PARALEL QUIZ INTRODUCTION OF ACCOUNTING

Friday, Dec 8th 2017

Faculty of Economics and Business, Universitas Indonesia
Tim Asisten Dosen

Problem 1 Account Receivable (20%)

Suppose PT Gajah uses receivable method in estimating the uncollectible account. PT
Gajah has determined the percentage of uncollectible amount based on aging period,
as shown below.
Age Class % Uncollectible
Not Pass Due 1%
1-30 days past due 4%
31-60 days past due 16%
61-90 days past due 25%
>90 days past due 50%
You are required to:
a) Create the table of aging period based on this list of AR:
Customer Name Due Date Balance AR (in Rp)
Mr. X 17-Aug-16 10,000,000.00
Mr. Y 30-Nov-15 1,400,000.00
PT. Beta 6-Feb-17 500,000,000.00
PT. Adam 6-Nov-16 50,000,000.00
b) Calculate total of estimated uncollectible accounts that will be presented on
balance sheet as of 31 December 2016, if the balance for allowance for
doubtful account (AFDA) at Dec 31, 2015 is Rp 5.000.000!
c) Create the adjustment journal as needed.

Problem 2 Corporation (20%)

On January 1, 2017, Tesla Co. had the following stockholders equity accounts:
Common Stock ($5 par value, 200.000 $1.000.000
shares issued &Outstanding)
Paid-in Capital in Excess of Par Common Stock $200.000
Retained Earnings $ 840.000
During the year, the following transactions occurred.
Jan. 15 Declared a $1 cash dividend per share to stockholders of record on
January 31, payable February 15.
Feb. 15 Paid the dividend declared in January.
Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30,
distributable May 15. On April 15, the market price of the stock was
$15 per share.
May 15 Issued the shares for the stock dividend.
July 1 Announced a 2-for-1 stock split. The market price per share prior to
the announcement was $17. (The new par value is $2.50.)
Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on
December 15, payable January 10, 2018. (hint : pay attention to
number of share after stock-split)
Dec. 31 Determined that net income for the year was $250,000.
Instructions
(a) Journalize the transactions and the closing entries for net income and
dividends.
(b) Prepare a stockholders equity section at December 31 2017.

Problem 3 Current Liabilities (20%)

Part A - Accounting For Warranty
PT ABC sold 200.000 of equipment during February under a one-year warranty. The
cost to repair defects under the warranty is estimated at 6% of the sales price. On July
2014, a customer required a $60 part replacement, plus $32 of labor under the
warranty. Provide the journal entry for (i) estimated warranty expense on February 28
for February sales and (ii) July 24 warranty work.

Part B - Accounting for Payroll

Pak Alis gross income per month from PT Unilever is Rp 5.000.000. Pak Alis PPH
during March is 450.000. In March, PT Unilever also withheld 3% of each
employees gross income for employees pension. Pak Alis income for March 2014
will be paid on 1 April 2014. Monthly pension contribution& monthl tasxes will be
paid to the pension fund & tax office on 3 April 2014.
i. Calculate the net income received by Pak Ali
ii. Journalize the entry needed to record Pak Alis salary expense
 iii. Journalize the entry needed when PT Unilever conducts payment

Problem 4 Plant Asset and Intangible (20%)

Part A Plant Asset
On January 1, 2017, Skyline Limousine Co. purchased a limo at an acquisition cost of
$28,000. The vehicle has been depreciated by the straight-line method using a 4-year
service life and a $4,000 salvage value. The companys scal year ends on December
31.
Prepare the journal entry or entries to record the disposal of the limousine assuming
that it was:
(i) Retired and scrapped with no salvage value on January 1, 2021.
(ii) Sold for $5,000 on July 1, 2020. (Hint: dont forget to record current year
depreciation)

Part B - Intangible
The following are selected 2017 transactions of Pedigo Corporation.
Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life
is indefinite.
May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years
(i) Prepare the necessary journal entry on transaction date
(ii) Prepare the necessary adjusting entries at December 31 to record amortization
required by the events above.

PROBLEM 5 Long-Term Liabilities (20%)

Part A Bonds Payable
PT Pengantar Akuntansi sold Rp 10.000.000, 9%, 10-year bonds on January 1, 2015.
The bonds were dated January 1 and pay interest annually on January 1. Prepare
jurnal entries to record :
1) The issuence of bonds on January 1, 2015
2) Adjustment entries on December 31, 2015 ( include interest and amortization
if any)
3) Redeemption on January 1, 2017 at 101
PT Pengantar Akuntansi uses the straight-line method to amortize bond
premium/discount.
Additional information : Company sold bonds at 105

Part B Mortage Note Payable

Matekbis Corp. issues a $800,000, 4%, 20-year mortgage note payable on January 1,
2015. The terms of the note provide for annual installment payments of $ 58.866.
Payments are due January 1
Instructions
a) Prepare an installment payments schedule for the first 4 years.
b) Prepare the entries for issues mortage note payable on Jan 1, 2015 and first
payment on Jan 1, 2016

PROBLEM 6 Cash Flow (20%)

The following is a comparative balance of PT Payung Teduh for two years (2014 and
2015) and income statement in 2015.
PT Payung Teduh
Comparative Balance Sheet
(in Rp .000,-)
31 Dec 2015 31 Dec 2014 Changes
Assets
Cash 536,400 568,200 (31,800)
Receivable 508,700 477,200 31,500
Inventory 770,400 734,600 35,800
investment Long-Term - 286,000 (286,000)
Land 361,500 - 361,500
Equipment 701,500 562,000 139,500
Acc. Depre Equipment (190,600) (123,000) (67,600)
2,687,900 2,505,000
Liabilities dan Equity
Account payable 582,700 567,800 14,900
Wages Payable 151,500 156,800 (5,300)
Other Payable 172,500 169,500 3,000
Common Stock 134,500 131,500 3,000
Additional Paid in Capital 306,500 231,500 75,000
Saldo Laba 1,340,200 1,247,900 92,300
2,687,900 2,505,000
 PT Payung Teduh
Comparative Balance Sheet
For the year ended December 31, 2015
(in Rp .000,-)
Sales 5,479,200
COGS 3,542,500
Gross Profit 1,936,700
Operating expense
Depreciation 67,600
Other 1,369,400 1,437,000
Other Income and expense
Loss on sale investment 36,000
Earning Before Tax 463,700
Tax 130,000
Net Income 333,700

Instruction :
Make cash Flow statement using direct and indirect (cash flow from operating only) method