The financial statements for barrington service company include the following items: 2019 2018 cash $ 42 comma 500 $ 48 comma 000 shortminusterm investments 29 comma 000 16 comma 000 net accounts receivable 53 comma 000 56 comma 000 merchandise inventory 161 comma 000 52 comma 000 total assets 535 comma 000 551 comma 000 accounts payable 124 comma 500 129 comma 000 salaries payable 17 comma 000 18 comma 000 longminusterm note payable 58 comma 000 59 comma 000 compute the current ratio for 2018. (round answer to two decimal places.)

Expert computers was started in 2018. the company experienced the following accounting events during its first year of operation: started business when it acquired $40,000 cash from the issue of common stock. purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. paid off one-half of the accounts payable balance within the discount period. sold merchandise on account for $28,000. credit terms were 1/20, n/30. the merchandise had cost expert computers $16,000. collected cash from the account receivable within the discount period. paid $2,100 cash for operating expenses. paid the balance due on accounts payable. the payment was not made within the discount period. required record the events in a horizontal statements model below. in the cash flows column, use the letters oa to designate operating activity, ia for investing activity, fa for financing activity, or nc for net change in cash. if the account is not affected by the event, leave the cell blank. the first event is recorded as an example. what is the amount of gross margin for the period? what is the net income for the period?