What are the assets, liabilities, and income accounts for Blake's Builders, and their total values?

Here are the solutions for Activity 5.3: 1. Identify the three assets that Blake has in his building business. The three assets are: Bank Equipment Vehicles 2. Calculate the total value of these assets. Step 1: Identify the values of the assets. Bank: R 7\,000 Equipment: R 30\,000 Vehicles: R 55\,000 Step 2: Sum the asset values. Total Assets = R 7\,000 + R 30\,000 + R 55\,000 = R 92\,000 The total value of assets is R 92\,000. 3. Make a list and calculate the liabilities of Blake's Builders. Step 1: Identify the liabilities. Loan: R 15\,000 Step 2: Calculate the total liabilities. Total Liabilities = R 15\,000 The total liabilities are R 15\,000. 4. Name two income accounts. The two income accounts are: Income from building services Rent income 5. Calculate the total income that the business has earned. Step 1: Identify the values of the income accounts. Income from building services: R 45\,000 Rent income: R 3\,000 Step 2: Sum the income values. Total Income = R 45\,000 + R 3\,000 = R 48\,000 The total income earned is R 48\,000. 6. Make a list of the expenses and calculate the total expenses. Step 1: Identify the expenses and their values. Advertising: R 1\,500 Water and electricity: R 2\,000 Material costs: R 20\,500 Stationery: R 500 Wages: R 13\,500 Step 2: Sum the expense values. Total Expenses = R 1\,500 + R 2\,000 + R 20\,500 + R 500 + R 13\,500 = R 38\,000 The total expenses are R 38\,000. 7. Did Blake's Builders make a profit or a loss? Show the calculation to support your answer. Step 1: Use the formula for profit or loss. Profit/Loss = Total Income - Total Expenses Step 2: Substitute the calculated total income and total expenses. Profit/Loss = R 48\,000 - R 38\,000 = R 10\,000 Since the result is positive, Blake's Builders made a profit. Blake's Builders made a Profit of R 10\,000. That's 2 down. 3 left today — send the next one.