QRS Corporation, a construction company, reports the following financial data for the year ended December 31, 2023:

Net Sales: $20,000,000

Cost of Goods Sold: $12,000,000

Operating Expenses: $5,000,000

Depreciation Expense: $600,000

Interest Expense: $250,000

Income Tax Expense: $500,000

Cash and Cash Equivalents: $800,000

Accounts Receivable: $2,000,000

Inventory: $1,500,000

Total Current Liabilities: $2,500,000

Total Equity: $8,000,000

Requirements:

Prepare an income statement for QRS Corporation for the year ended December 31, 2023.

Calculate the gross profit margin.

Determine the operating profit.

Compute the quick ratio.

Calculate the return on equity (ROE).