The following data is from the quarterly report of Facebook, Inc. for the period ending March 31, 2024:

• Total revenue: $1,800,000
• Cost of goods sold: $900,000
• Gross profit: $900,000
• Operating expenses: $400,000
• Net income: $350,000
• Cash: $150,000
• Accounts receivable: $200,000
• Inventory: $100,000
• Total assets: $2,500,000
• Total liabilities: $1,200,000
• Common stock: $800,000
• Retained earnings: $500,000

Instructions:

1. Prepare a quarterly income statement for the period ending March 31, 2024.
2. Prepare a statement of retained earnings for the quarter.
3. Calculate the earnings per share if there are 50,000 shares outstanding.
4. Determine the company’s total equity.
5. Compute the quick ratio.