CONFIDENTIAL GUC/SEPT-JAN20/21/MBFM230/S1 QUESTION 2 a) Madam Rose started the Golden Roses Enterprise on January 2020. Below is the information provided by Madam Roses. Please help Madam Rose to prepare the Income Statement and Balance Sheets for Golden Roses Enterprise. "(Not include Current Month Profit) ACCOUNT Account payable RM 2,000 Account receivables 8,000 Accrued expenses 1,200 Accumulated depreciation - Equipment 46,000 Cash 5,000 Common Stock 15,000 Cost of good sold 120,000 Depreciation Expenses 5,000 Equipment 48,000 Inventory 3,000 Long term debt 50,000 Marketable securities 12,000 Prepaid expenses 5,000 Retained earnings (11,950) Sales 120,000 Selling Expenses Tax Expenses 15,000 1,250 (10 Marks) b) Mr ZZ is the owner of Diamond Cookies Sdn. Bhd. He provided you with the information for current year Income Statements and Balance Sheets for 2 years. He hired you to prepare the indirect statement for cashflow for him. INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020 COPYRIGHT RESERVED Revenue 80,000 Expenses 60,000 Operating profit 20,000 Income taxes 10,000 Profit after tax 10,000 3 CONFIDENTIAL