QUESTION 3 Extracts of the financial statements of HP Limited for 2023 are given below. INFORMATION HP Limited Extract of the Statement of Comprehensive Income for the year ended 31 December 2023 Sales Cost of Sales Gross Profit Operating Profit Interest Expense Profit before tax Net Profit after tax Extract of the Statement of Financial Position as at 31 December 2023 Assets Non-current assets Current assets (Includes inventory of R332 000) Q Search D B (25 Marks) R 1 360 000 (850 000) 510 000 306 000 (34 000) 272 000 195 840 C R 1615 000 1113 500 Extract of the Statement of Financial Position as at 31 December 2023 Assets Non-current assets Current assets (Includes inventory of R332 000) Equity and liabilities Ordinary share capital (500000 shares) Retained earnings Non-current liabilities Current liabilities Required: Calculate the following ratios for 2023. Where applicable, round off answers to two decimal places: 3.1 Operating profit on turnover 3.2 Current ratio 3.3 Acid test ratio 3.4 Interest cover 3.5 Return on assets R 1 615 000 1 113 500 2 000 000 99 500 340 000 289 000 (5) (5) (5) (5) (5)