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Classify wages as variable or fixed expenses. Calculate missing values in an income statement and determine profit/loss. Find ATM withdrawal costs and Capitec charges.

Accounting

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3.2.1

Wages are generally considered variable expenses.

  • Reason: Wages often fluctuate based on the amount of work required or the number of hours worked, which can change with the level of business activity or production.

3.2.2

  1. Calculate the missing value A (Donations).

    The total income is the sum of sales from chickens and donations.

    25 000=20 000+A25\,000 = 20\,000 + A A=25 000−20 000A = 25\,000 - 20\,000 A=R5 000A = \text{R}5\,000

  2. Calculate the missing value B (Total Expenses).

    Total expenses are the sum of all individual expenses.

    B=3 000+7 000+2 500B = 3\,000 + 7\,000 + 2\,500 B=R12 500B = \text{R}12\,500

  3. Calculate the missing value C (Profit / Loss).

    Profit/Loss is calculated as Total Income minus Total Expenses.

    C=Total Income−Total ExpensesC = \text{Total Income} - \text{Total Expenses} C=25 000−12 500C = 25\,000 - 12\,500 C=R12 500C = \text{R}12\,500
    • Missing values:
      • A = R5 000
      • B = R12 500
      • C = R12 500

    3.2.3

  4. Determine profit or loss.

    Since the value of C (Profit / Loss) is positive (R12 500), they made a profit.

    • They made a profit.

    3.3.1

  5. Find the cost for a TymeBank ATM withdrawal of R1000 from the table.

    Locate the "TymeBank" column and the "ATM withdrawal of R1 000" row.

    • Cost: R10,00

    3.3.2

  6. Identify the charges for each transaction type for Capitec Global One.

    From the table for Capitec Global One:

    • Monthly Fee: R5,00
    • ATM withdrawal of R1 000: R7,50
    • Saswitch withdrawal of R1 000: R9,75
    • Till withdrawal: R1,60

  7. Calculate the total cost for each type of transaction.

    • Monthly Fee: 1×R5,00=R5,001 \times \text{R}5,00 = \text{R}5,00
    • Three ATM withdrawals: 3×R7,50=R22,503 \times \text{R}7,50 = \text{R}22,50
    • Two Saswitch withdrawals: 2×R9,75=R19,502 \times \text{R}9,75 = \text{R}19,50
    • Four Till withdrawals: 4×R1,60=R6,404 \times \text{R}1,60 = \text{R}6,40

  8. Sum all the charges to find the total monthly bank charges.

    Total Charges=R5,00+R22,50+R19,50+R6,40\text{Total Charges} = \text{R}5,00 + \text{R}22,50 + \text{R}19,50 + \text{R}6,40 Total Charges=R53,40\text{Total Charges} = \text{R}53,40
    • Total monthly bank charges: R53,40
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