The financial data for Procter & Gamble for the year ended June 30, 2024, is as follows:

• Total revenue: $12,000,000
• Cost of goods sold: $7,000,000
• Gross profit: $5,000,000
• Operating expenses: $3,200,000
• Net income: $1,300,000
• Dividends declared: $350,000
• Cash: $1,200,000
• Accounts receivable: $900,000
• Inventory: $700,000
• Total assets: $6,000,000
• Total liabilities: $3,200,000
• Common stock: $5,000,000
• Retained earnings: $1,700,000

Instructions:

1. Prepare an income statement for the year ended June 30, 2024.
2. Prepare a statement of retained earnings for the year.
3. Calculate the earnings per share if there are 250,000 shares outstanding.
4. Determine the current ratio.
5. Compute the return on equity (ROE).