NMO Enterprises presents the following financial data:

Cash: $80,000

Accounts Receivable: $45,000

Prepaid Expenses: $7,000

Supplies: $7,000

Accounts Payable: $10,000

Salaries Payable: $5,000

Common Stock: $90,000

Retained Earnings (beginning of the year): $30,000

Service Revenue: $115,000

Wages Expense: $30,000

Supplies Expense: $6,000

Rent Expense: $8,000

Utilities Expense: $4,000

Interest Expense: $3,000

Income Tax Expense: $8,000

Requirements:

Calculate the net income for the year.

Determine the ending retained earnings.

Compute the current ratio.

Calculate the quick ratio.

Determine the total assets.