For Xi Enterprises, the financial details are as follows:
•Revenue: $70 million
•Cost of Goods Sold: $40 million
•Operating Expenses: $14 million
•Net Income: $7 million
•Total Assets: $80 million
•Total Liabilities: $32 million
•Requirements:
oCalculate the gross profit.
oDetermine the operating profit.
oCompute the return on assets (ROA) and the current ratio (assuming current liabilities are $8 million and current assets are $16 million).