Product A - Electric Vehicle Battery (EVB) Data for the Income Statement (EVB) The expected total sales for this product for the year ended 30 June 2022 are $8,000,000 and the expected total costs and operating expenses are $5,000,000 and the costs will be allocated as follows: Table A-1 Cost/Expense item Cost of goods sold Sales Salaries expense Office Salaries expense Advertising expense Office supplies expense Rent expense Insurance expense Utilities expense Depreciation expense Interest expense Tax expense Total Amount ($) 1,200,000 450,000 400,000 350,000 328,000 840,000 230,000 290,000 282,000 280,000 350,000 5,000,000 Data for the Balance Sheet (EVB) The expected accounts for assets, liabilities and equity of Batteries R Us Ltd as of 30 June 2022 are as follows: Table A-2 Accounts Accounts receivable Accounts payable Bank Capital Dividends paid Equipment Fixtures GST Collected GST Paid Inventory Land and Buildings Mortgage Amount ($) 4,600,000 5,200,000 950,000 15,000,000 650,000 12,000,000 2,500,000 800.000 350,000 1,950,000 28,000,000 27,000,000 Ratios (EVB) Two of the most important ratios for Batteries R Us Ltd are the quick ratio (or acid test) and the net profit ratio. The company would like to know what these two ratios are and how they compared to the industry averages. Assume the industry averages are 0.80 time (or 0.80:1) for the quick ratio and 33.50% for the net profit ratio. Round your answers to 2 decimal places. 2.1 Income Statement Income Statement (for 2022) - Electric Vehicle Battery Batteries R Us Ltd (Electric Vehicle Battery) Income Statement for the year ended 30 June 2022 $ $ Sales Gross Profit Operating Expenses Operating Profit/EBIT Profit before tax Net profit 2.2 Balance Sheet Balance Sheet - Electric Vehicle Battery Batteries R Us Ltd (Electric Vehicle Battery) Balance Sheet as at 30 June 2022 Current Assets $ $ Non-Current Assets Total Assets Current Liabilities Non-Current Liabilities Total Liabilities Net Assets Equity Total Equity