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MATERI KELAS PRAKTIKUM PENGANTAR AKUNTANSI
FATA 2017
MATERI LAB 10 CURRENT LIABILITIES AND PAYROLL ACCOUNTING
Current Liabilities Current Liabilities (short term debt) is the amount needed to be paid within 12 months. Types of Current Liabilities: Account Payable Notes Payable Unearned Revenue Accrued Payable
Working Capital and Current Ratio: Working Capital A measure of a company’s liquidity. Computed as current assets – current liabilities Current Ratio The liquidity of different-sized companies and of a single company compared at different times. The current ratio is calculated as current assets divided by current liabilities.
DINI – JOSEPHINE – LUMONGGA
FATA 2017
FATA 2017
MATERI KELAS PRAKTIKUM PENGANTAR AKUNTANSI Recognizing Current Liabilities: 1. Notes Payable When it arises:
November 1st , 2019, Flint Company issued a one-year 9% notes payable of Rp 20,000,000. November 1st , 2019 Cash
Rp20,000,000 Notes Payable
Rp20,000,000
When interest is accrued: December 31st , 2019, adjusting entries needed: (20,000,000 x 9% x 2/12) (assuming Flint Company closes its book at year end) December 31st , 2019 Interest Expense
Rp300,000
Interest Payable
Rp300,000
When it is paid: November 1st 2020, Flint Company records the journal entries below: November 1st 2020
Notes Payable
Rp 20,000,000
Interest Payable
Rp
Interest Expense Cash
300,000
*Rp 1,500,000 Rp 21,800,000
*20,000,000 x 9% x 10/12 2. Sales Tax Payable November 2nd 2019, Flint Company sold Rp15,000,000 worth of goods. (tax rate = 5%) November 2nd 2019
Cash
Rp15,750,000
Sales Revenue
Rp 15,000,000
Sales Tax Payable
Rp
DINI – JOSEPHINE – LUMONGGA
750,000
FATA 2017
FATA 2017
MATERI KELAS PRAKTIKUM PENGANTAR AKUNTANSI 3. Unearned Revenue
November 1st 2019, Flint Company is paid Rp27,000,000 for 9 months worth of service. November 1st 2019 Cash Rp27,000,000 Unearned Revenue
Rp27,000,000
December 31st 2019, Flint Company makes the adjusting entries below: December 31st 2019
Unearned Revenue
Rp6,000,000
Service Revenue
Rp6,000,000
(Rp27,000,000*2/9 months) 4. Current Portion of Long Term Debt January 1st 2020, Flint Company has had Rp7,500,000 worth of long term debt to FAT Company for 3 years. FAT Company told Flint Company that it needs to pay the Rp2,500,000 every year. December 31st 2020
Long Term Debt
Rp2,500,000
Current Liabilities Rp2,500,000
DINI – JOSEPHINE – LUMONGGA
FATA 2017
MATERI KELAS PRAKTIKUM PENGANTAR AKUNTANSI
FATA 2017
Contingent Liability Contingent Liabilities are potential liabilities that may become an actual liability in the future.
probable Liabilities
possible
can be estimated
recorded
cannot be estimated
disclosed disclosed
remote
Not disclosed nor recorded
For example, During 2020, Flint Company sells 5,000 speakers at Rp10,000,000 each. The selling price includes one year warranty on parts. Flint Company expects 5% of the units will be defective with the average repair cost of Rp60,000 per unit. In 2021, Flint Company honored warranty contracts of 30 units at a total cost of $1,800,000. Flint Company makes the following entries: Number of units sold
5,000 Units
Estimated rate of defective 5% units Total estimated defective units
250 Units
Average warranty repair cost
Rp60,000
Estimated warranty liability
Rp15,000,000
DINI – JOSEPHINE – LUMONGGA
FATA 2017
FATA 2017
MATERI KELAS PRAKTIKUM PENGANTAR AKUNTANSI Dec 31st 2020
Warranty Expense
Rp15,000,000
Warranty Liability Jan 1st – Dec 31st 2021 Warranty Liability
Rp15,000,000 Rp1,800,000
Repair Parts/ Cash
Rp1,800,000
Payroll Flint Company has 100 employees with Rp10,000/hour wages. Flint Company pays wages every month. The wages are subject to 2.5% BPJS Contribution (1% are paid by Flint Company) and 5% of Income Taxes. The employees work 500 hours during December 2019, Flint Company records: Dec 31st 2019
Salaries and Wages Expense BPJS Contribution Payable
Rp500,000,000 Gross earnings Rp7,500,000 Deductible
Dec 31st 2019
Income Tax Payable
Rp25,000,000
Salaries and Wages Payable
Rp467,500,000 Net pay
BPJS Contribution Expense BPJS Contribution Payable
DINI – JOSEPHINE – LUMONGGA
Rp5,000,000 Rp5,000,000
FATA 2017