Page 7 - PERFORM FINANCIAL CALCULATIONS ASSESSMENT TASK ASSESSOR INSTRUCTIONS AND SOLUTIONS

Perform Financial Calculations Assessor Instructions and Solutions

CALCULATOR OPERATIONS: Use a calculator to complete all the following
questions.

Question 5: Convert the following fractions to decimals and then to a percentage.

Decimal Percentage

1/2 __________.5______________ _50%____________________________
6/8 __________.75________________ _75%____________________________

3/4 __________.75________________ _75%____________________________

2/8 __________.25________________ _25%____________________________

5/7 __________.71________________ _71%____________________________

Question 6: Calculate the following taxation amounts to be deducted from each employee's
wages.

EMPLOYEE WAGES RATE OF TAX AMOUNT OFTAX

H Wilson $759.00 44% $333.96
B Canton $830.00 27% $224.10
I M Reader $808.00 24% $193.92
P Bradley $530.00 12% $63.60
M Howard $685.00 20% $137.00
SOLUTIONS

Question 7: Complete the following sales summary for Goudenna Linings Pty Ltd.

DAY PAINTS PLASTER SUB-TOTAL RETURNS TOTAL

Monday $ 3414.52 $ 2,926.76 $6341.28 $152.67 $6188.61
Tuesday $ 1,267.10 $ 316.24 $1583.34 $298.55 $1284.79
Wednesday $ 1,207.43 $ 2,790.11 $3997.54 $265.77 $3731.77
Thursday $ 3,652.12 $ 288.74 $3940.86 $446.76 $3494.10
Friday $ 217.83 $ 919.99 $1137.82 Nil $1137.82

Question 8: Complete the following statement by adding debits and subtracting credits.
DETAILS DEBIT CREDIT BALANCE
Balance brought forward 750.99 750.99

Invoice 878 589.00 1339.99
Invoice 739 7,719.99 9059.98
Cheque No 38742 505.00 8554.98
Invoice 830 45.00 8599.98
Credit Note 83 504.75 8095.23
Invoice 902 670.00 8765.23
Invoice 993 1,910.10 10675.33
Cheque No 56938 312.00 10363.33
Invoice 1009 415.00 10778.33
BALANCE OWING 10778.33

Anne Bowden ©2020
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