GHI Corp. has the following balance sheet as of December 31, 2012: Cash: $50,000 Accounts receivable: $100,000 Inventory: $150,000 Property, plant, and equipment: $500,000 Accumulated depreciation: ($100,000) Total assets: $700,000 Accounts payable: $100,000 Accrued expenses: $50,000 Notes payable (due in 3 years): $200,000 Common stock: $200,000 Retained earnings: $150,000 Total liabilities and equity: $700,000 During the year ending December 31, 2013, GHI Corp. had the following transactions: Sales revenue: $1,000,000 Cost of goods sold: $500,000 Operating expenses: $300,000 Interest expense: $50,000 Income tax expense: $100,000 Purchased new equipment for $150,000 Paid $50,000 in dividends to shareholders Calculate the following financial data for GHI Corp.: a. Gross profit for 2013 b. Operating profit for 2013 c. Net profit for 2013 d. Total assets as of December 31, 2013 e. Debt-to-equity ratio as of December 31, 2013

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