ABC Inc.'s financial statements show the following:

• Cash: $50,000
• Accounts Receivable: $25,000
• Supplies: $3,000
• Accounts Payable: $10,000
• Notes Payable: $5,000
• Retained Earnings, beginning of year: $15,000
• Common Stock: $40,000
• Revenue: $75,000
• Wage Expense: $8,000
• Rent Expense: $5,000
• Utilities Expense: $2,000
• Advertising Expense: $3,500

Requirements:

1. Calculate the net income for ABC Inc.
2. Find the total current liabilities.
3. Compute the quick ratio.
4. Calculate the ending retained earnings.