Dea Aul - Quiz

NAMA : SEKAR AYU NAWANG WULAN
KELAS : AK18M
NIM : 0312518133
MATPEL : QUIZ AK MENENGAH 2
1. The following defined pension data of Dante Corp. apply to the year 2019 (amounts in
thousands).
-Defined benefit obligation, 1/1/19 (before amendment) ¥560,000

-Plan assets, 1/1/19 546,200
-Pension liability 13,800
-On January 1, 2019, Dante Corp., through plan amendment,
grants past service benefits having a present value of 120,000
-Discount (interest) rate 9%
-Service cost 58,000
-Contributions (funding) 65,000
-Actual return on plan assets 49,158
-Benefits paid to retirees 40,000
Instructions
For 2019, prepare a pension worksheet for Dante Corp. that shows the journal entry for
pension expense and the year-end balances in the related pension accounts.
2. On January 1, 2019, Simba Company leased equipment to Nala Corporation. The

following information pertains to this lease.
-The term of the non-cancelable lease is 6 years, with no renewal option. The equipment
reverts to the lessor at the termination of the lease.
-Equal rental payments are due on January 1 of each year, beginning in 2019.
-The fair value of the equipment on January 1, 2019, is $200,000, and its cost is $150,000.
-The equipment has an economic life of 8 years, with an unguaranteed residual value of
$10,000. Nala depreciates all of its equipment on a straight-line basis.
-Simba sets the annual rental to ensure an 11% rate of return. Nala’s incremental borrowing
rate is 12%, and it is impracticable for Nala to determine the implicit rate.
Present value of $1 at 11% for 6 periods = 0.5346
Present value of an annuity due at 11% for 6 periods = 4.6959
Present value of an annuity due at 12% for 6 periods = 4.6048
Instructions
(a) Discuss the nature of this lease to Simba and Nala.
(b) Calculate the amount of the annual rental payment.
(c) Prepare all the necessary journal entries for Nala for 2019.
(d) Prepare all the necessary journal entries for Simba for 2019.
3. The first audit of the books of Tiffany Company was made for the year ended December
31, 2019. In examining the books, the auditor found that certain items had been
overlooked or incorrectly handled in the last 3 years. These items are:
-At the beginning of 2017, the company purchased a machine for $510,000 (residual value
of $51,000) that had a useful life of 5 years. The bookkeeper used straight-line depreciation
but failed to deduct the residual value in computing the depreciation base for the 3 years.
-At the end of 2018, the company failed to accrue sales salaries of $45,000.
-A tax lawsuit that involved the year 2017 was settled late in 2019. It was determined that
the company owed an additional $85,000 in taxes related to 2017. The company did not
record a liability in 2017 or 2018 because the possibility of loss was considered remote, and
debited the $85,000 to a loss account in 2019 and credited Cash for the same amount.
-Tiffany Company purchased a copyright from another company early in 2017 for $50,000.
Tiffany had not amortized the copyright because its value had not diminished. The copyright
has a useful life at purchase of 20 years.
-In 2019, the company wrote off $87,000 of inventory considered to be obsolete; this loss
was charged directly to Retained Earnings and credited to Inventory.
Instructions
Prepare the journal entries necessary in 2019 to correct the books, assuming that the books
have not been closed. Disregard effects of corrections on income tax.
4. On July 2, 2019, Lake Company sold to Sue Black merchandise having a sales price of
$6,000 (cost $3,600) with terms of 2/10, n/30, f.o.b. shipping point. Lake estimates that
merchandise with a sales value of $600 will be returned. An invoice totaling $120, terms
n/30, was received by Black on July 6 from Pacific Delivery Service for the freight cost.
Upon receipt of the goods, on July 3, Black notified Lake that $250 of merchandise
contained flaws. The same day, Lake issued a credit memo covering the defective
merchandise and asked that it be returned at Lake’s expense. Lake estimates the
returned items to have a fair value of $100. The freight on the returned merchandise
was $20 paid by Lake on July 7. On July 12, the company received a check for the
balance due from Black.
Instructions
(a) Prepare journal entries for Lake Company to record all the events noted above assuming
sales and receivables are entered at gross selling price.
(b) Prepare the journal entry assuming that Sue Black did not remit payment until August 5.
JAWAB :
Nomor 1 :
General Journal Entries Memo

Pesion
Annual
Item Cash Asset/Liabilit DBO Plan Asset
Pension
y
(13.8 (56 546.
Balance Jan 1, 2019 00) 0.000) 200
(12
Past Service Cost 120.000 0.000)
(68 546.
Balance Jan 1, 2019 0.000) 200
(5
Service Cost 58.000 8.000)
(6
Interest Expense* 61.200 1.200)
49.
Interest Revenue** (49.158) 158
(65.00 65.
Contribution 0) 000
(40.0
Benefits 40.000 00)
(65.00 (125.
Journal Entry 190.042 0) 042)
(138. (75 620.
Balance Dec 31, 2019 842) 9.200) 358
*680.000 x 9%
** 546.200 x 9%
Pension Expense $ 190.042

Pension Asset/Liability $125.042
Cash $65.000
Nomor 2 :
a. Discuss the nature of this lease to Simba and Nala.

Kalau Simba ini merupakan sewa pembiayaan karena masa sewa 75% dari umur ekonomis
aste itu sendiri (8 tahun).
Sedangkan Nala ini juga sewa pembiayaan karena masa sewanya 75% dari umur ekonomis
asset tersebut.
b. Calculate the amount of the annual rental payment.

200.000 – (10.000 x 0,5346) = 194.654
194.654/4,6959 = 41.452
Jadi pembayaran sewa pertahun adalah 41.452
c. Prepare all the necessary journal entries for Nala for 2019.
01/01/2019
Right of use asset 190.878
Lease liability 190.878
(41.452 x 4.6048)
Lease liability 41.452

Cash 41.452
31/12/2019
Depreciation expense 31.813
Acc. Depreciation 31.813
(190.878 / 6 tahun)
Interest expense 17.931

Interest payable 17.931
((190.878 – 41.452) x 12%)
d. Prepare all the necessary journal entries for Simba for 2019.
Lease receivable 200.000
COGS* 144.654
Sales revenue** 194.654
Inventory 150.000
*(150.000 – (10.000 x 0,5346))
**(200.000 – (10.000 x 0,5346))
Nomor 3 :
Jurnal No 1 : Accumulated Depreciation—Machinery $30,600

Depreciation Expense $10,200
Retained Earnings $20,400
510.000 x 1/5 x 2 : 204.000

2017–2018 2019
Depreciation taken $204,000* $102,000
Depreciation (correct) * (183,600) (91,800)
*$ 20,400 $ 10,200
Jurnal No 2 : Retained Earnings $45,000

Sales Salaries Expense $45,000
Jurnal No 3: Tidak di jurnal
Jurnal No 4: Amortization Expense—Copyright $2,500*

Retained Earnings $5,000**
Copyright $7,500
($50,000 ÷ 20 = $2,500)*
($2,500 X 2 = $5,000)**
Jurnal No 5: Loss (or Cost of Goods Sold) 87,000

Retained Earnings 87,000
Nomor 4 :
a. July 2 : Accounts Receivable $6,000

Refund Liability $600
Sales Revenue $5,400
Estimated Inventory Returns $360*

Cost of Goods Sold $3,240
Inventory $3,600
*($3,600 / $6,000) X $600
July 3 : Refund Liability $250

Accounts Receivable $250
Returned Inventory $100

Estimated Inventory Returns $100
July 7 : Delivery Expense $20

Cash $20
The journal entry to record payment within the discount period is as follows.
July 12 : Cash $5,635

Sales Discounts $ *115
Accounts Receivable $5,750
*(2% X $5,750)
b. August 5 :
Cash $5,750
Accounts Receivable $5,750

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NAMA : SEKAR AYU NAWANG WULAN

-Defined benefit obligation, 1/1/19 (before amendment) ¥560,000

2. On January 1, 2019, Simba Company leased equipment to Nala Corporation. The

General Journal Entries Memo

Pension Expense $ 190.042

a. Discuss the nature of this lease to Simba and Nala.

b. Calculate the amount of the annual rental payment.

Lease liability 41.452

Interest expense 17.931

Jurnal No 1 : Accumulated Depreciation—Machinery $30,600

510.000 x 1/5 x 2 : 204.000

Jurnal No 2 : Retained Earnings $45,000

Jurnal No 3: Tidak di jurnal

Jurnal No 4: Amortization Expense—Copyright $2,500*

Jurnal No 5: Loss (or Cost of Goods Sold) 87,000

a. July 2 : Accounts Receivable $6,000

Estimated Inventory Returns $360*

*($3,600 / $6,000) X $600

July 3 : Refund Liability $250

Returned Inventory $100

July 7 : Delivery Expense $20

July 12 : Cash $5,635

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