Exam (elaborations)
FAC1502 Assignment 5 2024
- Course
- Institution
FAC1502 Assignment 5 2024
[Show more]
Seller
Follow
gradguru2024
Content preview
Furniture Traders sold three tables and six chairs to Beauty Traders, for their nailtechnicians, 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
Downloaded by: LearnLibrary | haatmylater@gmail.com Want to earn $1.236
Distribution of this document is illegal extra per year?
,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
Insurance Expense
Capital Equity
Credit loss recovered Expense
Water and electricity Expense
Clear my choice
Question 4
Answer saved
Marked out of 3.00
Flag question
Question text
Use the following information to calculate the total liabilities amount for the basic
accounting equation:
R
Capital 680 000
Services rendered 470 000
Drawings 35 000
Rent income 65 000
Interest income 36 000
Stationery 3 300
Wages 13 500
Insurance expenses 15 600
Furniture 80 000
Vehicles 620 000
Bank overdraft 80 000
Trade payables control 81 300
Loan: SA Bank 70 200
Land 400 000
Buildings 70 000
Inventory 75 000
Trade receivables control 210 000
Select one:
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 gradguru2024. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.79. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now