SOAL 1:

On December 31, 2010, Green Company finished consultation services and accepted in

exchange a promissory note with a face value of $400,000, a due date of December 31,

2013, and a stated rate of 5%, with interest receivable at the end of each year. The fair value

of the services is not readily determinable and the note is not readily marketable. Under the

circumstances, the note is considered to have an appropriate imputed rate of interest of

10%.

The following interest factors are provided:

Interest Rate

Table Factors For Three Periods 5% 10%

Future Value of 1 1.15763 1.33100

Present Value of 1 .86384 .75132

Future Value of Ordinary Annuity of 1 3.15250 3.31000

Present Value of Ordinary Annuity of 1 2.72325 2.48685

Instructions

(a) Determine the present value of the note.

(b) Prepare the journal entry required on Green’s books on December 31, 2010.

(c) Prepare a Schedule of Note Discount Amortization for Green Company under the

effective interest method. (Round to whole dollars.)

Jawaban :

A. Present Value of Principal : $400,000 X 0.75132 = $300,528

Present Value of Interest : 20,000 X 2.48685 = 49,737
$350,265
B. Note Receivable $350,265
Kas $350,265

C. Skedul Amortisasi

Effective Interest Methode

5% Note Discounted 10%
 Tanggal Kas yg diterima Interest Rev Amortisasi Carryng Amount
31/12/10 $350,265
31/12/11 $20,000 35,027 15,027 365,292
31/12/12 $20,000 36,529 16,529 381,821
31/12/13 $20,000 38,179 18,179 400,000
$60,000 109,735 49,735

SOAL 2:

On May 1, Dexter, Inc. factored $800,000 of accounts receivable with Quick Finance on a without
recourse basis. Under the arrangement, Dexter was to handle disputes concerning

service, and Quick Finance was to make the collections, handle the sales discounts, and

absorb the credit losses. Quick Finance assessed a finance charge of 6% of the total

accounts receivable factored and retained an amount equal to 2% of the total receivables to

cover sales discounts.

Instructions

(a) Prepare the journal entry required on Dexter’s books on May 1.

(b) Prepare the journal entry required on Quick Finance’s books on May 1.

(c) Assume Dexter factors the $800,000 of accounts receivable with Quick Finance on a

with recourse basis instead. Prepare the journal entry required on Dexter’s books on

May 1.

Jawaban :

A. Cash $736,000
Due from Factor(2% x $800,000) 16,000
Loss on sale of receivable(6% x $800,000) 48,000
Accounts Receivable $800,000

B. Accounts Receivable $800,000

Due to costumer(Dexter) 16,000
Financing Revenue 48,000
Cash $736,000
C. Cash $736,000
Due from Factor 16,000
Finance Charge 48,000
Recourse Liability $800,000