For Lambda Inc., the financial details are as follows:
•Revenue: $60 million
•Cost of Goods Sold: $35 million
•Operating Expenses: $12 million
•Net Income: $6 million
•Total Assets: $70 million
•Total Liabilities: $28 million
•Requirements:
oCalculate the gross profit.
oDetermine the operating profit.
oCompute the return on assets (ROA) and the current ratio (assuming current liabilities are $7 million and current assets are $14 million).