Johnson Corporation operates in the manufacturing industry and produces electronic devices. They have provided you with the following information for the year ending December 31, 2023:

1. Beginning inventory: $150,000
2. Ending inventory: $200,000
3. Cost of goods sold: $1,500,000
4. Gross sales revenue: $2,000,000
5. Operating expenses: $400,000
6. Depreciation expense: $50,000
7. Interest expense: $20,000
8. Income tax rate: 30%
9. Accounts receivable balance, beginning of the year: $100,000
10. Accounts receivable balance, end of the year: $120,000
11. Allowance for doubtful accounts, beginning of the year: $5,000 (credit balance)
12. Bad debt expense for the year: $10,000
13. Accounts payable balance, beginning of the year: $80,000
14. Accounts payable balance, end of the year: $100,000

Requirements:

1. Calculate the following financial ratios: a. Gross profit ratio b. Net profit ratio c. Return on assets ratio d. Current ratio e. Quick ratio
2. Prepare the income statement for Johnson Corporation for the year ending December 31, 2023.
3. Prepare the balance sheet for Johnson Corporation as of December 31, 2023.
4. Determine the amount of income tax expense for the year.
5. Prepare the journal entry to record the income tax expense for the year