Capricom South ML_Gr12 Investigation 03/2021 ADDENDUM QUESTION ! ANNEXURE A: INCOME AND EXPENSES STATEMENT FOR THE THIRD QUARTER OF 2019. July R 229 182 September R 268 552 174 215 94 337 43.746 158 304 70 878 35459 Turnover Less: Cost of Sales Gross income Less: Expenses? Salary Telephone Transport Cost Net income Rent August R 238 331 162 349 75 982 35 075 3332073 12 250 14 470 1 025 1 440 5.820 40 907 Packaging 12 250 14 470 1 120 965 6.654 35 419 50 591 1. The income generated from the sale of products. 2. The expenses are for the rent, salaries, packaging, telephone and transport costs. 3. Does not include Jessica's salary, NB: VAT is calculated at 15%. Cirricon South ML. 12 levestigatio 01/2021 QUESTION 1 Jessica Langa is the sole owner of a shop in Mokopane that sells handbags, hair extensions and cosmetics. She kept the record of the income and expenses for the third quarter of 2019 in ANNEXURE A. For income tax purposes, all the amounts were founded off to the nearest rand. All the expenses for September were omitted as shown in the statement below. Use the information above to answer the questions that follow. 1.1 Define the term Net income, according to the given context. 1.2 (10) Calculate Jessica's transport cost for September if: The rent amount remained unchanged from August. The ratio of the telephone cost for August September = 8:11. The packaging cost was 46,425% less than the July packaging cost. An additional person, earning a monthly salary of R8 665, was employed from 1 September 2019. Determine, showing ALL calculations, for which month the percentage mark-up on the cost of sales for the third quarter of 2019 was the highest. 1.3 (5) Gross income You may use the following formula: Percentage mark-up = x 100% cost of sales 1.4 Based on the statement for the third quarter of 2019, Jessica projected that her annual net income for 2019 would be R506 668. Verify, showing all calculations, whether this projection amount is valid. [21]