Modul Pembelajaran Akuntansi Keuangan 1 Pra UTS [PDF]

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Modul Pembelajaran Akuntansi Keuangan 1 Pra UTS 11.      Income Statement (Income Statement, Retained Earnings) The following account balances were included in the trial balance of Twain Corporation at June 30, 2015. Sales revenue  $1,578,500  Sales discounts  31,150  Cost of goods sold  896,770    Sales commissions  97,600  Travel expense (salespersons)  28,930  Delivery expense  21,400 Office expenses  6,000 Entertainment expense  14,820  Sales returns and allowances  62,300 Telephone and Internet expense  (sales ) 9,030  Interest expense  18,000 Depreciation expense (sales equipment)  4,980   Income tax expense  102,000 Depreciation understatement 17,700 due to error—2013  Maintenance and repairs expense (sales)  6,200  Miscellaneous selling expenses  4,715  Dividends declared on preference shares 9,000 Supplies expense  3,450  Telephone and Internet expense (administration)  2,820  Dividends declared on ordinary shares 37,000 Depreciation expense (office furniture and equipment) $ 7,250 Property tax expense  7,320 Salaries and wages expense (sales)  56,260 Bad debt expense (selling)  4,850 Maintenance and repairs expense (administration)  9,130 Dividend revenue  38,000 The Retained Earnings account had a balance of $337,000 at July 1, 2014. There are 80,000 ordinary shares outstanding. Instructions Prepare an income statement and a retained earnings statement for the year ended June 30, 2015.



TWAIN CORPORATION Income Statement For the Year Ended June 30, 2015 Sales Sales revenue Less: Sales discounts Sales returns Net sales Cost of goods sold Gross profit Selling expenses Sales commissions Salaries and wages expense (sale’s) Travel expense Delivery expense Entertainment expense Telephone and internet exp.  Maintenance and repairs expense Depreciation expense Bad debt expense Misc. selling expenses Administrative Expenses Maintenance and repairs expense



$1,578,500 $31,150 62,300



$97,600 56,260 28,930 21,400 14,820 9,030 6,200 4,980 4,850 4,715



93,450 1,485,050 896,770 588,280



248,785



9,130



Property tax expense



7,320



Depreciation expense



7,250



Supplies expense



3,450



Telephone and internet expense



2,820



Office expense



6,000



Other income and expense Dividend revenue........................................................... Income from operations........................................................ Interest expense.............................................................. Income before income tax.................................................... Income tax...................................................................... Net income Earnings per share    [($221,525 – $9,000) ÷ 80,000]



35,970



284,755 38,000 341,525 18,000 323,525 102,000 $221,525 $2.66*



TWAIN CORPORATION Retained Earnings Statement For the Year Ended June 30, 2015 Retained earnings, July 1, 2014, as reported Correction of depreciation understatement, net of tax................................................................................................ Retained earnings, July 1, 2014, as adjusted............................................. Add: Net income......................................................................................



$337,000 (17,700 ) 319,30 0 221,525 540,825



Less: Dividends declared on preference shares.................................................... $ 9,000 Dividends declared on ordinary shares........................................... 37,000 46,000 Retained earnings, June 30, 2015 $494,825 22.      Statement of Financial Position and Statement of Cash Flow LANSBURY INC. Statement of Financial Position December 31, 2015 Cash 20,000  A/R 21,200  Investments 32,000  Plant assets (net) 81,000  Land40,000  A/P 30,000  Notes payable (long-term) 41,000  Common stock 100,000 Retained earnings 23,200 During 2015, the following occured:  1. Lansbury Inc sold part of its investment porfolio for 15,000. this transaction resulted in a gain of 3,400 for the firm. the company classifies its investments as available-for-sale.  2. a tract of land was purchased for 18,000 cash.  3. Long-term notes payable in the amount of 16,000 were retured before maturity by paying 16,000 cash.  4. an additional 20,000 in common stock was issued at par.  5. dividends of 8,200 were declared and paid to stockholders.  6. net income for 2015 was 32,000 after allowing for depreciation of 11,000.  7. land was purchased through the issuance of 30,000 in bonds.  8. atdecember 31, 2015, cash was 32,000, accounts receivable was 41,600 and accounts payable remained at 30,000.  Prepare a statement of cash flows for 2015.  Prepare a statement financial position as it would appear at December 31. 2015



Lansbury Inc.  Statement of Cash Flows  ForThe Year Ended December 31, 2015 Cash flows from operating activities:  Net income Items to reconcile net income to cash flows from operating activities:  Add back depreciation expense $11,000  Deduct gain on sale of investments ($ 3,400)  Increase in accounts receivable ($20,400)  Net cash flows from operating activities $19,200  Cash flows from investing activities:  Cash received from sale of investments



$32,000 



($12,800)



$15,000 



Cash paid to purchase land Net cash flows from investing activities



($18,000) ($ 3,000) 



Cash flows from financing activities:  Cash received from issuance of common stock Cash paid to retire long-term notes payable Cash paid for dividends Net cash flows from financing activities



$20,000  ($16,000)  ($ 8,200)  ($ 4,200) 



Net increase in cash Cash balance January 1, 2012



$12,000  $20,000 



Cash balance December 31, 2012



$32,000 



Significant non-cash investing and financing transaction:  Land purchased through issuance of bonds $30,000 LANSBURY INC. Statement of Financial Position December 31, 2015 Assets Investments



$ 20,400 (1)



Equity and Liabilities Share capital—ordinary $120,000 (6)



Plant assets (net)



70,000 (2)



Retained earnings



47,000 (7)



Land



88,000 (3)



Long-term notes payable



25,000 (4)



Accounts receivable



41,600



Bonds payable



30,000 (5)



Accounts payable



30,000



Cash



    32,000 $252,000



$252,000



(1) $32,000 – ($15,000 – $3,400) (2) $81,000 – $11,000 (3) $40,000 + $18,000 + $30,000 (4) $41,000 – $16,000 (5) $0 + $30,000 (6) $100,000 + $20,000 (7)  $23,200 + $32,000 – $8,200 (Statement of Financial Position Adjustment and Preparation) Presented below is the statement of financial position of Sargent Corporation for the current year, 2015. SARGENT CORPORATION STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2015 Investments  Property, plant, and equipment  Intangible assets  Current assets 



$ 640,000  1,720,000 265,000  485,000  $3,110,000



Equity  Non-current liabilities  Current liabilities



$1,770,000 960,000 380,000 $3,110,000



The following information is presented. 11.      The current assets section includes cash $150,000, accounts receivable $170,000 less $10,000 for allowance for doubtful accounts, inventory $180,000, and unearned service revenue $5,000. Inventory is stated at the lower-of-FIFO-cost-or net realizable value. 22.      The investments section includes land held for speculation $40,000; investments in ordinary shares, short-term (trading) $80,000 and long-term (non-trading) $270,000; and bond sinking fund $250,000. The cost and fair value of investments in ordinary shares are the same. 33.       Property, plant, and equipment includes buildings $1,040,000 less accumulated depreciation $360,000, equipment $450,000 less accumulated depreciation $180,000, land $500,000, and land held for future use $270,000. 44.       Intangible assets include a franchise $165,000 and goodwill $100,000. 55.      Current liabilities include accounts payable $140,000; notes payable—short-term $80,000 and long-term $120,000; and income taxes payable $40,000. 66.      Non-current liabilities are composed solely of 7% bonds payable due 2023. 77.      Equity has share capital—preference, $5 par value, authorized 200,000 shares, issued 90,000 shares for $450,000; and share capital—ordinary, $1 par value, authorized 400,000 shares, issued 100,000 shares at an average price of $10. In addition, the corporation has retained earnings of $320,000.



SARGENT CORPORATION Statement of Financial Position December 31, 2015 Assets Non-current assets Long-term investments Investments in shares (at fair value)   Bond sinking fund   Land held for speculation Land held for future use   Property, plant, and equipment Land Buildings   Less: Accum. depreciation— building Equipment   Less: Accum. depreciation— equipment



$270,000 250,000 40,000 270,000 500,000 $1,040,000 360,000 450,000 180,000



Total property, plant, and equipment Intangible assets Franchise   Goodwill Current assets Inventory, at lower of cost (determined using FIFO) or NRV Accounts receivable   170,000 Less: Allowance for doubtful accounts 10,000 Trading securities (at fair value) Cash Total current assets Total assets   Equity and Liabilities Equity Share capital Preference shares, $5 par value; 200,000 shares authorized, 90,000 issued and outstanding Ordinary shares, $1 par value; 400,000 shares authorized, 100,000 issued and outstanding Share premium—ordinary (100,000 X [$10 – $1)] Retained earnings Total equity Non-current liabilities Notes payable



$ 830,000



680,000 270,000 1,450,000 165,000 100,000



265,000



180,000 160,000 80,000   150,000      570,000 $3,115,000



$450,000



100,000 900,000 320,000 $1,770,00 0 $120,000



7% bonds payable, due 2023 Total non-current liabilities Current liabilities Notes payable Accounts payable Income taxes payable Unearned service revenue Total current liabilities Total liabilities Total equity and liabilities



960,000 1,080,000 80,000 140,000 40,000 5,000      265,000 1,345,000 $3,115,00 0



33.      Bank Reconciliation and Adjustment (Bank Reconciliation and Adjusting Entries) The Cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2015. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined.



1.      There were bank service charges for June of $25. 2.      A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on Aguilar’s books when Bao Dai’s note was sent to the bank for collection.) 3.      Receipts for June 30 for $3,390 were not deposited until July 2. 4.      Checks outstanding on June 30 totaled $2,136.05. 5.      The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check amounting to $253.20 on June 29. 6.      A customer’s check for $90 had been entered as $60 in the cash receipts journal by                      Aguilar  on June 15. 7.      Check no. 742 in the amount of $491 had been entered in the cash journal as $419, and check no. 747 in the amount of $58.20 had been entered as $582. Both checks had been issued to pay for purchases ofequipment. Instructions (a) Prepare a bank reconciliation dated June 30, 2015, proceeding to a correct cash balance. (b) Prepare any entries necessary to make the books correct and complete.



AGUILAR CO. Bank Reconciliation June 30, 2015



.



  



Balance per bank, June 30



 



$4,150.00



Add: Deposits in transit



 



3,390.00



Deduct: Outstanding checks  



2,136.05



Correct cash balance, June 30



$5,403.95



Balance per books, June 30



$3,969.85



Add: Error in recording deposit ($90 – $60)



$



30.00



Error on check no. 747 ($582.00 – $58.20)  



523.80



Note collection ($1,200 + $36)



 



  1,236.00



1,789.80 5,759.65



Deduct: NSF check  



253.20



Error on check no. 742 ($491 – $419)



72.00



Bank service charges ($25 + $5.50)



30.50



Correct cash balance, June 30



355.70



$5,403.95



Adjusting Entries (b)



Cash



 



1,789.80



Accounts Receivable (1)  



30. 00



Accounts Payable (!)



523.80



Notes Receivable  



1,200.00



Interest Revenue  



36.00



Accounts Receivable  



253.20



Accounts Payable (2)    Office Expense (Bank Charges) Cash



 



72.00  



30.50 355.70



  Accounts Receivable (1) Assumes sale was on account and not a cash sale.   Accounts Payable (1) Assumes that the purchase of the equipment was recorded at its proper price. If a straight cash purchase, then Equipment should be credited instead of Accounts Payable.  Accounts Payable (2) If a straight cash purchase, then Equipment should be debited instead of Accounts Payable Apa saja aktivitas yang ada di dalam cash flow ? 1. Operating Activities Kas masuk : penerimaan kas dari pelanggan atau pendapatan Kas keluar : pembayaran utang, pembayaran beban-beban 2. Investing Activities Kas masuk : Penjualan dari property, plant and equipment Penjualan dari debt or equity securities Pengumpulan pinjaman dari entitas lain Kas keluar : Pembelian dari property, plant and equipment Pembelian dari debt or equity securities pinjaman untuk entitas lain 3. Financing Activities Kas masuk : penerbitan saham, obligasi (bonds and notes) Kas keluar : pembayaran dividen,penebusan utang, reakuisisi dari saham biasa