a)In 2018, Dreaming Bhd planned to apply for a 10-year loan from Buffalo Bank in 2019 for an amount of RM1.5 million. Does Dreaming Bhd need to report this loan as a non- current liability in the Balance Sheet as at 31 December 2018? (Your answer need to be based on the accounting definition of a liability). (4 points)

(b)What information does the statement of cash flow provide that is not available from the balance sheet or the income statement? (3 points)

(c)The following information relates to Avenger Trading Enterprise.

Net sales 200,000 Closing inventory 44,000 Opening inventory 54,000 Purchases inventory 130,0 00 Rent expense 2,0 00 Depreciation 1,500 Purchase of computer 5,000 Salary expense 3,500 Cash in hand 4,500 Please compute: i) Cost of sales; ii) Gross prot; and iii) Net profit/loss [4 points) [Show your working clearly]