SILABUS AK-2 - SPA FEB UI · 2020. 3. 11. · SILABUS AK-2 . 1. Problem 3- AK 2 UTS Genap 2015 . 2....
Transcript of SILABUS AK-2 - SPA FEB UI · 2020. 3. 11. · SILABUS AK-2 . 1. Problem 3- AK 2 UTS Genap 2015 . 2....
SILABUS AK-2
1. Problem 3- AK 2 UTS Genap 2015
2. Problem 2- AK 2 UAS Genap 2014 Part (A)
Problem 2.
(25%) (A)
On January 1, 2011, Hester Co. sells machinery to Beck Corp. at its fair value of $480,000 and
leases it back. The machinery had a carrying value of $420,000, the lease is for 10 years and
the implicit rate is 10%. The lease payments of $71,000 start on January 1, 2011. Hester uses
straight-line depreciation and there is no residual value.
Instructions
(a) Prepare all of Hester's entries for 2011.
(b) Prepare all of Beck's entries for 2011.
3.Problem 3- AK 2 UAS Genap 2014
Problem 3. (20%)
Hunt Co. at the end of 2012, its first year of operations, prepared a reconciliation between
pretax financial income and taxable income as follows:
Pretax financial income $ 750,000
Estimated expenses deductible for taxes when paid 1,200,000
Extra depreciation (1,350,000)
Taxable income $ 600,000
Estimated warranty expense of $800,000 will be deductible in 2013, $300,000 in 2014, and
$100,000 in 2015. The use of the depreciable assets will result in taxable amounts of $450,000
in each of the next three years.
Instructions
(a) Prepare a table of future taxable and deductible amounts.
(b) Prepare the journal entry to record income tax expense, deferred income taxes, and
income taxes payable for 2012, assuming an income tax rate of 40% for all years.
4.Problem 4- AK 2 Mentoring UAS Genap 2017
In January 1, 2010 Kopet Inc. purchased a building and an equipment that have the
following useful lives, residual values, and costs.
• Building 50 year estimated useful life, $150,000 residual value, $3,750,000 cost
• Equipment, 10 years estimated useful life, $ 10,000 residual value, $120,000 cost
The building has been depreciated under double declining balance through 2014. In
2015, the company decided to switch to straight line method of depreciation. Kopet Inc.
also decided to change the total useful life of the equipment to 7 years with a residual
value of $5,000. The equipment has been depreciated using the straight line method.
(1) Instructions:
1) Prepare the journal entry(ies) necessary to record the depreciation expense on
building in 2015
2) Compute the depreciation expense on the equipment for 2015
(2) You have been assigned to examine the financial statement of Zale Company for the
year ended
December 31, 2010. You discover the following situations.
1. Depreciation of $3,200 for 2010 on delivery vehicles was not recorded.
2. The physical inventory count on December 31, 2009, improperly excluded
merchandise costing $19,000 that had been temporarily stored in a public warehouse.
Zale uses a periodic inventory system.
3. In 2010, the company sold for $3,700 fully depreciated equipment that originally
cost $25,000. The company credited the proceeds from the sale to the Equipment
account.
4. During November 2010, a competitor company filed a patent-infringement suit
against Zale claiming damages of $220,000. The company’s legal counsel has indicated
that an unfavorable verdict is probable and a reasonable estimate of the court’s award to
the competitor is $125,000. The company has not reflected or disclosed this situation in
the financial statements.
5. At December 31, 2010, an analysis of payroll information show accrued salaries of
$12,200. The Accrued Salaries Payable account had a balance of $16,000 at December
31, 2010, which was unchanged from its balance at December 31, 2009.
6. A large piece of equipment was purchased on January 3, 2010, for $40,000 and was
charged to Repair Expense. The equipment is estimated t have a service life of 8 years
and no residual value. Zale normally uses the straight line depreciation method for this
type of equipment.
7. A $12,000 insurance premium paid on July 1, 2009, for a policy that expires on June
30, 2012, was charged to insurance expense.
ANSWER :
1.
Basic EPS
NI $560,000.00
Shares Outstanding 400,000.00
Basic EPS ($560,000/400,000) $1.40
Dilluted EPS
Convertible Bonds
Incremental numerator effect (6% x 300 x $1,000 x (1-30%)) $12,600.00
incremental denominator effect (300 x 50) 15,000.00
Per share effect ($12,600/15,000) $0.84
Ordinary Shares Option
average number of shares related to options
outstanding:
16000.00 Option price per share $20.00
Proceeds upon exercise of options (16,000 x $20) $320,000.00
average market price of ordinary shares $32.00
T/S that could be repurchased with proceeds ($320,000/$32) 10000
Excess of shares under option over the TS that
could be repurchased-potential ordinary
incremental shares (16,000 - 10,000)
6000.00
Per share effect ($0/6,000) $0.00
Ranking
O/S option $0.00
convertible bonds $0.84
Diluted EPS
with O/S option $1.38
with convertible bonds* $1.36
*)choose the most dilutive
2. Problem 2A;
(a)
Hester Co.(Lessee)
January 1,2011
Cash 480,000
Machinery 420,000
Unearned Profit on Sale-
Leaseback
60,000
Lease Machinery 480,000
Lease Liability 480,000
Lease Liability 71,000
Cash 71,000
December 31,2011
Depreciation Expense 48,000
Acc. Depre. –Finance Lease 48,000
Unearned Profit on Sales
Leaseback
6,000
Depre.Expense 6,000
Interest Expense 40,900
Interest Payable 40,900
(b)
Beck. Corp. (Lessor)
January 1,2011
Machinery 480,000
Cash 480,000
Lease Receivable 480,000
Machinery 480,000
Cash 71,000
Lease Receivable 71,000
December 31,2011
Interest Receviable 40,900
Interest Revenue 40,900
3. (a)
2013 2014 2015 Total
Future Taxable
(deductible) Amounts
Warranties (800,000) (300,000) (100,000) (1,200,000)
Excess Depreciation 450,000 450,000 450,000 1,350,000
(b)
Income Tax Expense 300,000
Deffered Tax Asset 480,000
Deffered Tax Liability 540,000
Income Tax Payable 240,000
Calculation :
Income Tax Expense = 240,000 + 540,000-480,000
Deffered Tax Asset = 1,200,000 x 40%
Deffered Tax Liability = 1,350,000 x 40%
Income Tax Payable = 600,000 x 40%
4.
a) Beginning Value Depreciation expense
Accumulated Depre. Ending Value
2010 3,750,000 150,000 150,000 3,600,000
2011 3,600,000 144,000 294,000 3,456,000
2012 3,456,000 138,240 432,240 3,317,760
2013 3,317,760 132,710 564,950 3,185,050
2014 3,185,050 127,402 692,352 3,057,648
on 2015
Building
3,750,000
accumulated depreciation 692,352
Book value of bulding 3,057,648
Depreciation charge 67,948
JOURNAL
Depreciation expense
67,948
Accumulated depreciation
67,948
b) Depreciation expense before 2015 11,000
Equipment 120,000
Accumulated depreciation 55,000
Book value of Equipment 65,000
Depreciation charge 30,000