For Phi Enterprises, the financial details are as follows:
•Revenue: $27 million
•Cost of Goods Sold: $15 million
•Operating Expenses: $6 million
•Net Income: $2.7 million
•Total Assets: $37 million
•Total Liabilities: $14 million
•Requirements:
oCalculate the gross profit.
oDetermine the operating profit.
oCompute the return on assets (ROA) and the current ratio (assuming current liabilities are $3.7 million and current assets are $7.4 million).