Transport Inc. has the following financial data at year-end:

• Cash: $75,000
• Accounts Receivable: $45,000
• Inventory: $65,000
• Prepaid Insurance: $5,000
• Accounts Payable: $20,000
• Short-Term Debt: $15,000
• Long-Term Debt: $80,000
• Common Stock: $130,000
• Retained Earnings, beginning of year: $60,000
• Sales Revenue: $350,000
• Cost of Goods Sold: $210,000
• Operating Expenses: $90,000
• Interest Expense: $5,000
• Tax Expense: $7,000

Requirements:

1. Compute Transport Inc.'s net income.
2. Calculate the current ratio.
3. Determine the total equity.
4. Find the ending retained earnings.