Question 1 (40 marks) The Income And Expenditure Account of Woodbine Country Club for the year ended December 31, 2021 and the Balance Sheet as at December 31, 2021 are as follows: Woodbine Country Club Bar-Profit And Loss Account For The Year Ended December 31, 2021 (S) (S) ($) 532,000 Bar Sales Less: Cost Of Sales Opening Stock Add: Purchases 81,500 203,700 285,200 (47,600) Less: Closing Stock Cost Of Sales Gross Profit 237,600 294,400 Woodbine Country Club Income And Expenditure Account For The Year Ended December 31, 2021 (S) Bar Gross Profit Subscription Fees Donation Received (S) 294,400 1,015,000 142,100 1,451,500 Less: Operating Expenses Administration Expenses Professional Staff Costs Advertising And Promotion Expenses General Expenses Depreciation - Equipment 92,275 895,000 127,600 74,375 43,550 1,232,800 218,700 Surplus Entrepreneurial And Financial Strategies In Sport And Recreation - Assignment 2 (2022) 2 Page Woodbine Country Club Balance Sheet As At December 31, 2021 (S) (S) ($) 871,000 Fixed Assets Equipment At Cost Less: Accumulated Depreciation ($130,650 + $43,550) (174,200) 696,800 Current Assets Bar Stock Cash At Bank 47,600 44,600 92,200 Less: Current Liabilities Creditors For Bar Supplies (35,000) Working Capital 57,200 754,000 Financed By: Accumulated Fund Balance As At January 1, 2021 Add: Surplus For The Year 535,300 218,700 754,000 Required: (a) Compute the following seven ratios (i) Bar gross profit ratio (ii) Surplus on income ratio (iii) Expenses on income ratio (iv) Surplus on fund employed (V) Current ratio (vi) Quick ratio (vii) Average collection period received from creditors in term of days (21 marks) (b) Based on above ratios, you are required to comment on performance. In recent years, the numbers of members joining the club are gradually reduced. What would be your suggestions to improve this situation? (19 marks) Entrepreneurial And Financial Strategies In Sport And Recreation - Assignment 2 (2022) 3 Page