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Course 8090

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Consider the following invoice that a company received from its supplier.

	Invoice
Merchandise XX	60,000
- Advance payment	10,000
Total liable to VAT	50,000
VAT 22%	11,000
TOTAL DUE	61,000

Which one of the following statements is true?

		Left (DR)	Right (CR)
C.	Cost for merchandise	60,000
A.	Input VAT	11,000
A.	Advance payment to suppliers		10,000
L.	Account payable		61,000

		Left (DR)	Right (CR)
C.	Cost for merchandise	60,000
A.	Input VAT	11,000
R.	Advance payment to suppliers		10,000
L.	Account payable		61,000

		Left (DR)	Right (CR)
A.	Account receivables	61,000
A.	Advance payments from customers	10,000
R.	Sales revenues		60,000
L.	Output VAT		11,000

		Left (DR)	Right (CR)
A.	Account receivables	61,000
C.	Advance payments from customers	10,000
R.	Sales revenues		60,000
L.	Output VAT		11,000

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On July 1, the company took a loan from a bank for € 150 000. This loan lasts for 8 years, matures every 6 months, and has an annual fixed interest rate of 6%.

On December 31, which transaction does the accountant has to record in the journal book?

	Left (DR)	Right (CR)
Bank	25,000
Interest expense on loans	4,500
Loan		29,500

	Left (DR)	Right (CR)
Loan	9,375
Interest expense on loans	9,000
Bank		18,375

	Left (DR)	Right (CR)
Loan	25,000
Interest expense on loans	4,500
Bank		29,500

	Left (DR)	Right (CR)
Loan	9,375
Interest expense on loans	4,500
Bank		13,875

	Left (DR)	Right (CR)
Bank	9,375
Interest expense on loans	9,000
Loan		29,500

	Left (DR)	Right (CR)
Bank	150.000
Loan		150.000

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Purchasing Machinery affects the following accounts:

Costs and liabilities

Assets and liabilities

Cash from investing activities and equity

Costs and input VAT

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Which of the following statements regarding the Sales Revenues account is incorrect?

Issuing an invoice for product sales increases the balance of the sales revenues account

The income statement is positively affected by increases in the balance of the sales revenues account

The balance sheet is positively affected by increases in the balance of the sales revenues account

The left-hand side is used to increase balance of the sales revenues account

The left-hand side is used to increase the balance of the sales returns account

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A company delivers raw materials to a customer who will pay for it next month. In which of the following Balance Sheet accounts should the company record the amount that it is owed by the customer?

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Which one of the following sentences about the statement of financial position is true?

None of the others mentioned.

It quantifies the income produced by a business in a certain period of time and lists how this income has been earned.

It discloses information about the amount and the types of resources and obligations of the company at a specific time.

It shows the assets, liabilities and owner's equity. The asset section tell us where the company got the funds to invest in those resources that are sitting on the liability and owners' equity side of the balance sheet.

It provides information on cash flow reported in the following classification: operating activities, investing activity, and financing activities.

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At the beginning of the month, the balance of the Loan Payable account was € 50,000. At the end of the month, its balance was € 80,000. Which of the following transactions could have occurred during the month?

The company purchased raw materials of € 10,000 and paid suppliers € 40,000, assuming no other transactions

None of the others is correct

The company purchased inventory of € 10,000 and paid suppliers € 40,000, assuming no other transactions

The company purchased inventory for 50,000 on account and sold it later in the months, assuming no other transactions

The company took out a € 30,000 loan, assuming no other transactions.

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Realistic Company purchased a new truck on January 1, 20X1. The truck costs Eur 20,000, has a four-year life, and a Eur 4,000 residual value. The company has a December 31 year-end. If Realistic Company depreciates the truck by the straight-line method, how much should Realistic report as the book value of the truck at the end of 20X3?