Sunny Day Sunlamps, Inc., had Sales Revenue of $53 million, Sales Returns and Allowances of $2 million, and Sales Discounts of $0.3 million in 2010. Cost of goods sold was $23 million, and net income was $12 million for the year. At December 31, the company had total assets of $33 million of which total current assets amounted to $13 million. Sunny Day Sunlamps’ current liabilities were $7 million and its long-term liabilities were $4 million.

Requirement 1. Compute Sunny Day Sunlamps’ gross profit percentage and current ratio for 2010.