BAB 11
Akuntansi Hutang
Accounting, 21st Edition
Warren Reeve Fess
Definisi Hutang lancar
Liabilities that are to be paid out of
current assets and are due within a
short time, usually within one year,
are called current liabilities.
Examples:






Accounts payable
Notes payable
Unearned rent
Taxes payable
Wages payable
Current portion of long
term debt
Wesel Bayar
A firm issues a 90-day, 12% note for
$1,000, dated August 1, 2006 to Murray
Co. for a $1,000 overdue account.
Aug. 1 Accounts Payable—Murray Co.
Notes Payable
Issued a 90-day, 12% note on
account.
1 000 00
1 000 00
Short-Term Notes Payable
On October 30, when the note matures, the
firm pays the $1,000 principal plus $30
interest ($1,000 x .12 x 90/360).
Oct. 30 Notes Payable
Interest Expense
Cash
Issued a 90-day, 12% note on
Appears
on the
account.
income statement as
an “Other Expense.”
1 000 00
30 00
1 030 00
Short-Term Notes Payable
Bowden Co. (Borrower)
Description
Debit Credit
Mdse. Inventory
10,000
Accounts Payable
10,000
Coker Co. (Creditor)
Description
Debit Credit
Accounts Receivable
Sales
10,000
Cost of Mdse. Sold
Mdse. Inventory
7,500
10,000
May 31. Bowden Co. purchased merchandise on
account from Coker Co., $10,000, 2/10, n/30.
The merchandise cost Coker Co. $7,500.
7,500
Short-Term Notes Payable
Bowden Co. (Borrower)
Description
Debit Credit
Mdse. Inventory
10,000
Accounts Payable
10,000
Accounts Payable
Notes Payable
10,000
10,000
Coker Co. (Creditor)
Description
Debit Credit
Accounts Receivable
Sales
10,000
Cost of Mdse. Sold
Mdse. Inventory
7,500
10,000
7,500
Notes Receivable
10,000
Accounts Receivable
10,000
May 31. Bowden Co. issued a 60-day, 12%
note for $10,000 to Coker on account.
Short-Term Notes Payable
Bowden Co. (Borrower)
Description
Debit Credit
Coker Co. (Creditor)
Description
Debit Credit
July 30. Bowden Co. paid Coker Co. the
Mdse. Inventory
10,000
Accounts Receivable 10,000
amount due on the
note ofSales
May 31. Interest: 10,000
Accounts Payable
10,000
$10,000 x 12% x 60/360 = $200.
Cost of Mdse. Sold
Mdse. Inventory
Accounts Payable
Notes Payable
10,000
Notes Payable
Interest Expense
Cash
10,000
200
7,500
7,500
10,000
Notes Receivable
10,000
Accounts Receivable
10,000
10,200
Cash
Interest Revenue
Notes Receivable
10,200
200
10,000
Discounted Notes Payable
On August 10, Cary Company issues a $20,000,
90-day note to Rock Company in exchange for
inventory. Rock discounts the note at 15%.
Aug.10 Merchandise Inventory
Interest Expense
19 250 00
750 00
Notes Payable
Issued a 90-day, note to Rock
Co. discounted at 15%.
Discount rate
Proceeds 20 000
Discount: $20,000
x .15 x 90/360
00
Discounted Notes Payable
On November 8 the note is paid in full.
Nov. 8 Notes Payable
Cash
Paid note due.
20 000 00
20 000 00
Contingent
Liabilities
Product Liability
On June 30, a company sells a product for $60,000
on which there is a 36-month warranty. Past
experience indicates that repairs of defects cost 5%
of the sales price over the warranty period.
June 30 Product Warranty Expense
Product Warranty Liability
Warranty expenses projected for
June, 5% of $60,000.
3 000 00
3 000 00
Product Liability
On August 16, a customer needed a
defective part replaced. Cost to the
company was $200 for the part.
Aug.16 Product Warranty Payable
Supplies
Replaced defective part under
warranty.
200 00
200 00
Accounting Treatment of
Contingent Liabilities
Likelihood
of
Occurring
Measurement
Probable
Estimable
Record
Liability
Not
Estimable
Disclose
Liability
Contingency
Possible
Accounting
Treatment
Disclose
Liability
Payroll and
Payroll Taxes
Liability for Employee Earnings
Payroll is the amount paid to employees for
services provided. Payrolls are important because-1. Good employee relations demand that payrolls
be calculated accurately and paid as scheduled.
2. Payroll expenditures are subject to a variety of
federal, state, and local taxes.
3. Total payroll expense (gross payroll plus payroll
taxes) has a major impact on net income.
Gross Pay Calculation
John T. McGrath is employed by McDermott
Supply Co. at the rate of $34 per hour, plus 1.5
times the normal hourly rate for hours over 40
per week. For the week ended December 27,
McGrath worked 42 hours.
Earnings at base rate (40 x $34)
Earnings at overtime rate (2 x $51)
Total earnings
$1,360
102
$1,462
FICA Tax
Employers are required to withhold a
portion of the earnings of each of the
employees. The amount is matched by the
employer and serves to provide the
employee with social security and
Medicare benefits upon retirement.
FICA Tax Calculation
Assume that John T. McGrath’s annual earnings
prior to the current period total $99,038. His
current period earnings are $1,462.
Earnings subject to 6% social security tax
($100,000 – $99,038)
$962
Social security tax rate
x 6%
Social security tax
$57.72
Earnings subject to 1.5% Medicare tax
Current earnings
$1,462
Medicare tax rate
x 1.5%
Medicare tax
21.93
Total FICA tax
$79.65
Withholding Taxes, Other Deductions
 Employers are required to withhold federal
income tax from each employee based on the
withholding table and information provided by
the employee’s W-4 form.
 Federal income tax and FICA tax must be
withheld from the pay of each employee.
 Deductions for other purposes may be withheld
by mutual agreement.
Employee Net Pay Calculation
Gross earnings for the week
$1,462.00
Deductions:
Social security tax tax
$ 57.72
Medicare tax
21.93
Federal income tax
279.51
Retirement savings
20.00
United Way
5.00
Total deductions
384.16
Net pay
$1,077.84
John T. McGrath is single, has declared one
withholding allowance, and had gross pay of
$1,462 for the week ended December 27.
Responsibility for Tax
Payments
EMPLOYEE
Social security tax
Medicare tax
Federal withholding tax
GOVERNMENT
BUSINESS
Social security tax
Medicare tax
Federal unemployment
compensation tax
State unemployment
compensation tax
Federal Income
Corporate
Estate, gift,
income tax
and other
8%
8%
46%
Personal
income tax
FICA and
FUTA
38%
Federal Outlays
National
defense
Physical,
human, and
Interest on
community
debt
development
8% 13%
19%
24%
Social
programs
33%
3%
Social
security and
Medicare
Law
enforcement
and general
government
Payroll Register
It’s a multicolumn form used to help
What is the assemble and summarize the data
purpose of a needed for each payroll period.
payroll register?
Payroll Register Summary
Earnings:
Regular
Overtime
Total
Deductions:
Social security tax
Medicare tax
Federal income tax
Retirement savings
United Way
Accounts receivable
Total
Net amount paid
Accounts debited:
Sales Salaries Expense
Office Salaries Expense
Total (as above)
$13,328.00
574.00
$13,902.00
$ 643.07
208.53
3,332.00
680.00
470.00
50.00
5,383.60
$ 8,518.40
$11,122.00
2,780.00
$13,902.00
Recording Employees’ Earnings
Dec. 27 Sales Salaries Expense
Office Salaries Expense
Social Security Tax Payable
Medicare Tax Payable
Employees Federal Inc. Tax Pay.
Retirement Savings Ded. Payable
United Way Deductions Payable
Accounts Receivable—Fred Elrod
Salaries Payable
Payroll for week ended
December 27.
11 122 00
2 780 00
643
208
3 332
680
470
50
8 518
07
53
00
00
00
00
40
Recording Employer’s Payroll Taxes
Employer Taxes for the Week Ended December 27
Social security tax
$ 643.07
Medicare tax
208.53
State unemployment compensation tax
(5.4% x $2,710)
146.34
Federal unemployment compensation
tax (0.8% x $2,710)
21.68
Total payroll tax expense
$1,019.62
Recording Employer’s Payroll Taxes
Dec. 27 Payroll Tax Expense
Social Security Tax Payable
Medicare Tax Payable
State Unemployment Tax Payable
Federal Unemployment Tax Pay.
Payroll taxes for week ended
December 27.
1 019 62
643
208
146
21
07
53
34
68
Flow of Data in a Payroll System
Wage and Tax
Statements
Current Period’s
Variables
(hours worked)
Updated Variables
(cumulative
earnings, taxes)
Constant Data
(rates of pay,
tax, etc.)
EMPLOYEES’
EARNINGS
RECORDS
PAYROLL
REGISTER
GENERAL
LEDGER
W-2
W-2
Payroll Tax
Returns
Payroll Checks
and Statements
Financial
Statements
Employees’ Fringe Benefits
Benefit Dollars as a Percent of Total
Retirement
and savings
plans
Other 2%
18%
29%
Vacation
and sick pay
25%
Social security
and Medicare
26%
Medical
Employees’ Fringe Benefits
Vacation pay
Vacation pay becomes the employer’s
liability as the employee earns vacation rights.
Pensions
Cash payment to retired employees. Could be
a defined contribution plan or a defined benefit plan
Postretirement Benefits
In addition to pension
benefits, employees may earn rights to other postretirement
benefits such as dental care, eye care, life insurance, etc.
Amount is recorded by debiting Postretirement Benefits
Expense and crediting cash.
Pensions
Defined contribution plan
Under this plan, a
fixed amount of money is invested on the employee’s
behalf during the employee’s working years. Example:
401K
Defined benefit plan
Under this plan, the pension
benefits are based on a formula and the employer bears
the investment risk in funding a future retirement income
benefit.
Solvency Measures — Quick Ratio
Noble Co.
Quick assets:
Cash
Cash equivalents
Accounts receivable (net)
Total
Current liabilities
Quick assets
Current liabilities
$ 100,000
47,000
84,000
$231,000
$220,000
Hart Co.
$ 55,000
65,000
472,000
$592,000
$740,000
Solvency Measures — Quick Ratio
Noble Co.
Quick assets:
Cash
Cash equivalents
Accounts receivable (net)
Total
Current liabilities
$ 100,000
47,000
84,000
$231,000
$220,000
Hart Co.
$ 55,000
65,000
472,000
$592,000
$740,000
$231,000
Quick
assets
Noble Company
Current
liabilities Quick ratio = 1.05
$220,000
Solvency Measures — Quick Ratio
Noble Co.
Quick assets:
Cash
Cash equivalents
Accounts receivable (net)
Total
Current liabilities
$ 100,000
47,000
84,000
$231,000
$220,000
Hart Co.
$ 55,000
65,000
472,000
$592,000
$740,000
$592,000
Quick
assets
Hart Company
Current
liabilities Quick ratio = 0.80
$740,000
Use: To indicate instant debt-paying ability
Chapter 11
The End