Salaries 940 000 + [6 680 + 1600 + 90 + 630]* = R949 000  operation (9 000) 2 * Alternative calculation for gross salary: (630 x 100/7) OR (90 x 100) Insurance 12 000 - 4 500 = R7 500    operation; any one part correct [6 000 x 9/12] Audit fees 30 000 + 40 000 = R70 000    operation; any one part correct Directors fees 23 000 + 30 000 R53 000  =  operation; any one part correct OR 68 000 - 15 000 = R53 000    (50% x 30 000) operation; any one part correct 2.2 Khaya Traders Ltd Income Statement for the year ended 31 December 2014 Operating Profit 232 750 Interest Income  (2 140 + 900) operation, one aspect correct 3 040  Profit before Interest Expense operation 235 790  Interest Expense (178 000 - 37 800 - 160 000) (19 800)  operation, one aspect correct Profit before Tax operation 215 990  Income Tax ignore bracket (32 250)  Net profit Tax operation 740 183 Total Marks 45
Salaries 940 000 + [6 680 + 1600 + 90 + 630]* = R949 000  operation (9 000) 2 * Alternative calculation for gross salary: (630 x 100/7) OR (90 x 100) Insurance 12 000  - 4 500  = R7 500  operation; any one part correct [6 000 x 9/12] Audit fees 30 000  + 40 000  = R70 000  operation; any one part correct Directors fees 23 000  + 30 000 = R53 000  operation; any one part correct OR 68 000  - 15 000  = R53 000  (50% x 30 000) operation; any one part correct 2.2 Khaya Traders Ltd Income Statement for the year ended 31 December 2014 Operating Profit 232 750 Interest Income  (2 140 + 900) operation, one aspect correct  3 040 Profit before Interest Expense operation  235 790 Interest Expense (178 000 - 37 800 - 160 000) operation, one aspect correct  (19 800) Profit before Tax operation  215 990 Income Tax ignore bracket  (32 250) Net profit Tax operation 183 740 Total Marks 45