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Soal-soal REVIEW CLASS

Soal-soal REVIEW CLASS . Soal TM 2 Pertemuan 9 dan 10. Petunjuk Pengerjaan Tugas Mandiri.

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Soal-soal REVIEW CLASS

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  1. Soal-soal REVIEW CLASS Soal TM 2 Pertemuan 9 dan 10

  2. Petunjuk Pengerjaan Tugas Mandiri Soal Tugas Mandiri (TM) dikerjakan secara berkelompok, di tulis tangan pada kertas double folio dengan rapi.Kelompok terdiri atas maksimal 3 orang anggota. Dikumpulkan pada awal kuliah minggu/pertemuan berikutnya. Jawaban Soal TM yang sama, oleh mahasiswa secara perorangan (individual)harus di “up load” pada forum diskusi di binusmaya (LMS), pada kolom tugas. Up load haryus sudah dilakukan paling lambat 7 hari setelah pertemuan yang dimaksudkan. Bila anda mengerjakan salah satunya saja atau tidak keduanya maka anda dianggap tidak mengumpulkan TM pada pertemuan yang dimaksudkan.

  3. SOAL TUGAS MANDIRI 9 P11-6The following are selected transactions of Talley Company. Talley prepares financial statement quarterly: Jan. 2 Purchased merchandise on account from Jones Company, $20,000; terms 2/10, n/30 Feb. 1 Issued a 9%, 2 month, $20,000 note to Jones in payment of account. Mar. 31 Accrued interest for 2 months on Jones note. Apr. 1 Paid in face value and interest on Jones note. July 1 Purchased equipment from Seguin Equipment paying $11,000 in cash and signing a 10%, 3 month, $30,000 note. Sept. 30 Accrued interest for 3 months on Seguin note. Oct. 1 Paid face value and interest on Seguin note. Dec. 1 Borrowed $15,000 from Otago Bank by issuing a 3-month, 8% interest-bearing note with a face value of $15,000. Dec. 31 Recognized interest expense for 1 month on Otago Bank note.

  4. Instruction: • Prepare journal entries for the above transaction and event. • Post to the accounts Notes Payable, Interest Payable, and Interest Expense. • Show the balance sheet presentation of notes payable at December 31. • What is total interest expense for the year.

  5. SOAL TUGAS MANDIRI 9 P12-5BPresented below are assumption, principles, and constraints used in this chapter. 1. Economic entity assumption 6. Revenue recognition principle 2. Going concern assumption 7. Matching principle. 3. Monetary unit assumption 8. Cost principle. 4. Time period assumption 9. Materiality 5. Full disclosure principle. 10. Conservatism Instruction Identify by number the accounting assumption, principle, or constrain that describes each situation below. Do not use a number more than once. • All important information related to inventories is presented in the financial statements or the footnotes.

  6. b) Assets are not stated at their liquidation value. (Do not use the cost principle.) c) The death of the president is not recorded in the accounts • Pencil sharpeners are expensed when purchased. • An allowance for doubtful accounts is established. (Do not use conservatism.) • Each entity is kept as a unit distinct from its owner or owners. • Reporting must be done at defined intervals. • Revenue is recorded at the point of sale. • When in doubt, it is better to understate rather than overstate net income.

  7. SOAL TUGAS MANDIRI 9 E13-9B. Arete, V. Circe, and S. Medusa have capital balances of $50,000; $40,000; and $30,000 respectively. Their income ratios are 5:3:2. Medusa withdrawals from the partnership under each of the following independent conditions. 1. Arete and Circe agree to purchases Medusa’s equity by paying $17,000 each from their personal assets. Each purchaser receives 50% of Medusa’s equity. 2. Circe agrees to purchase all of Medusa’s equity by paying $22,000 cash from her personal assets. 3. Arete agrees to purchase all of Medusa’s equity by paying $26,000 cash from her personal assets. Instructions: Journalize the withdrawal of Medusa under each of the assumption above.

  8. SOAL TUGAS MANDIRI 10 P11-1B On January 1, 2005, the ledger of Zaur Company contains the following liability accounts. Accounts Payable $52,000 Sales Taxes Payable 7,700 Unearned Service Revenue 16,000 During January the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $17,280, which includes 8% sales taxes. 12 Provide services for customers who had made advance payments of $10,000. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2004 ($7,700). 20 Sold 600 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. 21 Borrowed $18,000 from UCLA Bank on a 3-mont, 9%, $18,000 note. 25 Sold merchandise for cash totaling $12,420, which includes 8% sales taxes.

  9. Instructions • Journalize the January transactions. • Journalize the adjusting entries at January 31 for (1) the outstanding notes payable, and (2) estimated warranty liability, assuming warranty cost are expected to equal 7% of sales of the new product. (Hint: Use one-third of a month for the UCLA Bank note.) • Prepare the current liabilities section of the balance sheet at January 31, 2005. Assume no change in accounts payable.

  10. SOAL TUGAS MANDIRI 10 E12-6 Milton Company sold equipment for $300,000 in 2004. Collections on the sale were as follows: 2004, $70,000; 2005, $190,000; 2006, $40,000. Milton’s cost of goods sold is typically 70% of sales. Instructions a) Determine Milton’s gross profit for 2004,2005, and 2006, assuming that Milton recognizes revenue under installment method. b) Determine Milton’s gross profit for 2004,2005, and 2006, assuming that Milton recognizes revenue under the point-of-sale basis.

  11. SOAL TUGAS MANDIRI 10 E14-2 Garza Co. had the following transactions during the current period. Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate. June 12 Issued 60,000 shares of $1 par value common stock for cash of $375,000. July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Nov. 28 Purchased 2,000 shares of treasury stock $80,000 Instructions Journalize the transactions.

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