A company's trial balance as of December 31, 2023, shows the following account balances:

Account	Debit ($)	Credit ($)
Cash	$40,000	-
Accounts Receivable	$30,000	-
Inventory	$20,000	-
Prepaid Insurance	$5,000	-
Equipment	$100,000	-
Accumulated Depreciation	-	$10,000
Accounts Payable	-	$15,000
Salaries Payable	-	$5,000
Common Stock	-	$50,000
Retained Earnings	-	$25,000
Sales Revenue	-	$150,000
Cost of Goods Sold	$60,000	-
Rent Expense	$10,000	-
Salaries Expense	$30,000	-
Utilities Expense	$5,000	-
Depreciation Expense	$5,000	-
Interest Expense	$2,000	-
Income Tax Expense	$8,000	-

Using the trial balance provided: a. Prepare a classified balance sheet as of December 31, 2023. b. Calculate the net income for the year ended December 31, 2023. c. Compute the current ratio and discuss its implications for liquidity.