The following financial data pertains to General Electric for the year ending December 31, 2023:

• Sales: $16,000,000
• Cost of goods sold: $10,500,000
• Gross profit: $5,500,000
• Operating expenses: $4,500,000
• Net income: $1,000,000
• Dividends declared: $500,000
• Cash: $1,800,000
• Accounts receivable: $1,500,000
• Inventory: $1,200,000
• Total assets: $8,000,000
• Total liabilities: $4,000,000
• Common stock: $6,000,000
• Retained earnings: $2,500,000

Instructions:

1. Prepare an income statement for the year ended December 31, 2023.
2. Prepare a statement of retained earnings for the year.
3. Calculate the gross profit percentage.
4. Determine the debt-to-equity ratio.
5. Compute the current ratio.