Sunny Day Sunlamps, Inc. had sales revenue of $53 million, sales returns and allowances of $2 million, and sales discounts of $0.3 million in 2013. Cost of goods sold was $23 million, and net income was $12 million for the year. At December 31, the company had total assets of $33 million, of which total current assets amounted to $13 million. Sunny Day Sunlamps’ current liabilities were $7 million and its long-term liabilities were $4 million.
Requirement
Compute Sunny Day Sunlamps’ gross profit percentage and current ratio for 2013.