QUESTION 3 ( 33 marks : 40 minutes ) Syarikat Kita Ed , a merchandiser recently completed the calendar year 2012 operation The company statement of financial positions and comprehensive income statement follow Syarikat Kita Bad Statement of Comprehensive Income For the year ended December 31 , 2012 sales RM1 083 0 cost of goods sold 535 000 Gross profit 498.000 Less Operating expenses Depreciation expense 36 , 60 0 Other expenses 392 350 Total operating expenses 429.450 68, 550 Other gains ( losses ) Loss on sale of equipment 2100 Income before taxes 6.450 Income taxes expense 9 450 Net income 57000 Syarikat Kita Bha Comparative Statement of Financial Position December 31 , 2012 and 2011 2012 201 1 Assets AM cash 136 500 71 550 Accounts receivable 74 100 90. 750 Merchandised inventory 454 , 500 490 . 200 Prepaid expenses 17 100 19. 200 Equipment 278. 250 216 090 Accumulated depreciation ( 108 750) (93, 00 0 ) equipment Total assets GOING 794 . 700 Liabilities and Equi Accounts payable 1 17 450 123. 450 Short -term notes payable 17.250 17 750 Long-term notes payable 1 12 500 82500 Share capital - Ordinary RMS pa 465 090 450.000