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FAC1602 ASSESSMENT 4 SEM 1 OF 2023 EXPECTED QUESTIONS AND ANSWERS R100,00   Add to cart
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  5. FAC1602 - Elementary Financial Accounting And Reporting

Exam (elaborations)

FAC1602 ASSESSMENT 4 SEM 1 OF 2023 EXPECTED QUESTIONS AND ANSWERS

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THIS DOCUMENT CONTAINS FAC1602 ASSESSMENT 4 SEM 1 OF 2023 EXPECTED QUESTIONS AND ANSWERS. CORRECT USE WILL HELP YOU SCORE ABOVE 75%

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  • October 8, 2022
  • May 27, 2023
  • 15
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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The following information relates to questions 1 - 8 below.
Stellenson Limited is logistics company operating from the Port of Richards Bay. The financial manager
of the company, Mr Bucks, has requested assistance in completing financial statement analysis to be
included in the annual report.
The following is information is extracted from the accounting records of Stellenson Limited as at
29 February 2023, the end of the financial year:
R
Share capital 337,200
Land and buildings 682,200
Share premium 30,000
Loan to director: Stellen 43,200
Retained earnings (1 March 2022) Dr 40,400
Equipment at cost 280,800
Accumulated depreciation: Equipment 36,000
Long-term loan 180,000
Debtors control 86,400
Creditors control 34,600
Sales 604,800
Allowance for settlement discount
7,800
granted
Profit for the year 155,600


Additional information
1. The corporation is taxed at a rate of 28%.
2. The long-term loan was obtained on 31 July 2011 and bears interest at a rate of 12% per annum.
3. The loan to Stellen is interest free and repayable in full on 30 November 2024.
4. The following are some of the ratios as at 28 February 2022:
· Return on equity 37%
· Return on assets 21.81%
· Profit margin 27.2%
· Financial leverage 1.9


Which of the following alternatives represents the correct return on equity for Stellenson Limited for
the year ended 28 February 2023?

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