From 1 March 2021 to 28 February 2022, employee A used her own vehicle forbusiness purposes. She received a travelling allowance of R20 000 per month for thispurpose. She travelled a total of 65 000 kilometers during the year of which 45 000kilometers was for private travel. She kept an accurate logbook during the period shereceived the travel allowance. She purchased a motor vehicle for R660 000(including VAT) on 28 February 2020. Finance charges for the current year was R105000 and insurance was R3 500 a month, fuel was R7 000 a month and maintenancewas R12 000 for the period.Do not use R, brackets, spaces, signs or decimals (unless specifically instructed)The deemed cost per kilometer is R?? (calculate to 3 decimals) Blank 1Travel allowance for the year: Blank 2Wear and tear: Blank 3Finance charges: Blank 4Insurance: Blank 5Fuel: Blank 6Maintenance: Blank 7Actual cost per kilometer in Rand (calculate to 3 decimals): Blank 8Possible deduction allowed for business travel: Blank 9Taxable benefit: Blank 10

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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10.The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales Discounts for P36. b. debit to Sales Revenue for P1,764. c. credit to Accounts Receivable for P1,800 d. credit to Sales Revenue for P1,800
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7. The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales Discounts for P36. b. debit to Sales Revenue for P1,764. c. credit to Accounts Receivable for P1,800 d. credit to Sales Revenue for P1,800
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10:40 2) Complete the table. (Lesson 5) Invoice Date Last Date Last Date Date to Pay Invoice Terms Net Price Cash Cash Price to Take Discount Paid Discount March I1 S/10 EOM April 2nds598
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Information for the Required Parts are located in the attached image. Thank you! Required 1-a Create a T-account for the Allowance for Doubtful Accounts and enter into it the 2014 amounts from the above schedule. The balance at the beginning of each year in the Allowance for Doubtful Accounts is a credit balance. (Enter your answers in thousands.) Allowance for Doubtful Accounts Beg. Bal. [ ][ ][ ] [ ][ ][ ][ ] [ ][ ][ ][ ] [ ][ ][ ][ ] End. Bal. [ ][ ][ ] Required 1-b Write the T-account in equation format to prove the above items account for the changes in the account. (Enter your answers in thousands.) Beginning Balance + - = Ending Balance [ ] + [ ] - [ ] = $[ ] Required 2 Record summary journal entries for 2015 related to (a)…
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Which of the following mathematical equations is used to compute the payables deferral period (DPO)? 000 о Payables deferral period (DPO) = Accounts payable/Daily credit purchases Payables deferral period (DPO) = Cost of goods sold/Accounts payables Payables deferral period (DPO) = Daily credit purchases/Accounts payable Payables deferral period (DPO) = Payables turnover 360 Payables deferral period (DPO) = Payables turnover/360
Record the cost of goods sold. (Round intermediary calculations to two decimal places. Round your final answer to the nearest whole dollar.) DEBIT/CREDIT AMOUNTS Accounts Moving-Weighted-Average Record the payment of operating expenses. Accounts DEBIT/CREDIT AMOUNTS Moving-Weighted-Average FIFO FIFO
Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: ό ό ύ τ ο a. b. d. e. a. S b. S 00000 C. $ d. $ Merchandise e. S Invoice Amount $17,400 11,500 7,600 3,700 2,400 Freight Paid by Seller $500 100 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 2/10, n/30 FOB destination, 2/10, n/30 Customer Returns and Allowances $900 1,400 700 500

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Do not use R, brackets, spaces, signs or decimals (unless specifically instructed) The deemed cost per kilometer is R?? (calculate to 3 decimals) Blank 1 Travel allowance for the year: Blank 2 Wear and tear: Blank 3 Finance charges: Blank 4 Insurance: Blank 5