MANAGERIAL ACCOUNTING FUND. W/CONNECT
5th Edition
ISBN: 9781259688713
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 13, Problem 13SP
This serial Problem began in Chapter 1 and continues through most of the book. If previous chapter segment were not completed. The serial Problem can begin at this point. It is helpful, but not necessary. To use the Working Papers that accompany the book)
P3 SP 13 Use the following selected data from Business Solution’s income statement for the three months ended March 31, 2016. And from its March 31, 2016. Balance sheet to complete the requirements below:
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; and total equity. $119.393.
Required
1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio (Round the percent to one decimal).
2. Compute the
3. Compute the debt ratio and equity ratio (round the percent to one decimal).
4. What percent of its assets are current? What percent arc long term (round the percent to one decimal?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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
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:…
Chapter 13 Solutions
MANAGERIAL ACCOUNTING FUND. W/CONNECT
Ch. 13 - Prob. 1MCQCh. 13 - Prob. 2MCQCh. 13 - Prob. 3MCQCh. 13 - Prob. 4MCQCh. 13 - Prob. 5MCQCh. 13 - Prob. 1DQCh. 13 - Prob. 2DQCh. 13 - Prob. 3DQCh. 13 - Prob. 4DQCh. 13 - Prob. 5DQ
Ch. 13 - Prob. 6DQCh. 13 - Prob. 7DQCh. 13 - Prob. 8DQCh. 13 - Prob. 9DQCh. 13 - Prob. 10DQCh. 13 - Prob. 11DQCh. 13 - Prob. 12DQCh. 13 - Where on the income statement does a company...Ch. 13 - Prob. 14DQCh. 13 - Prob. 15DQCh. 13 - Prob. 16DQCh. 13 - Use Samsungs financial statements in Appendix A to...Ch. 13 - Prob. 1QSCh. 13 - Prob. 2QSCh. 13 - Prob. 3QSCh. 13 - Prob. 4QSCh. 13 - Prob. 5QSCh. 13 - Prob. 6QSCh. 13 - Prob. 7QSCh. 13 - Prob. 8QSCh. 13 - Prob. 9QSCh. 13 - Prob. 1ECh. 13 - Prob. 2ECh. 13 - Prob. 3ECh. 13 - Prob. 4ECh. 13 - Prob. 5ECh. 13 - Prob. 6ECh. 13 - Prob. 7ECh. 13 - Prob. 8ECh. 13 - Prob. 9ECh. 13 - Prob. 10ECh. 13 - Prob. 11ECh. 13 - Prob. 12ECh. 13 - Prob. 13ECh. 13 - Prob. 14ECh. 13 - Prob. 15ECh. 13 - Prob. 1PSACh. 13 - Prob. 2PSACh. 13 - Prob. 3PSACh. 13 - Selected year-end and financial statement of...Ch. 13 - Prob. 5PSACh. 13 - Prob. 6PSACh. 13 - Prob. 1PSBCh. 13 - Prob. 2PSBCh. 13 - Kato Corporation began the month of June with...Ch. 13 - Prob. 4PSBCh. 13 - Prob. 5PSBCh. 13 - Prob. 6PSBCh. 13 - This serial Problem began in Chapter 1 and...Ch. 13 - Refer to Apples financial statements in appendix A...Ch. 13 - Prob. 2BTNCh. 13 - Prob. 3BTNCh. 13 - Prob. 4BTNCh. 13 - Prob. 5BTNCh. 13 - Prob. 6BTNCh. 13 - Prob. 7BTNCh. 13 - Prob. 8BTNCh. 13 - Prob. 9BTN
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Perform the Reperformance or Recalculation procedures to check the mathematical accuracy ofthe Income Statement. What issue did you find? What is the next step? Create a Correctedversion of the Income Statement. Income Statement For the Year Ended For the Year Ended Revenue 3/31/2021 3/31/2022 Sales Revenue: Corporate Accounts $ 353,739.57 $ 343,050.56 Sales Revenues: Storefront $ 80,649.00 $ 91,411.50 Total Sales Revenue $ 434,388.57 $ 434,462.06 Cost of Goods Sold: Ingredients $ 69,736.39 $ 64,645.64 Cost of Goods Sold: Boxes and Cupcake Cups $ 3,875.55 $ 3,755.55 Cost of Goods Sold: Beverages $ 5,466.50 $ 5,681.50 Total COGS $ 76,078.44 $ 74,082.69 Gross Profit $ 358,310.13 $ 360,379.37 Interest Revenue $…arrow_forwardUse 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:…arrow_forwardowing income statement accounts in the popup window, E t for the year. ow for the year. Data Table nt for the year. at below. (Round to the nearest dollar. (Click on the following icon in order to copy its contents into a spreadsheet.) ncome Statement Income Statement Accounts for the Year Ending 2017 Balance nding December 31, 2017 Account Cost of goods sold Interest expense Taxes Revenue Selling, general, and administrative expenses Depreciation $341,000 $75,000 59,600 S743,000 $62,000 $116,000 Print Done %24 %24 %24arrow_forward
- Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 124,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 51,000 16,500 27,000 9,900 4,700 4,500 3,700 $ 6,900 LANSING COMPANY Selected Balance Sheet Accounts Current Year $ 6,500 2,880 5,300 1,060 400 350 400 Prior Year $ 7,600 1,990 6,400 790 250 460 270arrow_forwardRamsworth Ltd. is a wholesale business and you have recently been employed within the position of a credit-based controller within the company. You have just obtained a summary of Ramsworth Ltd’s most recent draft income statement and statement of financial position as follows: Income statement for the year ended 31 December 2020 £000 Sales Revenue 8,649 Cost of Sales (5,106) Gross Profit 3,543 Other Operating Expenses (998) Operating Profit 2,545 Interest (265) Profit before Taxation 2,280 Taxation (570) Profit for the year 1,710 Statement of Financial Position as at 31 December 2020 £000 Non-current assets at cost 6,284 Accumulated depreciation (2,943) 3,341 Current assets Inventories 2,648 Trade receivables 1,428 4,076 Total assets Equity 7,417 Ordinary share capital 2,100 Revenue reserves 2,384 4,484…arrow_forwardForecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…arrow_forward
- Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…arrow_forwardForecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…arrow_forwardMay I ask for an explanation and solution to the question for a better understanding. Thank you! Selected information for Cain Corp. for the year ended December 31, 2021 are as follows: Average days' sales in inventories = 124; Average days' sales in accounting receivable = 48. The average number of days in the operating cycle for 2021 was: a. 172 b. 124 c. 86 d. 76arrow_forward
- Using the “Statement of Income” worksheet, center the financial statement titles across the data below and bold the company name Thom-Pierre Consultants (TPC) Quarterly Schedule of Revenue For the year December 31, 2018 QTR1 QTR2 QTR3 QTR4 2018 Sales 290000 320000 320000 490000 1,420,000 Interest 102500 175000 180000 54000 511,500 Investment Income 13000 9500 10000 20000 52,500 Other 16000 25000 19500 29000 89,500 Total 421,500 529,500 529,500 593,000 2,073,500 Thom-Pierre Consultants (TPC) COMPARITIVE INCOME STATEMENT for years ended 31 December 2018 2019 Revenues and gains *Sales revenue *Interest revenue *Investment Income *Other revenue Total revenue and gains Expenses and losses **Cost of goods sold 460,000 **Selling…arrow_forwardPrepare an income statement using the following information for DL Enterprises for the month of July 2018. Sales revenue $62,500 Rental revenue 15,400 Product expense 52,000 Wages expense 18,900 Owner investment 12,000 Equipment purchases 56,000 Utilities expense 1,700 Taxes expense 400 DL Enterprises Income Statement For the Month Ended July 31, 2018 Revenue: Total Revenue Expenses: Total Expenses Net Incomearrow_forwardThe 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.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License