could you please solve these questions, plz.

SUSIE'S FASHIONS As part of his MBA course requirements at Simon Fraser University in British Columbia, Darren Richards has received a student consulting assignment with a small clothing manufacturer in Vancouver. The firm has been in operation a little over a year and has received funding from the government agency funding small businesses. However, it is experiencing cash flow problems. There is a concern that the business, Susie's Fashions, will have to either close or obtain additional funds. Darren spends considerable time wading through the financial data and finally comes up with the approximate statements shown in Figure 1. FIGURE 1 Financial Statements for Susie's Fashions M SUSIE'S FASHIONS BALANCE SHEET AS AT JANUARY 31, 2019 ASSETS $ 8,450 Current assets: Cash Accounts receivable Inventory Prepaid expenses Total current assets Fixed assets: Equipment Total assets $ 2500 815 9.765 275 13.355 LIABILITIES AND OWNER'S EQUITY Current liabilities: Accounts payable Current portion of debt Total current liabilities Long-term liabilities Debt Total liabilities Owner's equity 1.000 9,450 14,000 23,450 (6.595) 3.500 $16,855 INCOME STATEMENT FOR YEAR ENDED JANUARY 31, 2019 Sales: $35,200 26.820 15,200 $ 77,220 6,336 7.152 2.500 15,988 352 dresses 298 robes Other miscellaneous Total sales Cost of goods sold: Dresses Robes Other miscellaneous Total cost of goods sold Expenses: Wages (including Susie's) Rent Utilities and phone Interest Repairs and maintenance Total expenses Total cost of goods sold and expenses Net profit (loss) 42,000 24.000 3,200 1.000 3.000 73,200 89.188 $ (11,968) Susie Mikado had emigrated to Canada from Hong Kong about five years earlier. Being a hard worker and hav- ing worked in a clothing factory in Hong Kong, she got a job immediately at a dress-manufacturing factory. After three and a half years, she had accumulated some funds and decided to start her own small business making selected clothing primarily for the large Asian population in the Vancouver area. Susle has an obvious talent for selecting fabrics and designing garments and through her family and friends, has developed a reputation as a skilled seamstress. Susie located her business in the Chinatown district of Vancouver in a leased space of about 1200 square feet. The location is far from ideal as she is on the third floor of a hair salon and she constantly hears that people do not know her business exists. To make renovations, buy equipment, and pay other initial expenses, she borrowed $15.000 and put $5000 of her own funds into the venture. She hired two part-time employees, paying them $16 per hour to assist in sewing the clothing items. The production process is simple: each employee and Susie make a garment from beginning to end. Darren Richards visits Susie's Fashions to assess the situation and determine what can be done to solve the cash flow problem. He is impressed with the product line, which exhibits quality work. Susie's produces primarily two garments. The first is a Chinese-style dress retailing at $100, and the second is a kimono-like robe retailing at $90. Sales are based almost entirely on word-of-mouth, as Susie spends no money advertising. In examining the production process, Darren notices numerous interruptions occur as family and friends of the workers frequently make and the robes take come by to visit. He estimates, however, that on average the dresses take four hours three hours. The average dress takes about three yards of material, and the robes average four yards. The fabric for both items cost Susie about $6 per yard. Darren is concerned about the management of the firm. Although Susie hired two employees, she often hires family or friends to help for a few days at a time when they, as she puts it, "need some money." He is most con- cered, however, with the financial procedures Susie is following. Because there is no record-keeping system, he has difficulty determining paid and unpaid bills from the assortment of receipts, scraps of paper, invoices, and notes Susie keeps. Deposits and withdrawals from the bank account have been made but not recorded. Susie's salary is not recorded, but Darren learns that she withdraws $500 per week. Questions 1. Briefly evaluate Susie Mikado's approach to running her own business. 2. Examine the pricing system for Susie's clothes. 3. Assuming miscellaneous clothing and robe sales stay the same, how many dresses would Susie's have to sell to break even? 4. Evaluate the financial statements prepared by Darren Richards in both form and content. 5. What kind of financial record-keeping system would you advise for Susie's Fashions