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WorksheetsIntroduction to Finance and Accounting Workshop 1
Total questions: 10
Worksheet time: 12mins
The following information is known for company GoodieGood:
The total assets are €250,000
The total liabilities are €210,000
The total revenues are €400,000
The total expenses are €320,000
How much equity does this company have?
(a)
Look at the data provided.
The total fixed assets are:
€ 150,000
€ 525,000
€ 575,000
€ 675,000
Buying price is € 10. Sales price is € 15.
Company X buys 3,000 units on credit. Which accounts will change on the balance sheet
Inventory goes up with € 45,000. Trade payables goes down with € 30,000. Equity goes up with € 15,000
Inventory goes up with € 30,000. Trade payables goes up with € 30,000
Inventory goes up with € 30,000. Trade payables goes down with € 30,000
When the total assets on a balance sheet have increased, the equity must have increased as well.
True
False
GoodieGood starts a company and the following information is known for the year 2021
- the rent per month is €2,000
- the owner of the building expects that the company at the end of the year has prepaid 3 months of 2022
How does this information influence the income statement?
The income statement of 2021 shows a rent expense of €24,000
The income statement of 2021 shows a rent expense of €30,000
The income statement of 2021 shows a rent expense of €2,000
Calculate the gross profit margin
20%
22.4%
30%
80%
Profits always lead to increase in cash.
True
False
Depreciation is:
The loss of value of tangible fixed assets
Paying back money you have borrowed
The cost of a loan
Company XX uses straight-line depreciation. The remaining depreciable life is 4 years and the scrap value is €60,000.
Calculate the depreciation expense using straight line depreciation.
€ 125,000
€ 110,000
€ 140,000
