Review the financial statements of TechSolutions Inc. for the years ended December 31, 2023, 2022, and 2021, and answer the following:

TechSolutions Inc. Comparative Income Statements for Years Ended December 31, 2023, 2022, and 2021:

• Sales: 2023: $7,500,000, 2022: $7,000,000, 2021: $6,500,000
• Cost of Goods Sold: 2023: $3,500,000, 2022: $3,200,000, 2021: $3,000,000
• Gross Profit: 2023: $4,000,000, 2022: $3,800,000, 2021: $3,500,000
• Operating Expenses: 2023: $1,800,000, 2022: $1,700,000, 2021: $1,600,000
• Net Income: 2023: $1,500,000, 2022: $1,400,000, 2021: $1,300,000

TechSolutions Inc. Comparative Balance Sheets as of December 31, 2023, 2022, and 2021:

• Total Assets: 2023: $8,500,000, 2022: $8,000,000, 2021: $7,500,000
• Total Liabilities: 2023: $3,500,000, 2022: $3,200,000, 2021: $3,000,000
• Shareholders' Equity: 2023: $5,000,000, 2022: $4,800,000, 2021: $4,500,000

Requirements:

1. Calculate the gross profit margin for each year.
2. Compute the return on assets (ROA) for each year.
3. Determine the net profit margin for each year.
4. Calculate the current ratio for 2023 if current assets are $4,000,000 and current liabilities are $2,500,000.
5. Discuss the company's profitability and leverage over the three years.