The income statement and balance sheet for Clark Industries at March 31, 2010, are presented next:

Requirements 1. Calculate the gross profit percentage for Clark Industries for the year.
2. The gross profit percentage for 2009 was 39.1 %. Did the gross profit percent¬ age improve or deteriorate during 2010?
3. Calculate the current ratio for Clark Industries.
4. The current ratio for 2009 was 2.33. Did the current ratio improve or deterio¬ rate during 2010?

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Sales Revenue. Equipment... $275,100 Cost of Goods Sold........ $119,000 27,000 Accumulated Depreciation, Accounts Payable. 16,500 Equipment. 13,000 Sales Discounts. 2,500 Unearned Sales Revenue 2,500 Advertising Expense.. 11,500 Prepaid Rent 5,000 Interest Expense. 700 Office Salaries Expense....... 54,000 Wages Payable.. 1,000 Accumulated Depreciation, Accounts Receivable. 8,800 Building. 52,500 Building... 190,000 Rent Expense. 5,200 Sales Returns and Dividends. 12,000 Allowances 4,900 Cash.. 22,500 Common Stock 35,000 Retained Earnings. 112,800 Utilities Expense. 14,000 Delivery Expense. 1,200 Inventory.. 29,000 Insurance Expense... 10,200 Commission Expense.. 31,700 Mortgage Payable (Long-Term) 42,000 Supplies..... 1,200