This document contains an exam for an accounting course, including 5 questions. Question 1 has 5 statements related to accounting procedures and asks students to identify which accounting principles or conventions are violated. Question 2 provides financial information for a company and asks students to prepare a comprehensive income statement. Question 3 provides account balances and additional information, and asks students to prepare a statement of financial position. Question 4 provides various cash, receivable, and inventory information for a company, and asks students to calculate impairment losses, show journal entries, and disclose information in the financial statements. Question 5 provides inventory information for a company and asks students to calculate gross profit rate and prepare a schedule to compute inventory flood loss amounts.
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Question 1LO1, 2 Internal control is concerned only with enh.docxIRESH3
Question 1 LO1, 2
Internal control is concerned only with enhancing the accuracy of the accounting records. Do you agree? Explain.
Question 8 LO6
Soo Eng cannot understand why the recoverable amount of accounts receivable does not decrease when an uncollectable account is written off under the allowance method. Clarify this point for Soo Eng.
Question 9 LO7
Sellit Ltd’s operation cycle is 1 year. How would the following receivables be classified on the statement of financial position?
(a) Trade debtor account of $1 million, of which 90% is due within 1 month with the balance due in 18 months.
(b) A 90-day promissory note.
BE7.1 LO1
Several of the internal control procedures of Marion Ltd are listed below. Identify the principles of internal control that are being followed in each case.
(a) Employees who have physical custody of assets do not have access to accounting records.
(b) Each month the assets on hand are compared with the accounting records by an internal auditor.
(c) A prenumbered delivery docket is prepared for each shipment of goods to customers.
BE7.2 LO1
Aaron Tso is the merchandising manager for Franklin Office Supplies Ltd. During the month of April when the Franklin’s accounts payable manager was on holiday, Aaron was responsible for receiving the goods that he ordered as well as approving payments for the purchase. Evaluate the internal controls in this situation.
E7.6 LO6
Garcia Pty Ltd has accounts receivable of $92 500 at 31 March 2012. An analysis of the accounts shows these amounts:
Balance, 31 March
Month of sale
2012
2011
March
$65 000
$75 000
February
12 600
8 000
December and January
8 500
2 400
November and October
6 400
1 100
$92 500
$86 500
Credit terms are 2/7, n/30. At 31 March 2012 there is a $1600 credit balance in Allowance for Doubtful Debts before adjustment. The entity uses the ageing of accounts receivable basis for estimating uncollectable accounts. Garcia Pty Ltd’s estimates of bad debts are as follows:
Age of accounts
Estimated percentage uncollectable
Current
2.0%
1-30 days past due
5.0
31-90 days past due
30.0
Over 90 days
50.0
Required
(a) Determine the total estimated uncollectables.
(b) Prepare the adjusting entry at 31 March 2012 to record bad debts expense.
(c) Discuss the implications of the change in the ageing schedule from 2011 and 2012.
E7.8 LO8
The following information was taken from the 2012 financial statements of Honey Factory Ltd:
(in millions)
2012
2011
2010
Accounts receivable
$146.6
$104.3
$126.0
Allowance for doubtful debt
6.3
5.7
8.2
Sales
1113.0
899.3
756.9
Total current assets
367.2
285.8
258.7
Required
Answer each of the following questions:
(a) Calculate the receivables turnover and average collection period for 2012 and 2011 for the entity, assuming all sales are on credit.
(b) Calculate the credit risk ratio for the entity for 2012 and 2011.
(c) Comment on the entity’s credit and collection policies.
E7.3 (optional) LO3
Shoe City Pty ...
Accounting 970642 paper 4 problem solving (supplementary topics) october nove...alproelearning
Accounting 970642 paper 4 problem solving (supplementary topics) october november 2011
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
PRESENTATION USED FOR PGPSE PARTICIPANTS OF AFTERSCHOOOL. JOIN AFTERSCHOOOL - IT IS THE BEST WAY TO BECOME AN ENTREPRENEUR AND WORK FOR SOCIAL DEVELOPMENT
Question 1LO1, 2 Internal control is concerned only with enh.docxIRESH3
Question 1 LO1, 2
Internal control is concerned only with enhancing the accuracy of the accounting records. Do you agree? Explain.
Question 8 LO6
Soo Eng cannot understand why the recoverable amount of accounts receivable does not decrease when an uncollectable account is written off under the allowance method. Clarify this point for Soo Eng.
Question 9 LO7
Sellit Ltd’s operation cycle is 1 year. How would the following receivables be classified on the statement of financial position?
(a) Trade debtor account of $1 million, of which 90% is due within 1 month with the balance due in 18 months.
(b) A 90-day promissory note.
BE7.1 LO1
Several of the internal control procedures of Marion Ltd are listed below. Identify the principles of internal control that are being followed in each case.
(a) Employees who have physical custody of assets do not have access to accounting records.
(b) Each month the assets on hand are compared with the accounting records by an internal auditor.
(c) A prenumbered delivery docket is prepared for each shipment of goods to customers.
BE7.2 LO1
Aaron Tso is the merchandising manager for Franklin Office Supplies Ltd. During the month of April when the Franklin’s accounts payable manager was on holiday, Aaron was responsible for receiving the goods that he ordered as well as approving payments for the purchase. Evaluate the internal controls in this situation.
E7.6 LO6
Garcia Pty Ltd has accounts receivable of $92 500 at 31 March 2012. An analysis of the accounts shows these amounts:
Balance, 31 March
Month of sale
2012
2011
March
$65 000
$75 000
February
12 600
8 000
December and January
8 500
2 400
November and October
6 400
1 100
$92 500
$86 500
Credit terms are 2/7, n/30. At 31 March 2012 there is a $1600 credit balance in Allowance for Doubtful Debts before adjustment. The entity uses the ageing of accounts receivable basis for estimating uncollectable accounts. Garcia Pty Ltd’s estimates of bad debts are as follows:
Age of accounts
Estimated percentage uncollectable
Current
2.0%
1-30 days past due
5.0
31-90 days past due
30.0
Over 90 days
50.0
Required
(a) Determine the total estimated uncollectables.
(b) Prepare the adjusting entry at 31 March 2012 to record bad debts expense.
(c) Discuss the implications of the change in the ageing schedule from 2011 and 2012.
E7.8 LO8
The following information was taken from the 2012 financial statements of Honey Factory Ltd:
(in millions)
2012
2011
2010
Accounts receivable
$146.6
$104.3
$126.0
Allowance for doubtful debt
6.3
5.7
8.2
Sales
1113.0
899.3
756.9
Total current assets
367.2
285.8
258.7
Required
Answer each of the following questions:
(a) Calculate the receivables turnover and average collection period for 2012 and 2011 for the entity, assuming all sales are on credit.
(b) Calculate the credit risk ratio for the entity for 2012 and 2011.
(c) Comment on the entity’s credit and collection policies.
E7.3 (optional) LO3
Shoe City Pty ...
Accounting 970642 paper 4 problem solving (supplementary topics) october nove...alproelearning
Accounting 970642 paper 4 problem solving (supplementary topics) october november 2011
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
Financial Accounting PrinciplesAssessment 3 Internal Control ChereCheek752
Financial Accounting Principles
Assessment 3: Internal Control and Accounting for Assets Worksheet
Use this worksheet to complete the following three exercises for Assessment 3. Refer to the instructions in the course for submitting your assessment.Exercise 3-1
The Scheiffer Company’s most recent bank statement and book balances of cash reconciliations were completed on September 30, 2012. Two checks were reported outstanding: check #6798 for $1135.50 and check #6794 for $524.00. The following information is available for the October 31, 2012 reconciliation.
Section of the October 31 Bank Statement
Previous Balance
Total Checks & Deposits
Total Deposits & Credits
Current Balance
16,345.50
9,695.55
11,146.85
17,796.80
Checks and Debits
Deposits and Credits
Daily Balance
Date
No.
Amount
Date
Amount
Date
Amount
10/02
6798
1,135.50
10/04
1,214.50
09/30
16,345.50
10/05
7002
815.00
10/11
2,054.55
10/02
15,210.00
10/09
7001
1,788.50
10/20
3,990.25
10/04
16,424.50
10/15
605.75
NSF
10/23
2,436.80
10/05
15,609.50
10/19
7004
954.00
10/29
20.75
IN
10/09
13,821.00
10/22
7003
405.35
10/29
1,430.00
CM
10/11
15,875.55
10/25
7005
1,985.95
10/15
15,269.80
10/26
7007
310.35
10/19
14,315.80
10/30
7009
1,695.15
10/20
18,306.05
10/22
17,900.70
10/23
20,337.50
10/25
18,351.55
10/26
18,041.20
10/29
19,491.95
10/30
17,796.80
From Scheiffer’s Accounting Records
Cash Receipts Deposited
Date
Cash Debit
Oct
4
1,214.50
11
2,054.55
20
3,990.25
23
2,436.80
9,696.10
Cash Disbursements
Check No.
Cash Credit
7001
1,788.50
7002
815.00
7003
405.35
7004
954.00
7005
1,955.95
7006
880.50
7007
310.35
7008
325.10
7009
1,695.15
9,129.90
Cash
Account #101
Date
Explanation
PR
Debit
Credit
Balance
Sep
30
Balance
14,686.00
Oct
31
Total receipts
R12
9,696.10
24,382.10
31
Total disbursements
D23
9,129.90
15,252.20
Check #7005 was drawn correctly for $1985.95 to pay for office equipment. The recordkeeper recorded it as a debit for Office Equipment and a credit to Cash for $1955.95, but misread the amount of the check, which was $1985.95. The non-sufficient funds check for a $605.75 account payment was received from a customer, A. B. Fransen. The company has not yet recorded the returned check. The credit memo is the bank’s collection on a $1450.00 note and shows the deduction of a $20.00 collection fee. The company has not recorded the collection or the fee.
Based on the information provided, complete the following tasks:
Prepare an October 31, 2012, bank reconciliation for the Scheiffer Company.
SCHEIFFER COMPANY
Bank Reconciliation
October 31, 2012
[Create the bank reconciliation here.]
Make the necessary journal entries to adjust the book balance of cash to the reconciled balance.
[Create the journal entries here.]
For distinguished performance, provide three possible reasons why some of the numbered checks in the sequence are missing from the bank statement.Exerci ...
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ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
ACC 300 Final Exam answers 2015 versionbrewgabrielse
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
1. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
MOJAKOE
AKUNTANSI KEUANGAN 1
UTS AKUNTANSI KEUANGAN 1 2012/2013
Accounting Study Division
Dilarang memperbanyak MOJAKOE ini tanpa seijin SPA FEUI. Download MOJAKOE & SPA MENTORING di : www.spa-feui.com
2. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
Question 1 (10%) – Conceptual Framework
Statements below are a number of accounting procedures and practices in PT Rujag Uleg.
1. Because the company’s income is low this year, a switch from accelerated depreciation to straight-line depreciation is made this year.
2. The president of PT Rujag Uleg believes it is foolish to report financial information on a yearly basis. Instead, the president believes that financial information should be disclosed only when significant new information is available related to the company’s operations.
3. PT Rujag Uleg does not establish a large loss and related liability this year because of the possibility that it may lose a pending patent infringement lawsuit. The loss is considered estimable and probable by its attorneys.
4. An officer of PT Rujag Uleg purchased a new home computer for personal use with company money, charging miscellaneous expense.
5. A machine, that cost $40,000, is reported at its current market value of $45,000.
For each of these statements, please list and refer to the assumption, principle, information characteristic, or modifying convention that is violated.
Question 2(20%) – Comprehensive Income Statement
Presented below is information (in IDR’000) related to PT Elektrik.
Retained earnings, December 31, 2010
13,000,000
Sales
28,000,000
Selling and administrative expenses
4,800,000
Loss on disposal of electronic division (pre-tax)
5,800,000
Cash dividends declared on common stock
672,000
Cost of goods sold
15,600,000
Gain resulting from computation error on depreciation charge in 2009 (pre-tax)
10,400,000
Exchange differences (gain) on translating foreign operations (pre-tax)
300,000
Rent revenue
2,400,000
Gains on property revaluation (pre-tax)
500,000
3. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
Impairment loss
1,800,000
Interest expense
200,000
Instructions: Prepare in a good form a comprehensive income statement for the year 2011 using single statement format (including the earnings per share). Assume a 30% tax rate and that there were 80,000 ordinary shares outstanding during the year.
Question 3 (20%) – Statement of Financial Position
Given the following account information for PT Ageng (in IDR’000), prepare a statement of financial position in report form for the company as of December 31, 2011. All accounts have normal balances.
Equipment
2,000,000
Interest Expense
120,000
Interest Payable
30,000
Retained Earnings (beginning)
4,750,000
Dividends
2,520,000
Land
6,866,000
Inventory
5,100,000
Bonds Payable
3,900,000
Notes Payable
720,000
Share capital-ordinary
3,000,000
Accumulated Depreciation – Equipment
500,000
Prepaid Advertising
250,000
Revenue
16,570,000
Buildings
4,020,000
4. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
Supplies
93,000
Taxes Payable
150,000
Utilities Expense
66,000
Advertising Expense
78,000
Salary Expense
2,652,000
Salaries Payable
45,000
Accumulated Depr. – Bid
750,000
Deferred tax assets
750,000
Income tax expense
4,000,000
Cash
1,500,000
Depreciation expense – Building & Equipment
400,000
Additional Information:
1. The FIFO cost method of inventory value is used
2. The notes payable represent bank loans. These bank loan are due in June 30, 2012
3. The Bond Payable bear interest at 8%. The IDR 1,000,000 of the bond payable will be due in October 1, 2012. The rest are due in December 31, 2014
4. 600,000 ordinary shares with a par vale of IDR 10,000 were authorized, of which 300,000 shares were issued and outstanding
Question 4 (30%) – Cash and Receivables
The records of Royal Silver Hawk Inc. (RSH), a company based in Timbuktu, as of 31 December 2011 show the following information:
1. Currency and coin amounted to $36,300;
2. Petty cash, which has just been replenished to its maximum ceiling amount on 31 December 2011, shows a balance of $10,000;
5. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
3. Savings account and commercial checking account at the Dependence Bank show balances of $500,000 and $700,000, respectively. RSH is allowed to withdraw fund from both accounts any time;
4. An account at CTBank Corp shows a balance of $200,000. The same balance has been maintained since 1 November 2010 and will continue to be maintained until RSH repays its borrowing from CTBank Corp at end of October 2013;
5. RSH keeps a compensating balance of $100,000 with Diamond Bank in relation to loan that will mature on 31 January 2012;
6. RSH also has in its custody the following:
i. A post-dated check (dated 12 January 2012) from Ragil Dove Inc. in the amount of $60,000;
ii. A piece of paper signed by a customer of RSH, Ms. Furi Parrot, which states that she owes RSH an amount of $120,000 resulting from a recent credit sales, and will repay in full on or before 31 March 2012.
7. The company has been keeping a certificate of deposit with the Timbuktu People’s Bank which will mature in 120 days from 31 December 2011;
8. RSH has in its trade receivables the following items:
i. Eagle Laksamana Inc., $65,000. This customer is facing financial difficulty and the assessment by RSH Management concluded that final payment would be short by $15,000, and this will not be recovered.
ii. PT Donna Peacock, $200,000. This customer has formally requested for a discount of 20% due to inability of this Indonesia-based company to fully pay its foreign currency obligation, and the Management of RSH is likely to approve this request.
iii. Jordan Falcon Inc., $140,000. This customer is in a solid financial condition. This receivable has been assigned to Dependence Bank to secure repayment of RSH borrowing.
iv. HaDit Kiwis Corp., $35,000. This customer had filed for bankruptcy, which the court has approved. As a result, HLM Corp. will not be able to pay the receivable.
v. DeSus Orioles Inc., $400,000. This customer has very good financial standing. This receivable is pledged as collateral for loan from Dependence Bank.
vi. WinLose Inc., $30,000. This long-time customer has very good financial standing.
vii. Several receivable from Willie Flamingo Inc., $210,000, all due in less than 6 months. This customer is in good shape. On 1 December 2011, this receivable was factored by RSH to Capel Factor for $200,000, where RSH guarantees any credit losses.
viii. Various receivable (combined, each less than $10,000), $100,000.
9. Accounting policies of RSH as shown in the notes to the financial statements state that receivables are measured at amortized costs including the effect of impairment. In that connection:
i. Any receivable of more than $50,000 is considered significant and should be individually assessed.
ii. Any receivable that is not individually assessed is assumed to be impaired by 2% of the carrying amount.
Instructions:
6. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
a. Show how disclosure on “cash and cash equivalent” of RSH will appear in the notes to the financial statements as of 31 December 2011.
b. Calculate impairment loss, if any, on the receivable of RSH as of 31 December 2011.
c. Show the journal entry to be made on 31 December 2011 to record the impairment of receivable.
d. Show the journal entry made on 1 December 2011 to record the factoring transaction.
e. Show how “trade receivables” will appear in RHS’ statement of financial position.
f. Identify what other information should be disclosed in the notes to the financial statements.
Question 5 (20%) – Inventory
On 10 July 2012, flood damaged the office and warehouse of Volturi Corporation. The only accounting record saved was the general ledger, from which the following data and information have been gathered.
1 Jan 2012 –
30 Jun 2012
Year Ended
31 Dec
2011
2010
Net sales
$
270,000
$
906,000
$
780,000
Net purchases
$
104,000
$
560,000
$
470,000
Beginning inventory
$
150,400
$
100,000
$
132,000
Ending inventory
$
150,400
$
100,000
1. The fiscal year of Volturi ends on 31 December.
2. Examination of July bank statement reveals:
a. Cash payments
For accounts payable as of 30 June 2012
11.400
For purchase in July
6.800
For other expenses
7.800
26.000
b. Cash receipts
Collection from sales in July
24.000
From supplier for merchandise returned in July
1.900
25.900
3. Purchases from 1 – 10 July consists of:
Received and paid
6.800
Received but not recorded and paid yet
26.600
Merchandise in transit (fob shipping point)
4.600
4. Sales from 1 – 10 July consists of:
Delivered and paid by customers
24.000
Delivered but not paid yet
12.000
7. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
Shipment in transit (fob shipping)
16.000
Estimated uncollectible accounts receivable
1.200
5. Gross profit ratio is calculated based on net sales 2010-2011 (2 years data)
6. Inventory with a cost of $20,000 was salvaged and sold for $12,000. The balance of the inventory on 10 July was a total loss.
Instructions:
1. Calculate gross profit rate.
2. Prepare a good schedule to compute the amount of inventory flood loss.
8. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
Answers:
Question 1
1. Qualitative Characteristic Enhancing: Comparability (consistency)
2. Assumptions: Periodicity
Principle: Full disclosure
3. Qualitative Characteristic Faithful of Representative Completeness
Principle: Full disclosure
4. Assumptions: economic entity
5. Tidak ada yang dilanggar karena PSAK memperbolehkan valuasi baik menggunakan historical cost maupun fair value.
Question 2
PT Elektrik
Statement of Comprehensive Income
for the year ended December 31, 2011
Sales revenue
28,000,000
COGS
(15,600,000)
Gross profit
12,400,000
Selling and administrative expenses
(4,800,000)
Other income and expense
Rent revenue
2,400,000
Loss on impairment
(1,800,000)
600,000
Income from operations
8,200,000
9. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
Interest expense
(200,000)
Income before income tax
8,000,000
Income tax (30%)
(2,400,000)
Income from continuing operations
5,600,000
Discontinued operation
Loss on disposal electric division (70% x 5,800,000)
(4,060,000)
Net income
1,540,000
Other Comprehensive Income
Gain on translating foreign operations
300,000
Gains on property revaluation
500,000
Income tax relating to other comprehensive income for the year
(240,000)
Other Comprehensive income for the year (net tax)
560,000
Comprehensive income
2,100,000
Per Share
Income from continuing operating
70.00
Discontinued operations net of tax
(50.75)
Net Income
19.25
Other Comprehensive Income
7.00
Total Comprehensive Income
26.25
EPS = Net Income
Shares outstanding
10. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
Question 3
PT Ageng
Statement of Financial Position
As in December 31, 2011
In IDR’000
Current Assets
Current Liabilities
Cash
1,500,000
Interest Payable
30,000
Prepaid advertising
250,000
Bonds Payable
1,000,000
Inventory
5,100,000
Notes Payable
720,000
Supplies
93,000
Salaries Payable
45,000
Total Current Assets
6,943,000
Taxes Payable
150,000
Total Current Liabilities
1,945,000
Non Current Assets
Equipment
2,000,000
Non Current Liabilities
Less. Acc. dep. Equipment
(500,000)
1,500,000
Bonds Payable
2,900,000
Land
6,866,000
Total Non Current Liabilities
2,900,000
Buildings
4,020,000
Less. Acc. dep. Buildings
(750,000)
3,270,000
Equity
Deferred tax assets
750,000
Share Capital Ordinary
3,000,000
Total Non Current Asset
12,386,000
RIE
11,484,000
Total Equity
14,484,000
Total Assets
19,329,000
Total Liabilities and Equity
19,329,000
Net Income = 16,570,000 – 120,000 – 66,000 – 78,000 – 2,652,000 – 4,000,000 – 400,000
= 9,254,000
11. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
Retained earning = 4,750,000 + 9,254,000 – 2,520,000 = 11,484,000
Question 4
a. Disclosure cash & Cash Equivalent
Schedule Cash and Cash Equivalent
Cash & Cash Equivalent at Carrying Value
Currency & Coin
36,300
Petty Cash
10,000
Saving Account
500,000
Commercial checking
700,000
Diamond Bank – Compensating Balance
100,000
Total Cash & Cash Equivalent at Carrying Value
1,336,300
Keterangan :
1. The Compensating balance at CTBank Corp should be shown as a non current asset
2. The post-dated check from Ragil Dove Inc. is part of receivable
3. The IOU signed by Ms. Furi Parrot is part of receivable
4. The certificate of deposit with Timbuktu People’s Bank is an investment
b. Impairment Loss
Accounts receivable impairment:
Individually assessed receivables
Eagle Laksaman Inc.
$ 15,000
PT Donna Peacock
40,000
HaDit Kiwis Corp.
35,000
Collectively assessed receivables:
12. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
DeSus Orioles Inc
$ 40,000
WinLose Inc.
30,000
Various receivables
100,000
Add : Ragil Dove Inc.
60,000
Add: Mas. Furi Parrot
120,000
Add : Jordan Falcon
140,000
Add: Willie Flamingo Inc.
210,000
Collectively assessed impairment (2%x 700,000)
14,000
Impairment of Receivables
$ 104,000
c. Journal entry to record impairment of receivables
31 Dec 2011
Dr. Bad Debt Expense
104,000
Cr. Allowance for Doubtful Accounts
104,000
d. Factoring Transaction
The transaction described is a sale of receivable with recourse, which is substance is a secured borrowing transaction with certain receivables as security
1 Dec 2011
Dr. Cash/ Bank
200,000
Cr. Short term bank loan
200,000
e. Statement of Financial Position
In “Current Assets” section
Trade Receivables
1,000,000
Less : Allowance for Doubtful Account
(104,000)
Trade Receivables (net)
896,000
f. Other Information to be disclosed in the notes to the financial statements
Receivables of 104,000 from Jordan Falcon Inc. has been assigned to Dependence Bank to secure payment of the company’s borrowing.
13. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
Receivable of 40,000 from DeSus Orioles Inc. has been pledged as collateral for the loan received from Dependence Bank.
Receivables amounting to 210,000 from Willie Flamingo Inc. has been factored to Capel Factor on with recourse basis.
Question 5
1 Jan 2012 - 30 Jun 2012
Year Ended
31-Dec
2011
2010
Net Sales
$ 270,000
906,000
780,000
1,686,000
Net Purchase
104,000
560,000
470,000
Beginning Inventory
150,400
100,000
132,000
Ending Inventory
150,400
100,000
COGS
509,600
502,000
Gross profit
396,400
278,000
674,400
40%
Data related to transcation from 1-10 April 2012
1
Cash Payments
For accounts payables as of 30 June 2012
11,400
For purchase in July
6,800
For other expenses
7,800
26,000
2
Cash receipts
Collection from sales in July
24,000
From supplier for merchandise returned in July
1,900
25,900
Purchases
Received and paid
6,800
Received but not recorded and paid yet
26,600
14. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
Merchandise in transit (F.o.b Shipping Point)
4,600
4
Sales
Delivered and paid by customers
24,000
Delivered but not paid yet
12,000
Shippment in transit (Fob Shipping Point)
16,000
Estimated uncollectible accounts receivable
1,200
5
Gross profit ratio is calculated based on net sales of 2010-2011
6
Inventory salvage during the fire
Cost
20,000
Sold of scrap (60% x 20,000)
12,000
15. Presented by : Accounting Study Division MoJaKoe Akuntansi Keuangan 1
Semester Gasal 2012 / 2013
VOLTURI CORPORATION
Computation of Inventory Fire Loss
As of 10 July 2012
Inventory (1 Jan 12)
150,400
Purchases
Net Purchases (1 Jan – 30 Jun 2012)
104,000
Purchases in July and paid
6,800
Purchase in July received but note recorded yet
26,600
Purchase returns in July
(1,900)
135,500
COGAS
285,900
Less : Estimated COGS
Sales (1 Jan – 30 Jun 2012)
270,000
Sales in July and paid
24,000
Sales in July delivered but not paid
12,000
Sales in transit
16,000
322,000
Gross profit rate 40%
Estimated COGS 60% x sales
193,200
Estimated ending inventory
92,700
Less : Sale of salvaged inventory
(12,000)
Inventory fire loss
80,700