Question 1 :In 2017, X company sold 10,000 units of its product at an average price of AED 400 per unit. The company reported estimated Returns and allowances in 2017 of AED 200,000. The Materials purchased for X company was AED 2,500,000, the beginning inventory AED 700,000 and ending inventory AED 200,000. Operating expenses (excluding depreciation) for X company in 2017 were AED 400,000 and depreciation expense was AED 100,000. X had AED 2,000,000 in debt outstanding throughout all of 2017. This debt carried an average interest rate of 10 percent. Finally, X’s tax rate was 40 percent. X’s fiscal year runs from January 1 through December 31. Given this information, construct X’ 2017 multi-step income statement (Describe/ show steps of solution).

Answer: Income statement:
Gross sales = 4000000
Less Sales returns and allwoances = 200000
Net sales = 3800000
Less Cost of goods sold = 3000000 { beginning inventory- ending inventory)+ purchase of materials = (700000-200000)+ 2500000 }
Gross profit = 800000
Less Total operating expenses
Operating expenses = 400000
Depreciation = 100000
Total operating expense = 500000
Operating profit = 300000
Less interest expense = 200000 2000000*10%
Net profit before tax = 100000
Less taxes = 40000 100000*40%
Net profit after tax or Net income = 60000
Question 2 :X Co. performed services for Client Ahmed in December and billed Ahmed AED 4,000 with terms of net 30 days. X Co. follows the accrual basis of accounting. In January X Co. received the AED 4,000 from Ahmed . In January X Co. will debit Cash, since cash was received. What account should X Co. credit in the January entry?
Company X will credit accounts recievable in January entry. This is because debit increases the balance and credit decreases the balance, so when X Co. got cash that increased their asset and hence it was entered as debit, whereas the same time the accounts reciveable decreased hence that will be entered in credit
Question 3 :X Co. has current assets of AED 50,000 and total assets of AED 150,000. X Co. has current liabilities of AED 30,000 and total liabilities of AED 80,000. Given this information :What is the amount of X’s Co. owner’s equity?
Calculate the net working capital ration for X Co. and give your commnets
Answer: A) Balance sheet equation: Total assets= Total liabilities+ Owner’s equity
Total asset= 150000, total liabilities= 80000, owner’s equity= x
150000= 80000+ x
x= 150000-80000, x=70000
Working capital ratio= total current assets/total current liabilities
Current assets= 50000, current liabilities= 30000
Working capital ration= 50000/30000= 1.667, working capital ratio shows if the company has enogh short term assets to cover short term debts. A good working capital ratio is in the range of 1.2 to 2.0 and here we found that X Co. has working capital ratio of 1.667 which is good, because less ratio that 1.2 means negative working capital and more than 2.0 means the company is not using the excess assets effectively.
Question 4:
Which of the following would not be a current asset?
Accounts Receivable
Land
Prepaid Insurance
Supplies
Answer: Land is not a current asset
Question 5 :How does revenue affect the balance sheet?
Answer:
Revenues are usually presented on the top of an income statement, but revenue also effetcs the balance sheet in a way that it tends to increase the assets and owner’s equity of a company.

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Question 6 :Who is the CFO, and where does this individual fit into the corporate hierarchy? What are some of his or her responsibilities?
Answer: CFO is the Chief Financial Officer of a company, the one responsible for all the central financial decisions and actions. In a orgainzational structure first comes the board of directors elected by the company’s shareholders and then comes the management team which is directly responsible for the company’s daily operations, CFO falls in the management team of the heirarchy.
The responsibilities of a CFO are:
Managing cash flow of the company
Understanding the company’s liabilities
Maintaining financial relationships with investment bankers, financial analysts, shareholders.

Planning and execution of decisions for providing capital to the company’s requirements.

Managing the budget and expenses of the company
Management of financial risks
Record keeping
Thank you

Question 1(a)
Population increase
Population growth is a major underlying factor for the demand of housing and without a new supply of dwellings, it pushes up the prices for both renting and purchasing dwellings. The resultant fall in affordability is a problem that further compounded in many large cities by the change in living preferences that has resulted in a fall in household occupancy rates CITATION Ang15 l 1033 (Karantonis, 2015).

As for Mr Alex Pang’s 200-acre land approved for residential development in Klang, the yield might not attractive in the beginning as less population and market is challenging. Due to affordability problem to buy a property in cities, people are trying to look for houses in townships area. As population gradually increase, it gives developers more incentives to build affordable property. Therefore, we can expect a better yield in the future.
Improvement in economy
Malaysia’s property and construction industries continue to advance the country’s economy. Malaysia’s economy transformed by huge and high-tech investments from China, with revolutionary changes seen in several sectors particularly in constructionCITATION HoW17 l 1033 (Ho & Yong, 2017). When the country is gaining in economic growth, people are able to have better savings. Hence, putting property market in a comfortable position.
Influx of investment
Malaysia has extremely liberal policies on foreign investment in commercial property and can offer attractive yields. The prospects of appreciation of the ringgit and strong economic growth will now make Malaysia an outstanding regional investment opportunity CITATION Eug18 l 1033 (Mahalingam, 2018).
When it comes to invest in retail property, Mr Alex Pang need to understand the demand and supply conditions. The retail property demand is much more driven by the economic factors, and population growth. A strong economy and population growth is essential for the success of all property investment.

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Changing of life-style
In tandem with the rise in the purchasing power and growing demand for better living, the house buyers today are looking for additional facilities in housing to meet their needs. Besides that, the affluent and modern society now also prefers development projects that revolve around a master plan with convenience in mind that all major components such as living, learning, working and playing can be reached within their doorstep CITATION Abd15 l 1033 (Sarip & Lee, 2015).

For example, Mutiara Damansara in Klang Valley is an affluent major township that consists of complementary shopping centres. These shopping centers do well because they are close by and easy to get to. They offer people an opportunity to take care of several errands at once, saving them time and money and making the trip relatively painless.

Rural-urban migration
Rural-urban migration to cities or town mostly due to the attraction of employment, social services, education and other push factors from rural area for example poverty, lack of proper amenities and services CITATION Nor14 l 1033 (Hussain & Abdullah, 2014).

However, young Malaysians today are thinking in a different way to survive because they were feeling the pinch of economic crisis. They were leaving cities as the rising cost of living made them difficult to survive in urban centres. Many youth has chosen to stay at a place where they are familiar with like townships in Klang Valley, which have affordable property and complete amenities.

1b) The following consultants are required in addition to the normal consulting team:
Professional marketer
Property marketers listen to the needs of their target markets in order to engage them adequately CITATION Emm14 l 1033 (Do, 2014). This means to recognise the demand and supply conditions of retail centres in townships area. Selecting an appropriate location is important because it is about how convenient the place is accessible to the target groups. Besides that, with the target markets’ preferences become wider, market segmentation is crucial in marketing plan.

Experienced valuerProperty valuers are usually specialized surveyors who estimate the market value of property and land for their clients CITATION Gra18 l 1033 (Gradireland, 2018). They will advise on the value to be paid for the land. They also rely on the historical leasing value of the retail business in the area.
Urban economist
Urban economist need to know the pattern of future growth for a town. They focused on analysing urban and regional areas by drawing together local economic, demographic and property information with broader macroeconomic and demographic trends CITATION Jan16 l 1033 (Janet, 2016).
Real estate agent
Real estate agents arrange the sale of properties and find the potential retailers. They will know how to relate to their customer profile and create a mix of tenants that will benefit from one another’s business. This will help to increase tenant retention and strengthen the value of the property for the property owner CITATION Hun17 l 1033 (Strickland, 2017).

Commercial complex property manager
A commercial complex property manager involve all aspects of day-to-day operations of the property including accounting, tenant relations, maintenance and repair CITATION Cap18 l 1033 (Capital, 2018). They might work independently at one location or need to oversee a number of buildings for a larger property management company.
3(a)
Investment usually means the acquisition of assets by the investor with the view of satisfactory return in the future.
The capital committed to the acquisition of assets and the expected returns are exposed to risk.
Generally, the greater the exposure to risk the higher will be the rate of return expected by the investor as a reward for bearing the risk involved.
Reflecting to this case, the main assets we refer herein in the real assets.
There are 7 characteristics of a good investment (see Figure 2.1) that an investor must take into account before they can achieve their ultimately objectives, inter alia, maximizing the profit.

The 7 principles of good investment
Stability of capital
This would be the most important consideration as the preservation of the value is the prerequisite of future income.
If the capital is lost, its replacement can be extremely difficult.
As reflecting to Alex Pang cases, the out town retail development would be a success if he enters into the market at the best possible time.
Together with his 200-acre land for residential development, this will definitely increase the population of that area and subsequently increases the demand of the out-town area in the near future.
Also, taking into the consideration of the existing old-style retail center which focus mainly on grocery convenient shop.

The increase population will be accompanied by various needs from the residents, such as restaurants, café, furniture/home shop and etcetera.
Therefore, this is believe that the retail development will be doing well and thus secure the capital. Regular and secure income
Some of the investors pursue of the secure income instead of making the quick money.
Investors will avoid to invest in to the old and limited lifespan building.

For Alex Pang’s proposed retail development, it will be a new innovation within that housing area as is the first retail center that had bunches of shop that offer better pastime to occupant than other existing retail center.
Therefore, it will guarantee of regular and secure income for Alex Pang’s proposed retail development.

Future income and Capital growth
One of the important factor that investors will consider about when investing a property or company.
They will observe the property whether having any potential to earn money in long term.
One of the biggest future income is from the rental fee of tenants.

For instance, Alex Pang ensure that his property is rented out at the market rate to tenants by signing a long term contract and free basic renovation to tenant in exchange.

In addition, capital growth plays an important role as well.

For instance, since Malaysia’s tourist industry is continues to growth which determines that there are more tourists will approach to Alex Pang’s retail center which consider as a part of future income of the retail center.

Liquidity and Marketability
Liquidity determines that the ability to exchange the asset into the cash in a short term at a reasonable cost.

Whereas property has the lowest liquidity if compare to others such as shares, bonds, and etcetera.
Even if the retail center is consider bad liquidity among the properties but for Alex Pang’s proposed retail have few factors that may boost his retail center’s liquidity.

For instance, his retail center is proximity to transportation hubs as is connected to the railway station, and with well-designed of his retail center by KLCC designer.

As the population is increase within that area same goes with the demands, therefore more consumer will be attracted to Alex Pang’s retail center in future.

Managerial problem
Under managerial problem, normally investment in tenant mix development or strata building, it required more managerial efforts compare to the shares or unit trust.

In Alex Pang’s case, he plans to develop tenant mix and marketing which will have many types of retail stores in the retail center.

Therefore, Alex Pang has to take concern about the managerial problem to his retail center by reinforce the management and put more effort in maintaining his retail center.
Others than that, he shall manage well in collecting the tenant’s rental to avoid the delaying payment from the tenants.
Therefore, Alex Pang have to manage effectively for his retail development to achieve good investment.

Protection against inflation
Inflation is an economic factor that investor must take into consideration when managing their property investment.

Inflation may affect the investor due to the nature of the property, the supply will normally inelastic. So must make sure the property is well located.
For Alex Pang’s proposed retail center’s area, will result in surge of housing demand because the population increase and caused the property price will rise far beyond the affordability level of average income earners.
In long term period, the buying properties at that area will serves as a means to fight inflation.

In addition, the selling properties at that area will result in best profit gain due to the inflation occurs.
Taxation
Tax is a sum of a money which are compulsory financial contribution imposed by government to the peoples to raise the revenue, which taxed upon incomes, property, the sales prices of goods and services, etc.

When Alex Pang acquire a property, he has to pay a tax to the government, example stamp duty fees, income tax, GST, since he making profit from his business.
The rate for the tax will depending on the business earn, the investor had to pay more tax since the business earn is increase too.

Therefore, the investor who pay high income tax do not mind receiving low yield, as long as he got stable capital gain from his investment in long run term.

Question 3(b)Generally market yield or yield is refer to relationship between the anticipated net annual income produced by the completed project and its anticipated market value. Take for example, the said retail development of Alex Pang expected market capital is RM 5 million and an expected net annual income of RM 600,000.00, then market yield (or yield) of this project would be estimated at 12%.

net annaul incomemarket capital value×100%=market yield (%) RM 600,000.00RM 5,000,000.00×100%=12 % per annum Yield from property investment
The general rule for the yield in investment is that the greater the risk attached to an investment, the greater will be the return an investor hopes to get. This applies to property investment and also other types of investment. Therefore, the more speculative a property investment is, the higher will be the market yield. (in term of the percentage return on capital)
Examples of yield
In practice, yield differs slightly on the different types of property, namely shops, offices, residential and industrial factory. Normally prime shop will have a lower yield than secondary shops, following by residential and industrial. As in Alex Pang’s case, we are focusing on market yield on shops
prime shops yield<secondary shops yieldYield of prime shop will be lower than the secondary shops because:
Supply of prime shop is limited;
Thus, demand of prime shop is high as it is good street positions for business;
Thereby ensure growth in business
This will accompanied by low risk.
As a result, investor seek such low yield investment because occupier have excellent covenants and potential rental growth.
On the other hands, secondary shops will have a higher yield because supply is higher and the demand thereby will be lower than prime shop. Also the risk thereby will be higher because of the demand. Therefore, when the yield is higher, investor will only invest if the return is greater.
Application of concept of yield on Alex’s case
As prime shop have a lower yield, it will attract most of the investor, hence for the retail development, Alex should maximize the number of ground floor shop-lots. Focusing on the aesthetic and the spaces of the ground floor shop-lots will further enhance the demand and thus the rental of the prime shops.
Whilst, to make the secondary shop more competitive, Alex should locate some anchor tenant such as Parkson, Isetan, Aoen and the list goes on, in his retail center. With this, anchor tenant will become a pull factor and increase the investor’s confident toward the prime and also the secondary shops.

Question 1
(a) The research design used is a case control study which has the following features:

1. A fairly large time frame was used to study from July 2005 to April 2007,
2. In depth detailed and intensive descriptive analysis of what is going on, is there a relationship between variables and what influences an outcome. It focuses on detailed structures or interrelationship observed within each individual. The research wanted to explore the relationship between use of biomass and kerosene fuel on Tuberculosis (TB), the relationship between use in cooking or lighting and TB and if the relationship between TB and vitamin consumption, religion and residence outside Kaski.
3. The case or cases are not necessarily selected by a formal sampling process. Cases were instead commonly chosen by virtue of having a certain characteristic of interest to the research. Instead purposive sampling was used to recruit all female patients aged 20 to 65 years who visited the Tuberculosis (TB) clinics in MTH and RTC. Those diagnosed with TB were treated as the cases and controls were taken from outpatient and inpatient departments.
4. Has at least one level of purposive sampling so that it is non generalisable. Because non-probability sampling was used, the results cannot be used for making statistical generalisation about the population. Also the sample of 125 cases and 250 controls was too small to generalise the findings.
5. Case study research commonly operates within an inductive tradition that is examine critically, explore and develop theory. From this research, theory can be deduced by linking the causes of TB to the prevalence of the disease.
6. The design is used to examine and understand phenomena within a real life context. In this case the real context is the prevalence of TB and its potential causes.
7. The design uses a variety of techniques for data collection namely observation, interviews, questionnaire and numerical data. Observation were done through visits to view the types of shelters lived in by participants. Questionnaires were used to collect data on history of cooking fuels and stoves, education level, kitchen type and ventilation, smoking history and consumption of alcohol.
8. Holistic in approach in order to make sure that every aspect of the phenomena being studied is investigated with control and cases being fully investigated in a similar fashion. (369)

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(b) Main Findings of the study
1. Indoor exposure to smoke from biomass fuel combustion is a risk factor for TB
2. Association is mainly with the use of biomass for heating than cooking
3. Poor house ventilation posses much risk of TB
4. Exposure to smoke from kerosene fuel combustion either in stove or in lamps is a risk factor for TB
5. Smoking is a risk factor of TB with the association increasing with of years of smoking.
6. Religion income residence outside Kaski district, vitamin consumption a family history of TB are associated with TB
7. TB is associated with biomass used as heating fuel
8. The Odds Ratio found to be high among both Kerosene stove and lamp users
Robustness of the findings

1. In this study a systematic procedure for recruitment of all controls from inpatient and outpatient department from MTH was used – only one control refused to participate. This procedure removed selection bias.
2. All controls came from one hospital MTH instead of the two hospitals. There was potential of exclusion bias.
3. Compared with other researches on the association between smoking and TB and cooking fuel and TB, to make sure that the research was not in isolation and to concentrate on improvement.
4. Adjusted for area of residence in the final model to reduce selection bias and enhance dynamism of the research.
5. Number of participants is very low for it to generate generalisation
6. Information bias was prevented as diseases misclassification did not occur. X-ray was used to confirm absence of other non TB respiratory diseases such as Chronic Obstructive Pulmonary disease or pneumonia among controls. Active Pulmonary TB was diagnosed by clinical test, controls by chest x-rays and on spot sputum smear testing.
7. To avoid inclusion or exclusion error, an interviewee who had pulmonary TB was transferred to the case group from the control group. Those with diabetes and HIV were excluded.
8. The questionnaires asked daily issues and followed by home visits to verify high level of reporting and to avoid recall bias.
9. Confounding bias was prevented by collecting data on a much comprehensive range of exposures and investigated their potential to confound the association with fuel use.
(366 words)
Question 2

a) Qualitative research like any research start by a research question on a particular situation.

Qualitative research is based on the principle of constructivism or Idealist which recognise the subjective creation and imposition by people contextually (Flick et al, 2000). It is an ontological position which implies that social properties are a product of interaction.

Also another important principle is of interpretivisim which emphasises there is no exact standard for definition. It is epistemological which stresses on understanding of the world through an examination and the interpretation of the world by its participants (Bryman, 2016).

Qualitative research is subjective since the transcribing, coding and interpretation is all based on subjective interpretation of the researcher without standard measure of feedback (Drake and Johnson,2008).

It is multi-method in approach. It Involves the studied use and collection of a variety of empirical materials. There is also more emphasis on holistic forms of analysis and explanation (Denzin and Lincoln, 1994).

Most data is collected through procedurally through close participant observation under ethical guidelines. Qualitative data analysis processes data which is language based – use words which are descriptive in nature and is associated with ethnographic research. More time is spend with participants to obtain information such as visuals, audios, field noted which are not necessarily measurable. Thus most data is collected through observation, interviews and focus groups

Collected data need analysis to make it meaningful. Qualitative research is inductive where theory is systematically produced through the process of induction (Flick et al, 2000). There is no testing of a theory or knowledge set. It is grounded theory where theory is deduced from data. The researcher must develop themes from the data through coding. The coded data can be analysed through rigorous formulating and reformulating of hypotheses until no deviant cases are found- the theoretical saturation principle. Thus qualitative design is iterative.

Then follows the theory write up from the data analysis where the memos are conceptually sorted into a summary of emergent theory reviewing relationships between concepts. (332)