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3 Required 4Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio.Note: Round your percentage answers to 1 decimal place.Without ServiceGross margin ratioNet profit margin ratioWith ServiceRevenue96%Revenue% Required 1Required 2Required 3Required 4Compute the current ratio and acid-test ratio.Note: Round your answers to 1 decimal place.Current ratioAcid-test ratio

Gross margin:The difference between revenue earned and cost of goods sold. It is revenue earned by…

Answered: Computer services revenue Net sales (of…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 3E

See similar textbooks

Similar questions

The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
The following select account data is taken from the records of Carnival Express for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
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 Net sales (of goods) Total sales and revenue Cost of goods sold Net income Quick assets Current assets Total assets Current liabilities Total liabilities Total equity 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? Required 1 Required 2 Complete this question by entering your answers in the tabs below. $ 27,275 19,083 46,358 12,572 18,807 89,252 97,520 123,464 Gross margin ratio Net profit main ratio 885 885 122,579 Required 3 Required 4 Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. Note:…
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 $ 25, 364 Net sales (of goods) 18, 138 Total sales and revenue 43, 502 Cost of goods sold 15, 644 Net income 19, 551 Quick assets 90, 356 Current assets 97, 288 Total assets 121, 816 Current liabilities 820 Total liabilities 820 Total equity 120, 996 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?
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 $ 28,668 Net sales (of goods) 20,628 Total sales and revenue 49,296 Cost of goods sold 12,624 Net income 18,450 Quick assets 88,812 Current assets 95,720 Total assets 122,032 Current liabilities 1,110 Total liabilities 1,110 Total equity 120,922 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 longterm? SOLVE ALL OTHERWISE LEAVE PLEASE DO NOT GIVE ANSWER IN IMAGE
Direction: The following list of accounts for Pazado, Inc is available at the end of December 2020. Make a summary of Income Statement from the given information below with the following required data. 1. Calculate the turnover/ROI 2. Calculate the consumption of goods for sale 3. Prepare the Income Statement of Pazado, Inc for year 2020. Sales Rent Expense Depreciation Expense Utilities Expense Taxes and Licenses Goods Available for Sale Merchandise, Inventory, January 31 Salaries Expense Freight, out Uncollectible Accounts Sales Discount Sales Returns and Allowance 902,000 30,000 11,250 18,000 15,000 714,900 102,000 50,000 3.920 19,100 5,000 13,000
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities. 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 51,166 43,558 32,628 112,283 83,794 80,341 52,649 14,943 10,793 $ 65,398 $ 41,856 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 S % $ 57,843 0 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021…
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 Net sales (of goods) Total sales and revenue Cost of goods sold Net income Quick assets Current assets Total assets Current liabilities Total liabilities. Total equity Required 1 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? Required 2 Required 3 $ 27,912 19,428 47,340 13,820 Complete this question by entering your answers in the tabs below. 19,716 89,940 95,224 118,824 Gross margin ratio Net profit margin ratio 1,110 1,110 117,714 % % Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. Note:…
6. The following is the adjusted trial balance data for Nino's Pizzenia as of December 31, 2019. NINO'S PIZZERIA Adjusted Trlal Balance Year Ended December 31,2019 Debit Credit S 775,984 45,688 200,460 135,624 Cash Accounts Receivable Buildings Merchandise Inventory Accounts Payable Common Stock Sales Interest Revenue Rent Revenue Sales Salaries Expense office Supplies Expense Sales Discounts Interest Expense Sales Returns and Allowances, Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals $437,880 410,542 555,696 84,652 86,900 24,500 6,270 102,890 4,577 105.854 122,853 20.000 10.555 2,780 17:635 $1,575,670 $1,575,670
Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns cost of goods sold Sales discounts Selling expenses Use the above information to prepare the gross profit section of a multiple-step income statement. VITAMIX $ 88,000 118,000 31,000 13,800 87,000 4,800 52,000 Income Statement For Year Ended December 31 $ 0 0 0
Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 33,964 43,558 21,356 112,283 80,341 14,943 $ 65,398 $ 41,856 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 $ 57,843 0 51,166 32,628 83,794 52,649 10,793 $ 23,890 66,000 $ 20,253 Common stock 66,000 Other paid-in capital 8,250 Retained earnings 41,423 Total liabilities and equity $…
Data for Micatin Designs, Inc. follow: Data table Micatin Designs, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 2024 2023 Net Sales Revenue $429,000 $374,000 Expenses: Cost of Goods Sold 201,000 187,000 Selling and Administrative Expenses 97,450 92,750 Other Expenses 8,500 3,250 Total Expenses 306,950 283,000 Net Income $122,050 $91,000 . Requirements 1. Prepare a comparative common-size income statement for Micatin Designs, Inc. using the 2024 and 2023 data. Round percentages to one-tenth percent. 2. To an investor, how does 2024 compare with 2023? Explain your reasoning.

SEE MORE QUESTIONS

Recommended textbooks for you

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS