QUESTION 3 ( 33 marks: 40 minutes) Syarikat Kita Bhd, a merchadiser, recently completed the calendar year 2012 operations. The company's statement of financial positions and comprehensive income statement follow: Sales Syarikat Kita Bhd Statement of Comprehensive Income For the year ended December 31, 2012 RM1,083,0 00 Cost of goods sold 585.000 Gross profit 498,000 Less Operating expenses: Depreciation expense 36,600 Other expenses 392,850 Total operating expenses 429,450 68,550 Other gains (losses): Loss on sale of equipment 2.100 Income before taxes 66,450 Net income Income taxes expense Syarikat Kita Bhd Comparative Statement of Financial Position December 31, 2012 and 2011 9,450 57,000 2012 2011 Assets Cash RM 136,500 RM 71,550 Accounts receivable 74,100 90,750 Merchandised inventory 454,500 490,200 Prepaid expenses 17,100 19,200 Equipment 278,250 216,000 Accumulated depreciation (108,750) (93,000) equipment Total assets 851,700 794,700 Liabilities and Equity Accounts payable 117,450 123,450 Short-term notes payable 17,250 11,250 Long-term notes payable 112,500 82,500 Share capital - Ordinary RM5 par 465,000 450,000