XYZ Ltd provided the following information for the year ended 31 December 2021:

• Sales Revenue: £500,000
• Sales Returns: £20,000
• Cost of Goods Sold: £300,000
• Administrative Expenses: £50,000
• Selling Expenses: £40,000
• Interest Expense: £10,000
• Tax Expense: £15,000

Requirements:

1. Calculate the net sales for the year.
2. Prepare a detailed income statement for XYZ Ltd for the year ended 31 December 2021.
3. Calculate the net profit margin and return on sales.