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Use the following select data from Lincoln Corporation's income statement for the three months ended March 31, 2022, and from its March 31, 2022,
Use the following select data from Lincoln Corporation'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 $25,307 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 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 current ratio and acid-test ratio (round to one decimal). 3. Compute the debt ratio and equity ratio (round the percent to one decimal). 4. What percent of its assets are current? What percent are long term? Round percentages to one decimal.
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