Pertemuan 24 Kewajiban Jangka Pendek

1. Pertemuan 24Kewajiban Jangka Pendek Matakuliah : J0254/Akuntansi Dasar Tahun : 2005 Versi : 01/00

2. Learning Outcomes Pada akhir pertemuan ini, diharapkan mahasiswa akan mampu : • Memahami Akuntansi Kewajiban Jangka Pendek

3. Outline Materi • Pengertian Kewajiban Jangka Pendek • Hutang Dagang • Wesel Bayar

4. Hutang Dagang... • Adalah sejumlah uang yang terhutang pada pemasok/vendor atas barang atau jasa yang dibeli secara kredit. • Hutang Dagang tidak membebankan bunga bagi debitur.

5. Hutang Dagang - Contoh • Misalkan pada 3 Juni 3, Binus’s Sporting Store membeli barang daganngan senilai $1,000 dengan kredit dagang dari Patti Wholesaler. • Jurnal Pencatatan? Persediaan 1,000 Hutang Dagang 1,000 Membeli secara kredit

6. Wesel Bayar Jangka Pendek... • Adalah janji tertulis untuk membayar (promissory notes) yang akan jatuh tempo dalam 1 tahun. • Tentu saja selain pokok hutang, masih ada kewajiban membayar bunga. • Bila terdapat akrual atas bunga hutang, maka hal tsb harus dicatat.

7. Wesel Bayar Jangka Pendek... • Pada 30 April, Binus membeli persediaan senilai $10,000 dengan menerbitkan wesel bayar 90 hari, bunga 10%. • Jurnal? Persediaan 10,000 Wesel Bayar 10,000 Pembelian secara kredit dengan wesel bayar 90/10%

8. Wesel Bayar Jangka Pendek... • Periode akuntansi berikutnya 31Mei. • Hitung akrual bunga per 31 Mei? • $10,000 × 10% × 31/360 = $86.11 • Bagaimana jurnal pd saat jatuh tempo?

9. Wesel Bayar Jangka Pendek... 29 Juli Wesel Bayar 10,000.00 Hutang Bunga 86.11 Biaya Bunga 163.89 Kas 10,250.00

10. Short-Term Notes PayableIssued at a Discount • Issuing a note at a discount means the bank subtracts the interest from the note’s face value. • Suppose that on February 25, Shanitha discounts a $10,000, 90-day note, payable to the bank at 12%. • The business will receive $9,700. • $10,000 × 0.12 × 90/360 = $300

11. Short-Term Notes PayableIssued at a Discount February 25 Cash 9,700 Discount on Note Payable 300 Notes Payable, Short-Term 10,000 Discount a $10,000, 90-day, 10% note payable to borrow cash

12. Short-Term Notes PayableIssued at a Discount Shanitha Balance Sheet Current liabilities: Note payable, short-term $10,000 Less: Discount on note payable 300 Note payable, short-term, net $ 9,700

13. Short-Term Notes PayableIssued at a Discount • What is the accrued interest at the end of the month? • $10,000 × 12% × 3/360 = $10 February 28 Interest Expense 10 Discount on Note Payable 10 Accrue interest expense at month end

14. Sales Tax Payable Example • Most states levy a sales tax on retail sales. • Suppose that a store sold $3,000 worth of merchandise on a given Saturday. • The business collected an additional 5% in sales tax. • How much is the sales tax liability? • $150

15. Accrued Expenses (Liabilities)... • are expenses that have been incurred but not recorded. • salaries • taxes withheld • interest • utilities

16. Payroll Liabilities Salary Expense 10,000 Employee Income Tax Payable 1,200 FICA Tax Payable 800 Employee Union Dues Payable 140 Salary Payable 7,860 To record salary expense

17. Unearned Revenue Example • Assume that on June 1, Dennis’s Landscaping collected $1,500 for services to be provided during the months of June, July, and August. June 1 Cash 1,500 Unearned Revenue 1,500 Received cash in advance

18. Unearned Revenue Example • What entry does Dennis record on June 30? June 30 Unearned Revenue 500 Service Revenue 500 Earned service revenue that was collected in advance

19. Estimated Warranty Payable • The matching principle demands that the company record the warranty expense in the same period that the business recognizes sales revenue.

20. Estimated Warranty Payable Example • Patti Wholesaler made sales of $1,000,000 subject to product warranties. • In the past years, claims have averaged 2%. Warranty Expense 20,000 Estimated Warranty Payable 20,000 To accrue warranty expense

21. Estimated Warranty Payable Example • On January 28, a customer returned a defective product and was given a $300 refund. Estimated Warranty Payable 300 Cash 300 To record refund under warranty

22. Estimated Vacation PayLiability Example • Suppose Binus’s Sporting Store has a March payroll of $10,000 and vacation pay adds 4% (2 weeks of annual vacation divided by 50 workweeks each year). • How much vacation pay should be accrued?

23. Estimated Vacation PayLiability Example March 31 Vacation Pay Expense 400 Estimated Vacation Pay Liability 400 To accrue vacation expense

24. Contingent Liability • Report a contingent liability in the notes to the financial statement if it is reasonablypossiblethat a loss or expense will occur. • The FASB says to record an actual liability if it is probable that the business has suffered a loss and its amount can be reasonably estimated.

25. Contingent vs. Current Liability • Suppose a hospital has lost a court case for uninsured malpractice. • The hospital estimates that the liability will fall between $1.5 and $2.5 million.

26. Contingent vs. Current Liability • The hospital must record a loss and a liability of $1.5 million. • The hospital must disclose in a note the possibility of an additional $1.0 million loss.

27. Payroll • Straight time is the base rate paid to employees for a set number of hours. • Overtime is additional time worked by employees for which they received a higher rate (usually 1.5 times the straight time rate).

28. Gross Pay and Net Pay Gross Pay Deductions Net Pay

29. Internal Control over Payrolls • controls for efficiency • controls for safeguarding payroll disbursements

30. Controls for Efficiency • making payroll disbursements from one payroll account in one month and from another the next • following established policies for hiring and firing employees • complying with government regulations • testing employees for their interest in the job and their skills to perform the job

31. Controls for SafeguardingPayroll Disbursements • Large organizations must establish controls to ensure that payroll disbursements are made only to legitimate employees. • Duties of hiring and firing should be separated from the duties of accounting for payroll and distributing paychecks.

32. Controls for SafeguardingPayroll Disbursements • Requiring an identification badge bearing an employee’s photograph also helps internal control. • A formal time-keeping system helps ensure that employees have actually worked.

33. Report Current Liabilities • Companies report current liabilities on the balance sheet. • current liabilities of known amount (payroll) • current liabilities that must be estimated (warranties)

34. Report Current Liabilities • At the end of the year, companies report the amount of payroll liabilities owed to all parties. • The liability at year end is the amount of the payroll expense that is still unpaid.

35. Liabilities KnownWhen Recorded • accounts payable • short-term notes payable • sales tax payable • current portion of long-term debt • accrued expenses payable • unearned revenues

36. Liabilities EstimatedWhen Recorded • warranty payable • income tax payable • vacation pay liability