LATIHAN SOAL AKUNTANSI KEUANGAN MENENGAH I SOAL PERSEDIAAN SOAL 1 An inventory taken the morning after a large theftdiscloses $60,000 of goods on hand as of March 12. The following additional data is available from the books: Inventory on hand, March 1 $ 84,000 Purchases received, March 1 – 11 63,000 Sales (goods delivered to customers) 120,000 Past records indicate that sales are made at 50% above cost. Instructions Estimate the inventory of goods on hand at the close of business on March 11 by the gross profit method and determine the amount of the theft loss. Show appropriate titles for all amounts in your presentation JAWABAN Beginning Inventory Purchases Goods Available COGS ($120,000 ÷ 150%) Estimated Ending Inventory Physical Inventory Theft Loss SOAL 2 Presented below is information related to Kuchinsky Company. Cost Retail Beginning inventory € 280,000 € 390,000 Purchases 1,820,000 3,000,000 Markups 130,000 Markup cancellations 20,000 Markdowns 47,000 Markdown cancellations 7,000 Sales 3,150,000 Instructions Compute the inventory by the conventional retail inventory method $ 84,000 63,000 147,000 80,000 67,000 60,000 $ 7,000 JAWABAN Cost RM Beginning inventory……………………. 280,000 Purchases…………………………………. 1,820,000 (+) Totals………………………………….. 2,100,000 Add: Net marksups Markups……………………………… Markup cancellations………………… Totals……………………………………… 2,100,000 Deduct: Net markdowns Markdowns………………………………… Markup cancellations………………………… Sales price of goods available………………….. Deduct: Sales…………………………………….. Ending Inventory ay retail……………………….. Retail RM 390,000 3,000,000 (+) 3,390,000 € 130,000 (20,000) 110,000 (+) 3,500,000 47,000 (7,000) 40,000 (-) 3,460,000 3,150,000 310,000 Cost-to-retail ratio = 2.100.000 / 3.500.000 = 60 % Ending inventory at cost = 60% × RM310,000 = RM186,000 SOAL AKUISISI DAN DISPOSISI PP&E SOAL 1 Ramirez Company exchanged equipment used in its manufacturing operations plus $6,000 in cash for similar equipment used in the operations of Kennedy Company. The following information pertains to the exchange. Equipment (cost) Accumulated depreciation Fair value of equipment Cash given up Ramirez Co. 84,000 57,000 40,500 6,000 Kennedy Co. $84,000 30,000 46,500 Instructions (a) Prepare the journal entries to record the exchange on the books of both companies. Assume that exchange lacks commercial substance. (b) Prepare the journal entries to record the exchange on the books of both companies. Assume that exchange has commercial substance. JAWABAN a) Ramirez Co Equipment Accumulated Depr Equipment Cash HV AD BV 84.000 57.000 27.000 33.000 57.000 84.000 6.000 FV GAIN 40.500 13.500 Cost of New Equipment = FV Old Equipment + Cash Paid - Gain = 40.500+6.000-13.500 = 33.000 Kennedy Co Equipment Accumulated Depr Loss on Exchange Cash Equipment HV AD BV FV LOSS 48.000 30.000 7.500 6.000 84.000 84.000 30.000 54.000 46.500 7.500 Cost of New Equipment = FV Old Equipment + Cash Received+Loss = 46.500-6.000 = 40.500 b) Ramirez Co Equipment 46.500 Accumulated Depr 57.000 Gain on Exchange 13.500 Equipment 84.000 Cash 6.000 HV AD BV FV GAIN 84.000 57.000 27.000 40.500 13.500 Cost of New Equipment = FV Old Equipment + Cash Paid = 40.500+6.000 = 46.500 Kennedy Co Equipment 40.500 Accumulated Depr 30.000 Cash 6.000 Loss on Exchange 7.500 Equipment 84.000 HV AD BV FV 84.000 30.000 54.000 46.500 LOSS 7.500 Cost of New Equipment = FV Old Equipment + Cash Received = 46.500-6.000 = 40.500 SOAL 2 During 2015, Barden Building Company constructed various assets at a total cost of $8,400,000. The weighted average accumulated expenditures on assets qualifying for capitalization of interest during 2015 were $5,600,000. The company had the following debt outstanding at December 31, 2015: 1. 10%, 5-year note to finance construction of various assets, dated January 1, 2015, with interest payable annually on January 1 $3,600,000 2. 12%, ten-year bonds issued at par on December 31, 2009, with interest payable annually on December 31 4,000,000 3. 9%, 3-year note payable, dated January 1, 2014, with interest payable annually on January 1 2,000,000 Instructions Compute the amounts of each of the following (show computations). 1. Avoidable interest. 2. Total interest to be capitalized during 2015. 1. Avoidable Interest Weighted Interest Notes Rate 4.000.000 12% 2.000.000 9% 6.000.000 Part of Year 12/12 12/12 Interest 480.000 180.000 660.000 Interest = 660.000/6.000.000=11% WACE 3.600.000 2.000.000 5.600.000 Rate 10% 11% Avoidable Interest 360.000 220.000 580.000 2. Interest to be capitalized during 2015 Actual Interest = 3.600.000*10% + 4.000.000*12%+2.000.000*9% = 360.000 + 480.000 + 180.000 = 1.020.000 Interest to Capitalezed = 580.000 (Avoidable or Actual whichever is lower) SOAL DEPRESIASI, PENURUNAN DAN DEPLESI SOAL 1 Sizemore Company owns land that it purchased at a cost of $600,000 in 2013. The company chooses to use revaluation accounting to account for the land. The land’s value fluctuate as follows (all amounts as of December 31): 2013, $675,000; 2014, $540,000; 2015, $580,000; and 2016, $615,000. Instructions Prepare the journal entries to record the revaluation of the land in each year. Jawaban: December 31, 2013 Land ($675,000 – $600,000).....................................................75,000 Unrealizable Gain on Revaluation––Land..................... 75,000 December 31, 2014 Unrealizable Gain on Revaluation––Land.................................75,000 Loss on Impairment ($600,000 – $540,000)...............................60,000 Land ($ 675,000 – $540,000)................................................. 135,000 December 31, 2015 Land ($580,000 – $540,000).....................................................40,000 Recovery of Impairment Loss........................................ 40,000 December 31, 2016 Land ($615,000 – $580,000)......................................................35,000 Recovery of Impairment Loss($60,000 - $40,000)…….. Unrealized Gain on Revaluation—Land………………… 20,000 15,000 SOAL 2 Presented below is information related to equipment owned by Marley Company at December 31, 2015. Cost €7,000,000 Accumulated depreciation to date 1,500,000 Value-in-use 5,000,000 Fair value less cost of disposal 4,400,000 Assume that Marley will continue to use this asset in the future. As of December 31, 2015, the equipment has a remaining useful of 4 years. Instructions (a)Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2015. (b) Prepare the journal entry to record depreciation expense for 2016. (c) The recoverable amount of the equipment at December 31, 2016, is €5,250,000. Prepare the journal entry (if any) necessary to record this increase. a. Carrying Amount = 7.000.000 – 1.500.000 = 5.500.000 Recoverable Amount = Greater or VIU of Net FV = 5.000.000 Imparement = 5.500.000-5.000.000 = 500.000 Imparement Loss Equipment 500.000 500.000 b. Depreciation New Rate = 5.000.000/4=1.250.000 Depreciation Acumulated Depreciation 1.250.000 1.250.000 c. Recovery of Impairement Recoverable Amount = 5.250.000 CV = 5.000.000 – 1.250.000 = 3.750.000 Acccumulated Depreciation Recovery of Impairement 1.500.000 1.500.000 Menurut buku IFRS, recovery bisa diakui maksimal hingga mencapai nilai CV terakhir apabila diasumsukan tidak ada impairement. Jika tidak ada impairement CV adalah 5.500.000 *3/4 = 4.125.000 Maka nilai recovery imparement maksimal adalah sbb: Recovery = 4.125.000 – 3.750.000 = 375.000 Acccumulated Depreciation Recovery of Impairement 375.000 375.000 SOAL ASET TAKBERWUJUD SOAL 1 In early January 2014, Lerner Corporation applied for a patent, incurring legal costs of $60,000. In January 2015, Lerner incurred $9,000 of legal fees in a successful defense of its patent. Instructions (a) Compute 2014 amortization, 12/31/14 carrying value, 2015 amortization, and 12/31/15 carrying value if the company amortizes the patent over 10 years. (b) Compute the 2016 amortization and the 12/31/16 carrying value, assuming that at the beginning of 2016, based on new market research, Lerner determines that the recoverable amount of the patent is $48,000. Jawaban: a) 2014&2015 Amortization Amortization Expense Patent 6.000 6.000 Carrying Value at 12/31/14 = 60.000-6.000 = 54.000 2015 Amortization Amortization Expense Patent 7.000 7.000 *(54.000+9.000) / 9 = 7.000 Carrying Value at 12/31/15 = 54.000 + 9.000 – 7.000 = 56.000 b. 2016 Amortization Recoverable Value = 48.000 at beginning of 2016 Carrying Value = 56.000 Impairment = 12.000 Amortization = 48.000 / 8 = 6.000 Amortization Expense Patent 6.000 6.000 Carrying Value at 12/31/16 = 48.000 – 6.000 = 42.000 SOAL 2 Presented below is information related to copyrights owned by Wamser Corporation at December 31, 2014. Cost $2,700,000 Carrying amount 2,350,000 Recoverable amount 1,500,000 Assume Wamser will continue to use this asset in the future. As of December 31, 2014, the copyrights have a remaining useful life of 5 years. Instructions (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2014. (b) Prepare the journal entry to record amortization expense for 2015. (c) The recoverable amount of the copyright at December 31, 2015 is $1,600,000. Prepare the journal entry (if any) necessary to record this increase in fair value. Jawaban: a) Impairement December 31 Loss on Imparement Copyright 850.000 850.000 b) Amortization (5 years remaining) = 1.500.000 / 5 = 300.000 Amortization Expense 300.000 Copyright 300.000 c) Increase in Recoverable Amount US GAAP : No Entry – Reversal of Imparement Loss is Prohibited IFRS: Reversal of Imparement Loss is Prohibited only for Goodwill Carrying Value at Dec 31,2015 Recoverable Amount Increase = 1.500.000 – 300.000 = 1.200.000 = 1.600.000 = 400.000 Copyright Recovey of Impairement Loss 400.000 400.000