Presented below is an incomplete income statement and incomplete comparative statements of financial position of Tamarisk ASA. Additional information: 1. 2. 3. The accounts receivable turnover for 2020 is 8 times. All sales are on account. The profit margin for 2020 is 14.5%. Return on assets is 20% for 2020. The current ratio on December 31, 2020, is 2.5. The inventory turnover for 2020 is 4.9 times. 4. 5. 6. Compute the missing information given the ratios above. (Note: Start with one ratio and derive as much information as possible from it before trying another ratio. List all missing amounts under the ratio used to find the information.) Tamarisk ASA Income Statement For the Year Ended December 31, 2020 Net sales 11,550,000 Cost of goods sold 2,870,175 8,679,825 Gross profit Operating expenses Income from operations 1,650,000 9,900,000 Interest expense 9,278,252.50 621,747.50 Income before income taxes Income tax expense 605,000 Net income 16,747.50 Tamarisk ASA Statements of Financial Position December 31 2020 5,082,000 Assets Plant assets (net) Current assets 2019 4,790,500 Inventory 585,750 1,892,000 Accounts receivable (net) 1,732,500 1,155,000 Cash 528,000 412,500 Total current assets 2,846,250 3,459,500 Total assets 7,928,250 8,250,000 Equity and Liabilities Share capital-ordinary, 1 par Retained earnings Total equity Long-term notes payable 3,300,000 440,000 3,740,000 3,300,000 412,500 3,712,500 349,750 3,630,000 Current liabilities 1,138,500 907,500 Total liabilities 4,188,250 4,537,500 Total equity and liabilities 7,928,250 8,250,000