During a company's first year of operation, the following occurs: A company is started via the owners investing SEK 800,000 of their own money in the company. Then he goes to the bank and borrows SEK 800,000 (amortization over 2 years starting in December year 1). During the first year, the company has revenues of SEK 3,200 thousand (all paid in cash) and current payments for purchased products of SEK 2,750,000 (all paid in cash). At the end of the year, there are goods in stock of SEK 250,000. The company also makes a cash-paid investment during the year of SEK 900,000 during the year (depreciation period 3 years). Enter the amounts after closing financial statements, year 1, for the following items a. Closing balance for cash ...... SEK thousand b. Total assets ...... SEK thousand c. Results of the financial year .....

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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During a company's first year of operation, the following occurs:

A company is started via the owners investing SEK 800,000 of their own money in the company. Then he goes to the bank and borrows SEK 800,000 (amortization over 2 years starting in December year 1). During the first year, the company has revenues of SEK 3,200 thousand (all paid in cash) and current payments for
purchased products of SEK 2,750,000 (all paid in cash). At the end of the year, there are goods in stock of SEK 250,000. The company also makes a cash-paid investment during the year of SEK 900,000 during the year (depreciation period 3 years). Enter the amounts after closing financial statements, year 1, for the following items

a. Closing balance for cash ...... SEK thousand
b. Total assets ...... SEK thousand
c. Results of the financial year .....

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