VWX Enterprises presents the following financial data:

Cash: $50,000

Accounts Receivable: $30,000

Prepaid Expenses: $5,000

Supplies: $7,000

Accounts Payable: $9,000

Salaries Payable: $3,000

Common Stock: $60,000

Retained Earnings (beginning of the year): $20,000

Service Revenue: $90,000

Wages Expense: $18,000

Supplies Expense: $6,000

Rent Expense: $8,000

Utilities Expense: $3,000

Interest Expense: $2,000

Income Tax Expense: $5,000

Requirements:

Calculate the net income for the year.

Determine the ending retained earnings.

Compute the current ratio.

Calculate the quick ratio.

Determine the total assets.