Analyzing the annual report of Tech Solutions Inc. for the year ended December 31, 2023, we have the following data:

• Net Sales: $1,500,000
• Cost of Sales: $900,000
• Operating Expenses: $400,000
• Interest Expense: $50,000
• Tax Rate: 30%

Additional Balance Sheet Information:

• Total Assets: $1,000,000
• Total Liabilities: $600,000
• Shareholders' Equity: $400,000

Requirements: a. Calculate the net income for the year 2023. b. Determine the gross profit margin. c. Compute the return on assets. d. Calculate the interest coverage ratio. e. Evaluate the company's financial leverage.