WorksheetsIncome Statement - Grade 12
Total questions: 15
Worksheet time: 19mins
Prepare the Income Statement for ABC PTY Ltd for the year ended 31 December 2023.
NB: Note your answers as the questions follow up on the answer of the previous questions.
420 items of Product A were sold for R5 000 and 300 items of Product B for R6 000. calculate revenue for the year
(a)
500 items Product A cost R3 000 each and 650 items of Product B cost R2 000 each. Calculate the cost of sales
(a)
Using the information in questions 1 and 2, calculate the Gross Profit
(a)
The company made an investment of R400 000 that accumulates interest of 9%. calculate the interest received
(a)
Rent income is R90 000 per month, however it increased by 10% from March, but it decreased by 5% from July. Calculate rent income for the year
(a)
If Gross Operating Income is R2 300 000 and Sundry income is R23 700. Calculate the amount for "Other Income".
R2 267 300
R2 276 300
R2 376 300
R1 200 000
We have 2 employees, Sarah and John. Sarah earns R9 000 per month whereas John earns 20% more than Sarah per month. calculate salaries and wages
(a)
Vehicle with a cost price of R1 485 715 depreciates at a rate of 4,2% on the cost method. calculate depreciation. Round you answer off to the nearest rand.
R61 948
R62 400
R62 400,03
R2 600
If Operating expenses are R800 000. calculate the amount of water and electricity that hasn't been taken into account.
R0
R1 500 000
R500 000
R800 000
Using the information from the previous questions calculate operating profit
(a)
If interest income is R150 000, calculate profit before interest expense.
(a)
If net profit before tax is R1 600 000, calculate the amount for interest expense.
R50 000
R150 000
R100 000
R1 600 000
Income tax is calculated at 27%
(a)
Calculate net profit after tax
(a)
what is another name for the Income Statement
(a)
