Materi Lab 10 - Current Liabilities and Payroll Accounting [PDF]

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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



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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