MTL1118

__________________ summarizes the business's income (revenue) expenses during a specified period of time and is used to figure gross profit.

• Income Statement

• Balance Sheet

• Trial Balance

This financial statement reports assets, liabilities, and owner's equity during the accounting period. It can be used to determine the liquidity of a business.

• Balance Sheet

• Income Statement

• Trial Balance

• Cash flow statement

If an employee received a basic salary of R10 829.00 and receives an additional R500 for housing. What is the gross salary the employee earns?

• R11 229

• R11 329

• R2878.24

Determine the sum of all the deductions:

Medical aid - R1 225.57

Car Insurance - R812.17

Retirement Annuity - R780

• R2 500

• R2 817.74

• R 2 718.47

What is the total amount of money the employee will have after deductions:

Salary - R11 329

Deductions - R2 878.24

• R2 887.24

• R7 500

• R8 450.76