UOP Corporation’s financial records at the end of the year included the following amounts:

Cash: $95,000

Accounts Receivable: $55,000

Inventory: $25,000

Accounts Payable: $12,000

Notes Payable: $10,000

Retained Earnings (beginning of the year): $30,000

Common Stock: $70,000

Sales Revenue: $140,000

Cost of Goods Sold: $65,000

Operating Expenses: $28,000

Interest Expense: $6,000

Income Tax Expense: $8,000

Requirements:

Compute the gross profit.

Calculate the net income for the year.

Determine the ending retained earnings.

Calculate the current ratio.

Compute the debt ratio.