Fundamental Accounting 7th Edition David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit - Solutions

Explain why:1. A business would sell on credit.2. A credit policy is necessary and what such a policy entails.3. An allowance for bad debts must be created.
Define the terms employer and employee.
Discuss the difference between salaries and wages and give an example of each.
With which institutions should an employer register?
You receive this information from a client for employees who work at an hourly rate:Overtime is paid at one-and-a-half times the hourly rate, and on Sundays overtime is twice the normal rate. Saturday rates are the same as overtime rates.You are required to:Calculate the gross remuneration of each
What employee information should an employer keep?
A. Butcher opened a butchery and employs five people on these terms:• UIF contributions are calculated at 1% per employer and employee.• Union fees are R50 per month for all employees.• Only Mr Tando belongs to the medical aid fund. Mr Tando is unmarried. His contribution is R550 per month.
Use the information in Question 13.7 and record the:1. Weekly wages for work done for four weeks, on same basis.2. Monthly wages.3. Employer’s contribution.4. Monthly payments.Data from Question 13.7.A. Butcher opened a butchery and employs five people on these terms:• UIF contributions are
Mr Hill opened a coffee shop and employs:• A supervisor for a monthly salary of R16 795.• A baker at R11 700 per month.• Two waiters at R1 490 per week.• Retirement fund contributions equal 7.5% per salary earner.• Retirement fund contributions by the employer are 10%.You are required
You have recently been called on to start a set of accounting records for a small business engaged in cartage contracting. The previous set was destroyed by fire.You established that the business, that trades under the name of Phuthuma Carriers, owns these assets at cost less depreciation to

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