Info:

Purchase date 2-Mar-11

Equipment 1,210,000
Useful life 10 120
Salvage value 10,000
New salvage value 4,000
New estimated life 15 180

Answer:
a No entry, changes in estimates are treated prospectively
b Original cost 1,210,000
salvage value 10,000
Useful life 10
Depreciation/year 120,000
Depreciation/month 10,000

Book value per July 2017

Total month between March 11 - June 17 76
Accumulated depreciation at the end of June 2017 760,000
Book value 450,000
New salvage value 8,000
Remaining depreciable basis 442,000
Remaining useful life 104
Depreciation/month 4,250

Journal
Depreciation Expense 85,500
Accum Depre
(180-76 month)

(Jan-Jun depreciation 10,000/month and Jul-Dec depreciation are 4,250/month)

85,500
Part a
1 Bad debt expense for 2012 should not have been reduced by €10,000. A change in the experience rate is considered a
2 A change from Average Cost to FIFO is considered a change in accounting policy, which must be handled retrospective
3 The inventory error in 2014 is a prior period adjustment and the 2014 and 2015 financial statements should be restate

Part b
Year 2012 2013 2014 2015
Unadjusted net income 140,000 160,000 205,000 276,000
Bad debt expense adjustment (10,000)
Inventory Adjustment 15,000 5,000 10,000 (16,000)
Inventory overstatement (14,000) 14,000
Adjusted net income 145,000 165,000 201,000 274,000
experience rate is considered a change in estimate, which should be handled prospectively.
must be handled retrospectively.
al statements should be restated.
a. Counter balance error is error that will be offset after two period while non counterbalanced error is error that are not offse
The failure to record accrued wages is kind of counter balance error.
(i) company has not closed the book
Dec 31, 2017 Retained Earning 1,000
Salaries Expense 1,000

(ii) company has closed the book

No entry needed because already counter balance

The failure of recording asset

(i) has not closed the book
Dec 31, 2016 Equipment 50,000
Depreciation Expense 10,000
Retained Earning 40,000
Acc. Depre 20,000
Mencatat acc. depre tahun itu dan tahun sebelumnya.

(ii) has closed the book

Dec 31, 2016 Equipment 50,000
Retained Earning* 30,000
Acc.Depre 20,000
*jadi di 2015 retained earning terlalu kecil 50.000 (expensed equipment) - 20.000 (depre expense seharusnya)
error is error that are not offset in the next accounting period

00 (depre expense seharusnya) = 30.000

1 Depreciation Expense 3,200
Retained Earning 3,200
Acc. Depre-Vehicle 6,400
R/E debit untuk depre tahun 2014.
2 Income Summary 19,000
Retained Earning 19,000
EI understated , COGS overstated, Profit understated
3 Cash 5,600
Account Receiveble 5,600
4 Unrealize Holding Gain (Loss) 2,000
Security FV adjustment 2,000
5 Equipment 48,000
Maintenance Expense 48,000
Depreciation Expense 5,000
Acc. Depre-Equipment 5,000
6 Insurance Expense 8,000
Prepaid Isurace 12,000
Retained Earning 20,000
7 Trademark 60,000
Cash 60,000
Amortization Exp 6,000
Retained Earning 6,000
Trademark 12,000
a PSAK

Laporan Laba Rugi Komprehensif

Terdapat pos minimal yang

disajikan di Neraca

Pengungkapan distribusi dividen

dan dividen per saham dalam
laporan perubahan ekuitas
Konten Laporan Keuangan

Tidak ada

Laporan Arus Kas disajikan dengan

metode langsung dan tidak
langsung
Terdapat laporan keuangan
konsolidasian
Properti Investasi dapat
menggunakan model biaya dan
model nilai wajar
Properti Investasi dan Aset
Tetap
Aset etap menggunakan model
biaya atau model revaluasi

Terdapat Goodwill
Terdapat model biaya atau
Intangible Assets revaluasi
Terdapat umur manfaat terbatas
dan tidak terbatas

Menggunakan principle based

Leasing

Terdapat sale and lease back

Deferred Tax Diatur
Interest expense on Dikapitalisasi sesuai ketentuan
qualifying asset

b ETAP

Laporan Posisi Keuangan, Laporan

Laba Rugi, Laporan Perubahan
Jenis Laporan Ekuitas, Laporan Arus Kas, Catatan
atas Laporan Keuangan

Persediaan Terdapat penilaian LCNRV

Liabilitas Kontijensi Diakui

Penyusutan boleh
Aset Tetap mempertimbangkan nilai residu
c 1. Non adjusting event, karena perubahan kurs hanyalah peristiwa yang memberikan indikasi setelah tanggal pelapora
2. Adjusting event, karena deklarasi kebangkrutan adalah peristiwa yang memberi bukti atas adanya kondisi setelah pe
 ETAP

Laporan Laba Rugi (tanpa komprehensif)

Pos minimal yang disajikan di Neraca lebih sedikit

Tidak ada

Laporan perubahan ekuitas dan saldo laba dapat

menggantikan laporan laba rugi dan laporan perubahan
ekuitas

Laporan Arus Kas dengan metode tidak langsung

Tidak menyusun

Hanya boleh menggunakan model biaya

Hanya boleh menggunakan model biaya, revaluasi hanya

diperbolehkan jika ada izin pemerintah

Tidak ada goodwill

Hanya model biaya

Umur manfaat terbatas

Penentuan sewa finansial tergantung pada rule based, yaitu

90% min. Nilai wajar, 75% umur ekonomis

Tidak ada
Tidak diperkenankan

Dibebankan

EMKM

Laporan Posisi Keuangan akhir periode, Laporan Laba Rugi,

Catatan atas Laporan Keuangan

Tidak memperkenankan penurunan nilai, persediaan

dicatat sebesar harga perolehan
Tidak boleh diakui , hanya diungkapkan jika material

Penyusutan aset tidak mempertimbangkan nilai residu

alah peristiwa yang memberikan indikasi setelah tanggal pelaporan keuangan
alah peristiwa yang memberi bukti atas adanya kondisi setelah periode pelaporan keuangan