Telecom Inc. reports the following year-end figures:

• Cash: $150,000
• Accounts Receivable: $65,000
• Inventory: $90,000
• Accounts Payable: $45,000
• Notes Payable: $30,000
• Long-Term Debt: $200,000
• Common Stock: $250,000
• Retained Earnings, beginning of year: $100,000
• Sales Revenue: $600,000
• Cost of Goods Sold: $350,000
• Operating Expenses: $150,000
• Interest Expense: $20,000
• Tax Expense: $25,000

Requirements:

1. Calculate the net income for Telecom Inc.
2. Determine the gross profit margin.
3. Compute the total equity.
4. Find the ending retained earnings.