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 2019, including an itemised cost of sales calculation (assuming a periodic inventory system)

2.A statement of financial position as at 30 June 2019.

CASE STUDY-ONE The following values relate to various ratios determined for a sole trader, Akuna Smith, for the year ended 30 June 2019. At that date, the total assets in the Balance Sheet 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. nimi woooo Profit to total assets 15% Current ratio 2.5:1 Acid-test ratio 2:1 Credit sales to trade accounts receivable 7.5:1 Gross profit to total sales 25% Trade accounts payable to purchases 40% Credit sales to total sales 75% Profit margin 10% Profit to equity at the beginning of the year 30% 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 2019, including an itemised cost of sales calculation (assuming a periodic inventory system) A statement of financial position as at 30 June 2019. 2. Note: (show all your working) Assuming there are no prepaid expenses and that trade accounts payable are the only liability, and rounding answers to the nearest dollar, prepare