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Problem 1 Given the income statement and statement of financial position of TimTamTam Trading, compute the missing information given the following additional information: Additional Information: 1 All sales are on credit 2. The current ratio on December 31, 2017 is 3.0. 3. The receivable turnover for 2017 is 10 times. 4. The inventory turnover for 2017 is 4.8 times 5. The net profit margin for 2017 is 14.5% 6. Return on assets is 22% for 2017. TimTamTom Trading Income Statement For the year ended December 31, 2017 Net Sales 2,750,000 Cost of Goods Sold Gross Profit Selling and Administrative Expenses 556.250 Operating Income (0) Income Tax Expense 140,000 Net Income (b) TimTamTom Trading Statement of Financial Position As of December 31 2017 2016 Asset 112,500 Current Assets Cash Trade Receivable Merchandise Inventory Total Current Assets Property, plant, and Equipment (net) Total Assets 93,750 237,500 430,000 761,250 988.750 1.155.000