UJIAN TENGAH SEMESTER PRODI S1 AKUNTANSI

MATA KULIAH: AKM3

TANGGAL 22 APRIL 2022
WAKTU 90 MENIT
OPEN BOOK

1. Economy Appliance Co. manufactures low-price, no-frills appliances that are in great demand for
rental units. Pricing and cost information on Economy's main products are as follows. Item
Standalone Selling Price (Cost) Refrigerator $500 ($260) Range  560 ($275) Stackable washer/dryer
unit  700 ($400) Customers can contract to purchase either individually at the stated prices or a
three-item bundle with a price of $1,800. The bundle price includes delivery and installation.
Economy also provides installation (not a separate performance obligation).

Instructions Respond to the requirements related to the following independent revenue

arrangements for Economy Appliance Co.
a. On June 1, 2019, Economy sold 100 washer/dryer units without installation to Laplante Rentals
for $70,000. Laplante is a newer customer and is unsure how this product will work in its older
rental units. Economy offers a 60-day return privilege and estimates, based on prior experience
with sales on this product, 4% of the units will be returned. Prepare the journal entries for the sale
and related cost of goods sold on June 1, 2019.
b. YellowCard Property Managers operates upscale student apartment buildings. On May 1, 2019,
Economy signs a contract with YellowCard for 300 appliance bundles to be delivered and installed
in one of its new buildings. YellowCard pays 20% cash at contract signing and will pay the balance
upon installation no later than August 1, 2019. Prepare journal entries for Economy on (1) May 1,
2019, and (2) August 1, 2019, when all appliances are installed.
c. Epic Rentals would like to take advantage of the bundle price for its 400-unit project; on February
1, 2019, Economy signs a contract with Epic for 400 bundles. Under the agreement, Economy will
hold the appliance bundles in its warehouses until the new rental units are ready for installation.
Epic pays 10% cash at contract signing. On April 1, 2019, Economy completes manufacture of the
appliances in the Epic bundle order and places them in the warehouse. Economy and Epic have
documented the warehouse arrangement and identified the units designated for Epic. The units are
ready to ship, and Economy may not sell these units to other customers. Prepare journal entries for
Economy on (1) February 1, 2019, and (2) April 1, 2019.

2.a. Hendricks Corporation purchased $50,000 of bonds at par. Hendricks has an active trading business
model for this investment. At December 31, Hendricks received annual interest of $2,000, and the fair value
of the bonds was $47,400. Prepare Hendricks' journal entries for (a) the purchase of the investment, (b) the
interest received, and (c) the fair value adjustment.

b. Fairbanks Corporation purchased 400 ordinary shares of Sherman Inc. as a trading investment for
£13,200. During the year, Sherman paid a cash dividend of £3.25 per share. At year-end, Sherman shares
were selling for £34.50 per share. Prepare Fairbanks' journal entries to record (a) the purchase of the
investment, (b) the dividends received, and (c) the fair value adjustment.

3. At January 1, 2019, Uddin Company had plan assets of $250,000 and a defined benefit obligation of the
same amount. During 2019, service cost was $27,500, the discount rate was 10%, actual return on plan
assets was $25,000, contributions were $20,000, and benefits paid were $17,500. Prepare a pension
worksheet for Uddin Company for 2019.

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