The following values relate to various ratios determined for a sole trader, A. Solve, for the year ended 30 June 2017. At that date, the total assets in the statement of financial position was $1 200 000. The ratios relate to the accounts either in respect of the 12-month period or at the date of the statement of financial position for the end of the period.

1.   Profit to total assets                                           15%

2.   Current ratio                                                       2.5:1

3.   Acid-test ratio                                                      2:1

4.   Credit sales to trade accounts receivable      7.5:1

5.   Gross profit to total sales                                 25%

6.   Trade accounts payable to purchases            40%

7.   Credit sales to total sales                                 75%

8.   Profit margin                                                      10%

9.   Profit to equity (commencement of year)     30%

10. Non-current assets to current assets            10%

Required

Assuming there are no prepaid expenses and that trade accounts payable are the only liability, and rounding answers to the nearest dollar, prepare:

1.   a detailed statement of profit or loss for the year ended 30 June 2017, including an itemised cost of sales calculation (assuming a periodic inventory system)

2.   a statement of financial position as at 30 June 2017.