Can you please provide me solution for the question given below.

Thanks in advance

Question 1 (10 marks/10 minutes) Assume you are the general manager of Westcoast Petroleum P/L. Below are your relevant Profit 8: Loss [Year to Date] and Balance sheet reports as at 31 July 2016. a) In your first answer booklet, specify five critical emergent properties (critical success factors) of the business that you would need to monitor. b) In your first answer booklet, using the data provided in the P & L and Balance Sheet reports, how would you judge the performance of your business as at 31 July 2016? Income Retail Sales Sales-Crude oil $1,222.70 Sales-Diesel oil $619.09 Sales-Refined petroleum $1,811.99 Sales-Supplies $886.14 Sales-Trading inventories $2,622.73 Shipping Fees Collected Discounts Taken Total Income Cost of Sales Retail Cost of Sales COGS-Crude oil $836.57 COGS-Diesel oil $487-16 COGS-Refined petroleum $1,423.12 COGS-Supplies $615.29 COGS-Trading inventories $1,938.01 Total Cost of Sales Gross Profit Expenses Marketing expense Depreciation expenses Depreciation - Building $1,000.00 Depreciation - Oil & Gas Prop. $2,000.00 Depreciation - Plant & Mach, $800.00 Depreciation - Fixtures & Equp $250.00 Depreciation - Motor vehicles $1.500.00 Depreciation - Oil depots $1,600.00 Total Depreciation expenses Discounts Discounts Given $87.30 Total Discounts Bad debts Lease Payments General&Admin exp. Printing & Stationery $1.386.59 Repair & Maintenance $68. 181.82 Travel $681.82 Bank Charges $2,500.00 Total General&Admin exp. $7Westcoast Petroleum Alastair Robb Profit & Loss Statement July 2016 11/03/2017 1:17:44 PM Income Retail Sales Sales-Crude oil $1,222.70 Sales-Diesel oil $649.09 Sales-Refined petroleum $1.811.99 Sales-Supplies $886.14 Sales-Trading inventories $2,622.73 Shippng Fees Collected $650.75 Discounts Taken $46.50 Total Income $7.889.90 Cost of Sales Retail Cost of Sales COGS-Crude oil $836.57 COGS-Diesel oil $487.16 COGS-Refined petroleum $1.423.12 COGS-Supplies $615.29 COGS-Trading inventories $1,938.01 Total Cost of Sales $5,300.15 Gross Profit $2.589.75 Expenses Marketing expense Depreciation expenses Depreciation - Building $1,000.00 Depreciation - Oil & Gas Prop $2,000.00 Depreciation - Plant & Mach. $800.00 Depreciation - Fixtures & Equp $250.00 Depreciation - Motor vehicles $1.500.00 Depreciation - Oil depots $1,600.00 Total Depreciation expenses $7.150.00 Discounts Discounts Given $87.30 Total Discounts $87.30 Bad debts $603718 Lease Payments $4.772.73 General&Admin exp. Printing & Stationery $1,386.59 Repair & Maintenance $68, 181.82 Travel $681.82 Bank Charges $2.500.00 Total General&Admin exp. $72,750.23 Employment Expenses Staff Amenities $613.64 Total Employment Expenses $613.64 Operating & ICT Postage $477.27 Total Operating & ICT $477.27 Total Expenses -$86.514.65 Operating Profit -$83.924.90 Other Income Interest Income $2.450.50 Total Other Income $2.450.50 Other Expenses Net Profit / (Loss) -$81.474.40Westcoast Petroleum Alastair Robb Balance Sheet As of July 2016 11/03/2017 1:20:54 PM Assets Current Assets Cash on hand ANZ bank $1.284.507.22 Petty cash Total Cash on hand $1.250.00 Trade and other receivables 31.280.547-22 $2.900.00 Less Prov'n for Doubtful Debts -55.680.00 Financial instruments 58.651.00 Prepayments $2.841.00 Current Tax receivables $509.00 Inventory Crude oil Diesel oil $3.853.09 $1.550.85 Refined petroleum $3.277.09 Supplies $2.537.90 Trading inventories $1.625.05 Total Inventory Total Current Assets $12 851.84 $1.308.710.06 Other Assets Investments in JV & Associates Other Investments 517.834.00 $1.221.00 Assets - Held for sale Term Deposit $578.00 $80100 Deferred Tax Assets DP Plan Surplusses $1.545.00 Total Other Assets 52.647.00 $24.626.00 Fixed Assets Plant & Equipment Land at Cost Building at cost 32.552.00 Building-Accum Depn $2.877.00 Oil & Gas Property at Cost -52.157.00 Oil & Gas Property - Accum Dep $215.566.00 Plant & Machinery at cost $125.831.00 Plant & Machinery - Accum Depn $45.744.00 Oil depots at cost 102.903.45 Oil depots - Accum Depn Service Station at cost 100 $41.818.19 Total Plant & Equipment $215.340.64 Fixtures & Office Equip Fixtures & Equip at Cost Fixtures & Equip - Accum Dep $6.386.00 -$2.334.00 Total Fixtures & Office Equip $4.032.00 Motor Vehicles Motor Vehicle at cost $14.038.00 Motor Vehicle - Accum Dep Total Motor Vehicles -$10,030.00 $3.099.00 Total Fixed Assets $722.471.84 Intangible Assets Goodwill $11.627.00 Other Intangible Assets $18.660.00 Total Intangible Assets $30,287.00 Total Assets $1.586.094.70 Liabilities Current Liabilities Trade & other payables Financial instrument liability -50 Accrual $7.522 0 57.151.00 Provisions Liability Hel for sale assets $41.114.00 $97.00Westcoast Petroleum Alastair Robb Balance Sheet 11/03/2017 As of July 2016 1:20:54 PM GST Liabilities GST Collected GST Paid -$23.189.05 $2.555.90 Total GST Liabilities Payroll Liabilities -520.633.15 Payroll Accruals Payable -$0.610.25 PAYG Withholding Payable Total Payroll Liabilities -$23.520.00 -533.130 25 Deferred Tax liabilities $9.509.00 DB plan Deficits 58.855.00 Total Current Liabilities Long-Term Liabilities $21.534.10 Loan 5153.168.00 Total Long-Term Liabilities Total Liabilities $153.168.00 5174.702.10 Net Assets $1.411.392 60 Equity WP shareholder equity $82.216.00 Shareholder "B" shares $1.400,000.00 Non-controlling interest $1. 171.00 Retained earnings $20.490.00 Current Year Earnings -$81.474.40 Total Equity $1.411.392.60 Page 9 of 22