the Statement of Comprehensive Income for the year ended 28 February 2019. (34) NOTE: Please show all your calculations.

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 29 FEBRUARY 20202

Calculation

R

Mark (Lecturer)

Sales

Cost of sales

Gross profit

Other Operating Income

Rent Income

Bad debt recovered

Profit on sale of an asset

8 200

Gross Operating Income

(Gross profit + Operating Income)

2 522 075

Operating expenses

Tender fees

380 000

Accounting fees

Salaries and Wages

Which one of the following statements is correct? A. The quality of the factors of production is insignificant; it is only the quantity that matters. B. The difference between capital goods and consumer goods is that the former maintains their full value over time. C. Capital as a factor of production refers to the amount of money required to produce a good or service. D. It is possible to increase the total income for the economy as a whole without increasing production. This is the miracle of the modern monetary economy. E. The total income in the economy is equal to the total remuneration of the factors of production.

1.6 Utility from consuming a good is understood by economists to mean:A. how often we consume the good.B.how much satisfaction or benefit we get from consuming the good.C. how much it costs to buy the good.D. how we best use the good.E. none of the above.