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QUESTION 2 (30%) You are required to examine the financial information of Young Garage and...

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QUESTION 2 (30%) You are required to examine the financial information of Young Garage and Sam's Workshop. By the end of the first year of operation, both owners want to find whether their business is doing well. Neither business kept updated accounting records, and neither owner made any withdrawals. The companies throw together the following data on 31 December 2021: Young Garage Total assets Owner's contribution Total revenues Total expenses RM 23,000 8,000 35,000 22,000 Sam's Workshop RM Total liabilities Owner's contribution Total expenses Net income 10,000 6,000 44,000 9,000 Requirements: In order to obtain more information for evaluating their similar businesses, both owners inquired several questions: a) Which business has more assets ? b) Which business owes more to creditors? c) Determine whether Young Garage or Sam's Workshop has more owner's equity at the year-end. d) Which business brought in more revenue? e) Which business is more profitable? f) In your opinion, which business is doing financially better? Kindly show your workings / explain your reasons for each

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