Victor Smith is the owner of Smith Electricians. On 28 February 20.2 you are given the following information for Smith Electricians. Trade receivables Equipment Unfavourable bank balance Trade payables Vehicles Loan R 222 000 350 000 70 000 50 000 480 000 300 000 What is the net asset value (equity) of Smith Electricians on 28 February 20.2 NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72) Answer: Betties Smith is the owner of Betties Plumbing. You are given the following information for Betties Plumbing for the year ended 28 February 20.2 Capital Services rendered Wages Telephone expenses Water and electricity Insurance Maintenance of vehicles Interest expense Interest income R 150 000 350 000 60 000 6 000 8.000 1.500 1.500 2 500 5 000 Which of the following represents the correct equity amount for Betties Smith for the year ended 28 February 20.2? NB: Instructions 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Only show the amount, do not show the R (eg: 12141.72) Answer: Which of the following statements are incorrect? (a) A soccer club can be considered as a non-profit entity. (b) An example of a business entity which will be classified as a service and trading entity will be an Accounting practice. (c) Lerato Moshate is the only owner of Lerato's Hair and Nails. Lerato's Hair and Nails will be classified as a sole trader (d) (e) Eskom is an example of a state-owned company in South Africa. An example of a business entity which will be classified as a service and trading entity will be a Plumber. Select one: A. (a), (b) and (e) OB. (a), (b), (c), (d) and (e) OC. (a), (c) and (d) OD. (a), (b) and (d) OE. None of the above Cool Plumbing Services provided with the following information for the financial year ended 28 February 20.2 Services rendered Salaries Wages Telephone expenses Water and electricity Stationery Interest income Insurance expenses R 970 000 260 000 60 000 8 000 3 000 8 000 6 000 5 000 The profit/loss for the year of Cool Plumbing Services for the year ended 28 February 20.2 is a ... Select one: A. profit for the year of R976 000 B. loss for the year of (R632 000) C. loss for the year of (R976 000) OD. profit for the year of R620 000 E profit for the year of R632.000