Other
FAC1502 ASSIGNMENT 5 EXPECTED ANSWERS COMBINED SEM 1 2022
- Course
- Institution
FAC1502 ASSIGNMENT 5 EXPECTED ANSWERS COMBINED SEM 1 2022
[Show more]
3 reviews
By: semasemola • 2 year ago
By: theotakalani • 2 year ago
By: kagiso526 • 2 year ago
Seller
Follow
FENDTUTORIALS
Reviews received
Content preview
2022FAC1502 ASSIGNMENT 05
[DOCUMENT SUBTITLE]
ASSET MIKE
[COMPANY NAME] | [Company address]
, Dashboard
My courses
FAC1502-22-S1
WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL
ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
Assessment 5
Time left 1:05:21
Question 1
Answer saved
Marked out of 2.00
Flag question
Question text
Dumisani bought a shirt from Loud Shirts for R625.00 (after discount). The dress was
discounted by 20%.
What will the discount amount be?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 156.25
Question 2
Answer saved
Marked out of 2.00
Flag question
Question text
Furniture Traders sold three tables and six chairs to Beauty Traders, for their nail
technicians, for an amount of R31 050 (15% VAT inclusive). Furniture Traders makes use
of a mark-up percentage on cost of 35%
What is the amount for the sales (VAT exclusive) of the tables and chairs?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
,2. Only show the amount, do not show the R (eg: 12141.72)
Answer:
Question 3
Answer saved
Marked out of 3.00
Flag question
Question text
Select one:
A.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Expense
Insurance Expense
Capital Equity
Credit loss recovered Income
Water and electricity Expense
B.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
, Capital Equity
Credit loss recovered Income
Water and electricity Expense
C.
Name of account Classification
Profit on sale of equipment Asset
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
Capital Liability
Credit loss recovered Income
Water and electricity Expense
D.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Income
Insurance Expense
Capital Equity
Credit loss recovered Expense
Water and electricity Expense
E.
Name of account Classification
Profit on sale of equipment Income
Equipment Asset
Services rendered Income
Depreciation Asset
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FENDTUTORIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.98. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81113 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now