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Soal Asistensi Special Edition Akuntansi Keuangan Menengah 2 Chapter 18: Revenue Recognition Consignment Sales In January 1st,

2011, Limanto Corporation makes a contract to consign its inventory to the Mertzha Ltd. The agreement includes an arrangement that Mertzha will retain 10% the sales value as commission. Below is the list of transactions related to the consignment: Jan 1 Limanto Corp consigns 75 machineries costing $400 each Jan 13 Limanto Corp pays $1,500 of freight cost for shipping its inventory to Mertzha Mar 5 Mertzha pays $4,100 for advertising cost for Limantos inventory, and it is reimbursable. July 10 Mertzha sells 80% of Limantos inventory, at the price of $650 each Dec 31 Mertzha reports the sale and remits the cash to Limanto According to this information, prepares the journal entry required for the transactions above, both for Limanto and Mertzha!

Long-term Contracts: Cost Recovery vs. Percentage of Completion In 2008, Jimy Construction agreed to construct hospital for Universitas Airlangga at the price of $1,200,000. Below are the information related to the contract : 2008 $280,000 520,000 150,000 120,000 2009 $600,000 700,000 500,000 320,000 2010 $1,300,000 1,200,000 940,000

Cost incurred to date Estimated costs yet to be incurred Customer billings to date Collection of billings to date Instructions:

a) Prepare the journal entries required for 2009, assuming the percentage-ofcompletion method is used! b) Prepare the journal entries required for 2009, assuming the cost recovery method is used!

Multiple-Deliverable Arrangements Kira Inc. sells its inventory of complex machineries to a factory at February 1st, 2011. To be able to utilized properly, it must be installed and the user must be trained. The installation requires approximately 5 months while the training takes 2 years, starting from the day when the machines are completely installed. The price charged to the customer is $4,000,000 , whether the customer choose to include the installation and training or not. The customer choose to include both, and the fair value of installation and training is $300,000 and $80,000 respectively. Prepare any journal entries related to this sales in 2010 ! Chapter 21: Leasing Lesse and Lessor Accounting for Lease
Airlangga Company leased equipment to Srikana Ltd on January 1 2010 , the following informations pertains to this lease The term of the non-cancelable lease is 8 years , with no renewal options. The equipments reverts to the lessor at the terminations of the lease Equal rental payments are due on January 1 each year beginning in 2010 The fair value of the equipment on January 1, 2010 is $320,000 and its cost $240,000 The equipment has an economic life of 10 years, with guaranteed residual value of $20,000. Airlangga sets the annual rental to ensure an 10% rate of return. Srikanas incremental borrowing rate is 12 % , and it is impracticable for Srikana to determine the implicit rate Srikana also pays $2,500 as the executor costs that it is exclude from the annual rental payment

Instructions Discuss the nature of this lease to Airlangga Co. dan Srikana Ltd. Calculate the amount of the annual rental payment Prepare all the necessary journal entries for Airlangga for 2010 and 2018 Prepare all the necessary journal entries for Srikana for 2010 and 2018

Computation for Lessors Accounting Petir Inc. , a machinery dealer, leased a machine to BigBro Ltd on April 1, 2012. The lease is for an 8year period and requires equal annual rental payments of 38,514,000 at every April of each year. The first payment is received on April, 1, 2012. Petir Inc. had purchased the machine during 2011 for 170,000,000. Petir Inc. set the annual rental to ensure an 11 % rate of return. The machine has a economic life of 8 years with no residual value and reverts to Petir Inc. at the termination of the lease Compute the amount of the lease receivable Prepare all necessary journal for Petir Inc. for 2012

Chapter 22: Changes and Errors Changes in Estimates HMA-UA Inc. acquired the following assets in January 2010 Equipment, estimated service life, 7 years; residual value $10,000 Building, estimated service life , 30 years; no residual value $500,000 $750,000

The equipment has been depreciated using the sum of the years digits method for the first 3 years fo financial reporting purposes. In 2010, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or residual value. It was also decided to change the total estimated service life of the building form 30 years to 35 years, with no change in the estimated residual value. The building is depreciated on the straight-line method a. prepare the journal entry to record depreciation expense for the equipment in 2013 b. prepare the journal entry to record depreciation expense for the building in 2013

Numerous Error Analysis The first audit of the books of Blablabla company was made for the year ended December 2009. In examining the books, the auditor found that certain items had been overlooked or incorrectly handled in the last 3 years. These items are: 1. at the end of 2007, the company purchased a land for $675,000 (residual value $45,000) that had a useful life 18 years. The bookkeeper used straight-line depreciation but failed to deduct the residual value in the computing the depreciation base for 4 years 2. at the end of 2008, the company failed to accrue sales salaries of $30,000 2009, the company wrote-off $77,000 of inventory considered to be obsolete ; this loss was charged directly to Retained Earning. 4. accrued vacation pay for the year of $40,000, was not recorded because the bookkeeper never heard that you had to do it 5. Blablabla Company purchased a copyright from another company early in 2008 for $40,000 , but the bookkepper never recorded that. The copyright has a useful life at purchase 20 years

Changes in Policy xxx Inc, changed from the cost recovery method to the percentage of completion method of accounting for long term construction contracts during 2010. For tax purposes, the company employs that cost recovery method and will continue this approach in the future This appropriate information related to this changes is as follows: PRETAX INCOME FROM: Percentage of Completion 2009 2010 $740,000 $660,000 Cost Rcovery $675,000 $575,000 Difference $65,000 $85,000

a. assuming that the tax rate is 35%, what is the amount of net income that would be reported in 2010 b. what entry/ies is necessary to adjust the accounting records for the changes in accounting policy

Chapter 23: Statement of Cashflow Preparation Statement of Casflow Ravel Inc. had the following statements prepared as of December 31, 2010: Ravel Inc. Comparative Statement of Financial Position As of December 31, 2010 and 2009 12/31/10 Printing Equipment $154,000 Acc. Depreciation Equipment (35,000) Copyrights 46,000 Inventories 40,000 Short-term Investments (non-trading) 35,000 Prepaid rent 5,000 Account Receivable 62,000 Cash 6,000 Total Assets $313,000 Share Capital Ordinary $10 par $100,000 Share Premium Ordinary 30,000 Retained Earnings 57,000 Long-term Loans Payable 60,000 Account Payable 46,000 Income Taxes Payable 4,000 Wages Payable 8,000 Short-term Loans Payable 8,000 Total Equity and Liabilities $313,000

12/31/09 $130,000 (25,000) 50,000 60,000 18,000 4,000 49,000 9,000 $295,000 $100,000 30,000 36,000 67,000 42,000 6,000 4,000 10,000 $295,000

Ravel Inc. Income Statement For The Year Ending December 31, 2010 Sales Cost of Goods Sold Gross Margin Operating Expenses Operating Income Interest Expense Gain on Sale of Equipment Income Before Tax Income Tax Expense Net Income $338,150 175,000 163,150 120,000 43,150 $11,400 2,000 9,400 33,750 6,750 $27,000

Additional Information: 1. 2. 3. 4. Dividends in the amount of $6,000 were declared and paid during 2010 Depreciation expense and amortization expense are included in operating expense No unrealized gain or losses have occured on the investments during the year Equipment that had cost of $30,000 and was 70% depreciated was sold during 2010

Instructions: Prepare a statement of cashflow using both direct and indirect method!