Tugas Akuntansi

Keuangan Menengah 1
Chapter 12 dan 13
Taufiq Al Insan Siahaan
170503029
Chapter 12 E12-12
Fred Graf, owner of Graf Interiors, is negotiating for the purchase of Terrell Galleries. The
statement of financial position of Terrell is given in an abbreviated form below.
TERRELL GALLERIES
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2018

ASSETS Equity and Liabilities

Building (net) $ 200,000 Share capital-ordinary $200,000
Equipment (net) 175,000 Retained earnings 25,000 $225,000
Copyright (net) 30,000 Accounts Payable 50,000
Land 70,000 Long-term notes Payable 300,000
Cash 100,00 Total Liabilities 350,000
Total Assets $ 575,000 Total equity and liabilities $575,000
Graf and Terrel agree that:
1. Land is undervalued by $50,000
2. Equipment is overvalued by $5,000
Terrel agrees to sell the gallery to Graft for $380,000

Intructions
Prepare the entry to record the purchase of the Terrell
Galleries on Graf’s books.
Net assets of Terrell as reported $225,000
Adjustments to fair value
Increase in land value 50,000
Decrease in equipment value (5,000) 45,000
Net assets of Terrell at fair value (270,000)
Selling price 380,000
Amount of goodwill to be recorded $110,000

The journal entry to record this transaction is as follows:

Building 200,000
Equipment 170,000
Copyright 30,000
Land 120,000
Cash 100,000
Goodwill 110,000
Accounts Payable 50,000
Long-term Notes Payable 300,000
Cash 380,000
Chapter 13 E13-9
The payroll of Delaney Company for September 2010is as
follows. Total payroll was $340,000. Income taxes in the
amount of $80,000 were withheld, as was $9,000 in
union dues. Also, assume that the current Social
Security tax is 8% on an employee’s wages.

Instructions
Prepare the necessary journal entries if the wages and
salaries paid and the employer payroll taxes are recorded
separatey.
Wages and Salaries Expense 340,000
Withholding Taxes Payable 80,000
Social Security Taxes Payable* 27,200
Union Dues Payable 9,000
Cash 223,800

*(340,000 X 8% = $27,200)

Payroll Tax Expense 27,200

Social Security Taxes Payable 27,200