MNO Tech's financial data for the year includes:

Cash: $75,000

Accounts Receivable: $50,000

Inventory: $25,000

Accounts Payable: $12,000

Salaries Payable: $5,000

Notes Payable: $10,000

Common Stock: $90,000

Retained Earnings (beginning of the year): $45,000

Sales Revenue: $130,000

Cost of Goods Sold: $70,000

Operating Expenses: $25,000

Interest Expense: $3,000

Income Tax Expense: $8,000

Requirements:

Calculate the gross profit.

Determine the net income for the year.

Calculate the current ratio.

Compute the quick ratio.

Determine the debt-to-equity ratio.