FAC1601 Assignment 4 (COMPLETE ANSWERS) Semester 2 2024 (153371)- DUE 22 October 2024; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. Ensure your success with us...
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Qumbu Energy Ltd installs wind power turbines for renewable energy projects in OR Tambo District Municipality in
the Eastern Cape. The company services government contracts and private energy firms, operating from Qumbu with projects
mainly along the municipality. In 2023, Qumbu Energy completed three major installations, growing rapidly as renewable
energy demand rises.
The following financial information is presented to you to assist in the analysis and interpretation of the performance and the
overall financial health of the business:
Extract from the statement of financial position information as at 28 February 2024:
2024 2023
Trade receivables control 125,000 93,000
Bank 58,000 44,000
Income tax payable 14,000 25,000
Revenue 609,000 549,000
Purchases 412,000 408,000
Operating and administrative expenses 87,000 78,000
Interest on long-term loan 18,000 21,000
Ordinary dividend paid 9,000 5,000
Additional information
1. The income tax expense for the year ending 2023 amounted to R32 000 and the income tax expense for the current year
is R22 000
2. The opening inventories for the financial year ending 2023 amounted to R96 000.
3. Assume that all purchases and sales are on credit.
The correct gross profit percentage for the financial year ended 29 February 2024 is 40.07%.
True
False
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