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3. A company has sold goods on credit for SEK 300,000 incl. VAT rate: 25%. After 30 days, the customer pays. The money goes into
3. A company has sold goods on credit for SEK 300,000 incl. VAT rate: 25%. After 30 days, the customer pays. The money goes into the company's bank account. Which accounting effects have the actual sale of the goods? Use the balance equation. Assume that a company has the following budget figures: Sales revenue ex. VAT. 10,000,000 Accounts receivable 01.01 1,000,000 Accounts receivable 31.12 2,000,000 Purchase of goods 01.01 - 31.12 5,000,000 Inventory 01.01 100,000 Inventories 31.12 200,000 Accounts payable 01.01 500 000 Accounts payable 31.12 400 000 Wage costs 2,500,000 Other operating expenses 1,500,000 Interest costs 100,000 The company is liable for VAT. a) Calculate budgeted Operating Profit. B) Kari Biggs is the sole owner of the personal company (sole proprietorship) Karins Blomster. IN in addition to karin, there are seven people working in the company. In March, the employees' salaries amounted to Sek 300,000. The tax deduction was SEK 99,000. The employer's contribution is 14.1% and the holiday pay rate is 12%. Based on this information, show how these transactions affects the balance equation.
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