WXY Corporation, a beverage company, reports the following data for the year ended December 31, 2023:

Net Sales: $35,000,000

Cost of Goods Sold: $20,000,000

Operating Expenses: $10,000,000

Depreciation Expense: $1,500,000

Interest Expense: $500,000

Income Tax Expense: $1,000,000

Total Current Assets: $8,000,000

Total Current Liabilities: $3,500,000

Total Assets: $25,000,000

Requirements:

Prepare an income statement for WXY Corporation for the year ended December 31, 2023.

Calculate the gross profit margin.

Determine the net profit margin.

Compute the current ratio.

Calculate the return on equity (ROE) assuming total equity of $15,000,000.