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Question 2 Calculate the Value-Added Tax (VAT) payable to / refundable by the South African Revenue Service (SARS) using the following information: Sales Cost of sales Machine purchased Salaries and wages R10,000 R4,000 R30,000 R2,500 Round off to the Nearest Rand and assume a VAT rate of 15%, where applicable. For every transaction, clearly indicate whether VAT is applicable or not. Question 3 Hewitt Enterprises is a business that buys and sells printers at a profit and has the following information available for the month of June 2020: • There were 100 printers in the warehouse on 1 June 2020. • On 10 June, 50 printers were bought from Printing Traders at R50 per printer. • Another purchase of 50 printers were made from the same company for the same price on 20 June. • 80 printers were sold during the month. The selling price for one printer is R90. Required Calculate the gross profit of Hewitt Enterprises for the month of June 2020. Ignore VAT.

Question 2 Calculate the Value-Added Tax (VAT) payable to / refundable by the South African Revenue Service (SARS) using the following information: Sales Cost of sales Machine purchased Salaries and wages R10,000 R4,000 R30,000 R2,500 Round off to the Nearest Rand and assume a VAT rate of 15%, where applicable. For every transaction, clearly indicate whether VAT is applicable or not. Question 3 Hewitt Enterprises is a business that buys and sells printers at a profit and has the following information available for the month of June 2020: • There were 100 printers in the warehouse on 1 June 2020. • On 10 June, 50 printers were bought from Printing Traders at R50 per printer. • Another purchase of 50 printers were made from the same company for the same price on 20 June. • 80 printers were sold during the month. The selling price for one printer is R90. Required Calculate the gross profit of Hewitt Enterprises for the month of June 2020. Ignore VAT.

FINANCIAL ACCOUNTING
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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Question 2 Calculate the Value-Added Tax (VAT) payable to / refundable by the South African Revenue Service (SARS) using the following information: Sales Cost of sales Machine purchased Salaries and wages R10,000 R4,000 R30,000 R2,500 Round off to the Nearest Rand and assume a VAT rate of 15%, where applicable. For every transaction, clearly indicate whether VAT is applicable or not. Question 3 Hewitt Enterprises is a business that buys and sells printers at a profit and has the following information available for the month of June 2020: • There were 100 printers in the warehouse on 1 June 2020. • On 10 June, 50 printers were bought from Printing Traders at R50 per printer. • Another purchase of 50 printers were made from the same company for the same price on 20 June. • 80 printers were sold during the month. The selling price for one printer is R90. Required Calculate the gross profit of Hewitt Enterprises for the month of June 2020. Ignore VAT.
Transcribed Image Text:Question 2 Calculate the Value-Added Tax (VAT) payable to / refundable by the South African Revenue Service (SARS) using the following information: Sales Cost of sales Machine purchased Salaries and wages R10,000 R4,000 R30,000 R2,500 Round off to the Nearest Rand and assume a VAT rate of 15%, where applicable. For every transaction, clearly indicate whether VAT is applicable or not. Question 3 Hewitt Enterprises is a business that buys and sells printers at a profit and has the following information available for the month of June 2020: • There were 100 printers in the warehouse on 1 June 2020. • On 10 June, 50 printers were bought from Printing Traders at R50 per printer. • Another purchase of 50 printers were made from the same company for the same price on 20 June. • 80 printers were sold during the month. The selling price for one printer is R90. Required Calculate the gross profit of Hewitt Enterprises for the month of June 2020. Ignore VAT.
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