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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
- 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)
- What information does the statement of cash flow provide that is not available from the balance sheet or the income statement? (3 points)
- The following information relates to Avenger Trading Enterprise.
Net sales | 200,000 |
Closing inventory | 44,000 |
Opening inventory | 54,000 |
Purchases inventory | 130,000 |
Rent expense Depreciation Purchase of computer Salary expense Cash in hand | 2,000 1,500 5,000 3,500 4,500 |
Please compute:
i) Cost of sales; ii) Gross profit; and iii) Net profit/loss (4 points) [show your working clearly]
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