Presented here are incomplete financial statements of Ascot Ltd. 

Additional information:

1. The receivables turnover for the year ended 30 June 2016 is 10 times.

2. All sales are on account.

3. The profit margin for the year ended 30 June 2016 is 14.5%.

4. Return on assets is 22% (22 cents) for the year ended 30 June 2016.

5. The current ratio on 30 June 2016 is 3:1.

6. The inventory turnover for the year ended 30 June 2016 is 4.8 times.

Required

Calculate the missing information given the ratios. Show your calculations. 

Transcribed Image Text:

Sales Cost of sales Gross profit Operating expenses Interest expense Profit before income tax Income tax expense Profit ASCOT LTD Statement of profit or loss for the year ended 30 June 2016 $11 000 000 ? ? $ 1665 000 ? $ ? 560 000 ?