Apex, Inc., had Sales Revenue of $47 million, Sales Returns and Allowances of $2 million and Sales Discounts of $0.5 million in 2010. Cost of goods sold was $24 million, and net income was $7 million for the year. At December 31, the company had total assets of $36 million of which total current assets amounted to $15 million. Apex’s current liabilities were $9 million and its long-term liabilities were $4 million.

Requirement 1. Compute Apex’s gross profit percentage and current ratio for 2010.