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Course 8090

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Please, consider the following payroll document for the month of May.

Gross pay	60 000
Family checks	1 500
Welfare deductions	(20 000)
Net pay	41 500

Which one of the following statements is true?

We cannot record this business transaction until we have the details regarding the company's own contribution for its employees' welfare.

In the journal book, we will record Wages and Salaries on the right side as a cost and Employee Payable on the left side as a liability for an amount equal to 60 000 €.

The first business transaction to be recorded considers the money flowing out for the company for the wages and salaries of its employees. Therefore, we will have Wages and Salaries on the left side as a cost, and Bank account on the right side as a cash-out for an amount equal to 60 000 €.

In the journal book, we will record on the left side Wages and salaries 60 000 € as a cost and Welfare institutions for 1 500 € and employee payable on the right side as a debt (61 500€).

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Please, consider the following payroll document for the month of March.

Gross pay	50 000
Tax deductions	(12 500)
Welfare deductions	(19 000)
Net pay	18 500

Which one of the following statement is true?

None of the others is correct

In the journal book, we will record Welfare institutions (19 000 €) and Tax payable (12 500 €) on the left side as a cost and employee payable on the right side as a debt (31 500€).

In the journal book, we will record Wages and Salaries on the left side as a cost and Employee Payable on the right side as a debt for an amount equal to 18 500 €.

We cannot record this business transactions until we have the details regarding the company's own contribution for its employees' welfare.

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Which of the following

statements is

not correct

regarding the Equity?

Issuing

new shares increases the equity account balance

Left-hand side increases the equity account balance

Profit increases the equity

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Which of the following assets is depreciated?

Current assets

Floating assets

Fixed assets

Liquid assets

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Which of the following account types would be increased by a right-hand side entry?

Equity and revenues

Assets and equity

Liabilities and expenses

Assets and expenses

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Basic Company purchased a new machinery on January 1, 20X1. The machinery cost Eur 160,000 and has a eight-year life. The company has a December 31 year-end. At December 31, 20X5 the company sell the machinery for 75.000 €. If Basic Company depreciates the machinery by the straight-line method, what amount is the gain or loss?

+60.000

-25,500

+15,000

-50,000

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Which of the following is an asset?

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A company sells one of its machinery with a sale price equal to 13,000 €. The initial cost of the machinery was 45,000 € and its accumulated depreciation is equal to 35,000 €.

Which one of the following statements is true?

The company has to account a gain on sales equal to 3,000 € as a revenue on the right side.

The company has to account a loss on sales equal to 3,000 € which impacts on the cash flow statement

None of the others is correct

The company has to account a loss on sales equal to 3,000 € as a cost on the right side.

The company has to account a gain on sales equal to 3,000 € which impacts on the cash flow statement

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What is the value of the long-term debt of a company given that:

Equity = 20,000

Trade payables = 5,000

Property, Plant and Equipment = 12,000

Inventories = 2,000