You work part-time as an accountant alongside your studies, and are on 2 January 2021 on a client visit to Vera, which runs Vera's Vaser as a sole proprietorship.

Preliminary balance sheet as of 31.12.2020 shows a profit of NOK 150,000. However, there are some factors that you and Vera must consider before the final result can be calculated.

a) Vera's shop has many vases of different shapes and qualities. Vera's inventory list shows that her inventory consists of goods with a total acquisition cost of NOK 80,000. You can see from the accounts that the goods in the balance sheet are listed with NOK 120,000.

b)You are surprised that other operating costs in Vera's balance sheet amount to as much as NOK 400,000. Normally, such operating costs in Vera's accounts are around NOK 200,000. Vera explains that the purchase of completely new store equipment, with an acquisition cost of NOK 180,000, is expensed in the accounts. The acquisition was made on 1 October 2020. Vera assumes that the store equipment has an expected economic life of 4 years from the time of acquisition.

c) Vera was very busy just before Christmas, and sent a number of ordered vases in the mail to customers. Vera has forgotten to invoice the vases, but thought that she could do this in January 2021. She has also not posted anything related to these sent vases. Total turnover on the sold and sent vases was NOK 60,000.

d) In December 2020, Vera bought some very exclusive vases, which she got for cheap money. The vases are included in the inventory's acquisition cost of NOK 80,000. Vera paid NOK 25,000 for the vases, but in early January 2021 received an order to purchase the vases for NOK 100,000. Vera has not sent the vases away yet, but would like the accounts for 2020 to show this super sale. Nothing related to this sale has been recorded in Vera's accounts.