1 (40 marks) The Income And Expenditure Account of Woodbine Sports Club for the year ended December 31, 2022, and the Balance Sheet as at December 31, 2022, are as follows: Woodbine Sports Club Bar-Profit And Loss Account For The Year Ended December 31, 2022 Bar Sales Less: Cost Of Sales Opening Stock Add: Purchases Less: Closing Stock Cost Of Sales Gross Profit (S) 5,000 (S) 42,000 12,500 17,500 (2,900) 14,600 27,400 Bar Gross Profit Subscription Fees Donation Received Woodbine Sports Club Income And Expenditure Account For The Year Ended December 31, 2022 Less: Operating Expenses Administration Expenses Professional Staff Costs General Expenses Depreciation - Equipment Surplus (S) (S) 27,400 50,000 5,000 92,400 3,200 40,000 1,500 2.680 47,380 45,020 Woodbine Sports Club Balance Sheet As At December 31, 2022 Fixed Assets Equipment At Cost Less: Accumulated Depreciation Current Assets Bar Stock Cash At Bank Less: Current Liabilities Creditors For Bar Supplies Working Capital Financed By: Accumulated Funds Balance As At January 1, 2022 Add: Surplus For The Year Required: (a) (i) (ii) (b) (S) (S) 26,800 (2,680) 24,120 2,900 30,000 32,900 (2,000) 30,900 55,020 10,000 45,020 55,020 Compute the following seven ratios: Bar gross profit ratio Surplus on income ratio (iii) Expenses on income ratio (iv) Surplus on funds employed (A) Current ratio (vi) Quick ratio (vii) Average collection period received from creditors in terms of days (21 marks) Based on the above ratios, you are required to comment on performance. In recent years, the number of members joining the club is gradually reduced. What would be your suggestions to improve this situation? (19 marks)