The information below was provided by Phils Retail at 31 December 2020.

Item	$
Accounts payable	45,000
Accounts receivable	24,300
Bank overdraft	19,000
Land and buildings	450,000
Cost of sales	92,200
Interest expense	9,000
Ordinary shares	200,000
Dividends	65,000
Fixtures and fittings	176,000
Inventory	43,000
Retained earnings (1 January 2020)	191,000
Mortgage payable (due in 2035)	300,000
Prepaid insurance	10,000
Other expenses	57,500
Sales revenue	232,000
Wages expense	40,000

Required:

(a) Prepare an income statement for Phils Retail for the year ending 31 December 2020. (b) Prepare a balance sheet for Phils Retail as at 31 December 2020. (c)Calculate the following ratios for Phils Retail for the year ending 31 December 2020: (i)Profit margin (ii) Return on assets Note: total assets at 31 December 2020 amounted to $650,000.