INSTRUCTIONS
This assignment requires you to complete a number of tasks. Each task should include full working and will be completed in class time. Time may also be utilised out of class to complete this assignment. Each question should me answered. Your level of achievement will be based on the quality of response for each task.
TASK 1
While shopping for a new LCD television you discover the following prices at three different shops. Prices are for the some item.
Mad Max Electrics: $975.00 cash
Dinky Di’s Discounts: 6 payments of $176
Metrovision: $1179 minus 10% discount
Which shop is offering the best price?
Mad max electrics: $975.00
Dinky di’s discounts: 6 х $176 = $ 1056
Mertovision: 0.10 х $1179 =$ 117.90 $1179 - $117.90 = $1061.10
Mad max electrics offers the best price because it is the cheapest.
TASK 2
As the new manager for Ishy’s Discount Stores you need to calculate the final selling price of items below. As a general rule, entertainment products are 100 % mark-up, other electrical products are 50 % mark-up and clothing is 15 % mark-up. You will also need to add on the GST (at 10%) in order to give your staff the amounts to mark on the goods for sale.
ITEM COST PRICE
MP3 $15.50
MEN’S TRACK PANTS $5.00
CD/DVD PLAYER $35.00
ELECTRIC KETTLE $9.90
MP3 $15.50 + 100% = $31
$31 + 10% = $34.10
Men’s Track Pants $5.00 +15% = $5.78
$5.78 + 10% = $77
CD/DVD Played $9.90 + 50% = $70
$70 + 10% = $77
Electric Kettle $9.90 + 50% = $14.85
$14.85 + 10% = $30
TASK 3
In September there will be a store wide promotion. Electrical goods will be 20 % off, clothing 50 % off with 10 % off everything else in the store. Work out prices for the items from Task 2 during September.
MP3 $15.50 - 10% = $13.17
Men’s Track Pants $5.00 -50% = $2.50
CD/DVD Played $9.90 - 10% = $31.50
Electric Kettle $9.90 - 20% = $7.92
TASK 4
One of your top workers has come to see you about an apparent mistake in her pay. She should receive $14.50 per hour for normal hours worked (maximum 8 hours per day) With time-and-a-half for any other week day hours and the first 3 hours on Saturday and double time for any other hours at the weekend. Her time sheet shows the following details:
DAY START TIME FINISH TIME MEAL BREAK
Monday 10:00 am 6:00 pm Yes
Tuesday 12.30 am 5:30 pm No
Wednesday 9:00 am 6:00 pm Yes
Thursday 10:00 am 9:30 pm Yes
Friday 1:00 pm 5:00 pm No
Saturday 10:00 am 4:00 pm No
Sunday 10:00 am 3:00 pm Yes
Calculate her gross pay for the hours shown.
Monday 10:00am – 6:00pm = 7hr
$14.50 х 7hr = $101.50
Tuesday 12:30am – 5:30pm = 5he 30min
$14.50 х 5.40 = $78.30
Wednesday 9:00am – 6:00pm = 10hr
$14.50 х 8 = $116
$21.75 х 2 = $43.44
$43.44 + $116 = $1205.44
Thursday 10:00am – 9:30pm = 12hr 30min
$24.75 х 4hr 30min = $93.50
$93.50 + $14.50 = $108
Friday 1:00pm – 5:00pm = 5hr
$14.50 х 5hr = $75.00
Saturday 10:00am – 4:00pm = 7hr
$29 х 3hr = $87
$21.25 х 4 = $87
$87 + $87 = $174
Sunday 10:00am – 3:00pm = 6hr
$29 х 6hr = $174
Time and a half = $14.50 ÷ 2 = $7.25
Double = $14.50 + $14.50 =$29
TASK 5
Income details for the year 9for a client of your business, Texes ‘R’ Us) are attached. Any other relevant information is included. Work out how much tax your client should have paid and the amount of any refund/ tax owing. Your calculations should also include the medicare lecy. All calculations and explanations should be neatly set out and mathematically organised to present to your client.
Gross payments: $76432
Total tax withheld: $18240
Deductions: $3204
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