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How to solve Question E and F.

LiveSmart Furniture Co. was established in the Kingdom of Bahrain and has been operating for several years. The showroom located in Hamala displays a variety of home fumiture and accessories specifically designed for the LIVESMART comfort of homeowners. Bespoke furniture is designed and executed by the FURNITURE hands of Italian craftspeople. LiveSmart Furniture adopts the calendar year as its fiscal year. LiveSmart Furniture is in the process of preparing their financial statements for the year ended December 31, 2021. A trial balance along with several business-related appendices are presented below: Live Smart Furniture Co. Unadjusted Trial Balance December 31, 2021 Debit BD Credit BD Cash. 26,193 Accounts receivable.. 123,200 Allowance for Doubtful Accounts.. 6,400 Inventory, January 1, 2021. 78,000 Supplies. 6,620 Prepaid insurance . 2,000 Prepaid rent . 2.400 Purchases. 100,000 Notes receivable (short-term). 15,000 Land... 478,738 Equipment... 220,000 Accumulated depreciation- Equipment . 127.188 Buildings .. 94,000 Accumulated depreciation- Buildings. 14,100 Accounts payable. 20,000 Salaries payable 12,000 Unearned revenue 30.000 Loan.. 300,000 Live Smart, Capital. 598,003 Live Smart, Withdrawals 2,100 1 10,000 TotalR Sales Revenue Repairs and maintenance expense. 1.230 Salaries expense 66,200 Advertising expense. 1,000 Utilities expense. 1,010 Totals... 1.217.691 1.217.691E) Prepare a memorandum to the owner of LiveSmart Furniture Co. on the company's profitability and efficiency by computing and commenting on two ratios for each group. Word count: (400 words +/-10%). (8 marks) Marking scheme Calculation of appropriate ratios 2 marks (Any 2 profitability ratios, Any 2 efficiency ratios, 0.5 mark per ratio). Flexibility in applying different variations of appropriate ratios should be considered. Calculation should be consistent with the figures provided by the students in the preceding financial statements. Basic interpretation of ratios 4 marks (1 mark per interpretation). Partial marks (e.g. 0.5) can be given, if needed Communication skills 2 marks (for using an appropriate memo format and language) Total 8 marks F) Discuss how the qualitative characteristics of financial information apply to LiveSmart Furniture Co. as it pertains to the company's financial accounting and reporting. Your discussion should include at least 4 possible illustrative accounting examples and references, where appropriate. Word count: (600 words +/-10%). (8 marks) Marking scheme Discussing and explaining how the qualitative 2 marks (Partial marks like 0.5, 1, 1.5 can be characteristics of financial information apply to given if needed) LiveSmart Furniture Co Providing relevant and illustrative accounting 4 marks (1 mark for each relevant example) examples from the case to support your Partial/half marks can be given if needed argument Communication skills and referencing 2 marks (For proper communication, using appropriate in-text citations and reference lists, as appropriate Total 8 marks