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4. The trial balance of Galaxy enterprise as at 31st December 2017 is given in TABLE Q4. Additional information: - Closing stock was valued at
4. The trial balance of Galaxy enterprise as at 31st December 2017 is given in TABLE Q4. Additional information: - Closing stock was valued at RM24,000. - The business has two workers which are paid RM1,000 per month. One of the workers received two months' salary in advance. - The business owes RM400 for advertising expenses. - Galaxy enterprise has a policy to depreciate all non-current assets using straight line method. Office equipment is to be depreciated at 20%, building at 5% and delivery van at 10%. a. Calculate gross profit, operating profit and net profit for the year ended 319 December 2017. b. Calculate total assets, total liabilities and total equity as at 31st December 2017
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