Income Statement - Grade 12

Prep​are 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

500 items Product A cost R3 000 each and 650 items of Product B cost R2 000 each. Calculate the cost of sales

Using the information in questions 1 and 2, calculate the Gross Profit

The company made an investment of R400 000 that accumulates interest of 9%. calculate the interest received

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

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

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