I. Accounting (including some key budget correlations)

Task 1 (4 points)

A company had fixed assets of NOK 14 million at the end of the year. Equity, long-term debt and short-term debt were at the same time respectively NOK 4. 3 million, NOK 12. 5 million and NOK 4. 8 million.

What were the company's current assets at the end of the year?

Task 2 (4 points)

A company had fixed assets of NOK 12,500,000 and current assets of NOK 6,800,000 at the end of the year. The equity ratio was at the same time 16%.

What was the company's equity in NOK at the end of the year?

Task 3 (4 points)

A trading company had at the beginning of the year a stock of goods of NOK 220,000. The year's cost of goods sold was NOK 2,400,000. At the end of the year, the stock of goods was valued at NOK 350,000. Ignore VAT.

What were the year's purchases of goods?

Task 4 (4 points)

A company has at the beginning of the year acquired a permanent operating asset for NOK 3,600,000 (incl 25% VAT). The expected lifetime of the operating asset is ten years. The estimated selling price at the end of the lifetime is NOK 380,000 (excl VAT). Assume that the company uses declining balance depreciation and that the depreciation rate is set to 20%.

a) What is the outgoing balance value after four years?

b) What are the depreciations in year five?

Task 5 (4 points)

Use the text from task 4. Assume that the company instead uses straight-line depreciation.

a) What is the outgoing balance value after seven years?

b) What are the depreciations in year three?

Task 6 (4 points)

A company paid in 2023 various operating costs with NOK 2,400,000 incl VAT. At the beginning and at the end of the year, the company had unpaid various operating costs for respectively NOK 160,000 incl VAT and NOK 200,000 incl VAT. Prepaid various operating costs for 2024 were NOK 90,000 incl VAT.

What amount were various operating costs recorded with in the income statement for 2023?

Task 7 (4 points)

Show by means of the balance equation how the financial accounting of a VAT-liable company is affected by the following transactions:

• Purchase of goods for NOK 240,000 (incl VAT) on credit

• Payment of the purchase of goods

• Resale of the goods for NOK 300,000 (excl VAT) on credit

• The customer pays (settles the customer receivable from the sale of goods)

Task 8 (4 points)

Show by means of the balance equation how the financial accounting of a VAT-liable company is affected by the following transactions:

• Cash purchase of inventory for NOK 360,000 (incl VAT)

• Declining balance depreciation of inventory (the rate is 20%)