Exercise 13 (4 points)

a) Calculate payment from customers in 20x1.

b) Calculate payment to suppliers in 20x1.

______________________________________________________________________________________

Kven AS works with a rough budget for 20x1. Some key figures are given below (all amounts in NOK 1,000)

Balance per 31.12.20x0

Fixed assets Inventories Accounts receivable Bank deposits

11 400 2 700 2 600 1 100

Total assets 17,800

Equity Long-term loans Overdrafts Accounts payable Other current liabilities

3 700 9 900 1 200 1 800 1 200

Total equity and debt 17,800

Profit budget for 20x1

Sales revenue Cost of goods

Miscellaneous operating costs Depreciation

36 000

17 700 10 200 1 900

Operating profit 6,200

Net interest expenses 800

Annual result 5,400

Other information:

(1) In the statement, we disregard taxes, fees and dividends.

(2) The company aims to buy new fixed assets for 3,000 which are paid in 20x1.

(3) The purchase is part-financed with a new long-term loan of 1,000.

(4) Inventories are planned to increase by 300.

(5) All sales of goods take place on credit. The credit period is set at 45 days. In the thesis, we calculate 360 days per year.

(6) All purchases of goods are made on credit. The credit period is set at 30 days. In the thesis, we calculate 360 days per year.

(7) Miscellaneous operating costs and financial costs stated in the profit budget are paid in 20x1.

(8) The company plans to sell fixed assets in 20x1 at a book value of 500.

(9) Installments on long-term loans are paid in 3,000.

(10) Other current liabilities are estimated to increase by 300.

(11) Budgeted bank deposits are planned to increase by 100. (12) Overdrafts per 31.12.20x1 are the balancing item in the balance sheet.