ABC Manufacturing has provided the following financial information:

Cash: $55,000

Accounts Receivable: $22,000

Supplies: $4,000

Accounts Payable: $8,000

Salaries Payable: $3,000

Common Stock: $50,000

Retained Earnings (beginning of the year): $25,000

Service Revenue: $70,000

Wages Expense: $15,000

Advertising Expense: $5,000

Rent Expense: $6,000

Requirements:

Compute the net income for the year.

Determine the ending retained earnings.

Calculate the quick ratio.

Compute the total liabilities and equity.