The following financial data pertains to Walmart Inc. for the year ending December 31, 2023:

• Sales: $19,000,000
• Cost of goods sold: $13,500,000
• Gross profit: $5,500,000
• Operating expenses: $4,700,000
• Net income: $1,000,000
• Dividends declared: $700,000
• Cash: $2,400,000
• Accounts receivable: $2,000,000
• Inventory: $1,600,000
• Property, plant, and equipment: $8,000,000
• Accumulated depreciation: $1,800,000
• Accounts payable: $1,400,000
• Common stock: $7,000,000
• Retained earnings: $3,000,000

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.