NAMA :

PROBLEM 1 – CLASSIFICATION OF ACCOUNTS

Tentukan nama item kerangka konseptual yang dijelaskan oleh definisi dan
apakah item tersebut merupakan bagian dari karakteristik kualitatif, asumsi,
prinsip, atau constraint laporan keuangan!
No Definisi Komponen Level
.
1. Informasi yang diperlukan
telah dilaporkan di laporan
keuangan.
2. Informasi yang dilaporkan
bebas dari kesalahan dan
akurat.
3. Informasi bisa diukur dan
dibuktikan oleh pihak
independen.
4. Informasi disajikan secara
tepat waktu, sehingga masih
bermanfaat untuk
pengambilan keputusan.
5. Informasi laporan keuangan
dapat dipahami oleh
pengguna yang memiliki
kapasitas.
6. Informasi dapat digunakan
oleh pengguna untuk
membangun ekspektasi di
masa depan.
7. Pemisahan antara aktivitas
pemilik dengan entitas.
8. Informasi dapat diukur
dengan satuan moneter.
9. Transaksi dicatat saat
kejadian terjadi.
10. Mengungkapkan informasi
yang penting dan dapat
mempengaruhi keputusan
pengguna.
11. Aktivitas ekonomi
perusahaan dapat dibagi ke
dalam periode-periode
waktu.
12. Informasi dapat digunakan
 untuk menguji ekspektasi
yang telah dibuat
sebelumnya.
13. Biaya penyediaan informasi
harus dibandingkan dengan
manfaat yang dihasilkannya.
14. Penghapusan informasi dapat
menyebabkan pengambilan
keputusan yang keliru.
15. Biaya historis atau nilai
wajar.
16. Beban diakui sejalan dengan
pengakuan pendapatan.

Problem 2 – Income Statement, Retained Earning Statement

During the year 2019, Birpro Trading Company, which specializes in fashion items trade,
reported the following information:
1. The company made sales worth Rp165,000,000, while sales discounts and sales returns
and allowances were Rp5,000,000 and Rp2,500,000, respectively.
2. Inventory account showed a balance of Rp12,500,000 on January 1 and Rp17,100,000 on
December 31. Purchase of goods made by the company during the year totaled
Rp71,000,000. Freight-in was recorded at Rp1,000,000. For its loyalty, the company
earned Rp3,000,000 discount from the supplier.
3. The company paid Rp10,000,000 for its staff working at the headquarters and
Rp7,500,000 for the staff working at the outlet.
4. These information relate to several fixed assets owned by the company:
Item Cost Residual value Useful life Purchased on

Cash register 10,000,000 1,000,000 5 1 June 2018

Office computers 24,000,000 0 8 1 April 2019

Office building was depreciated by Rp3,000,000 while shop outlet was depreciated by
Rp2,000,000 during the year. All were calculated using straight-line method.
5. These costs were incurred throughout 2019:
Cost Amount Cost Amount

Advertising expense 2,000,000 Entertainment expense 560,000

Office supplies used 450,000 Shipping supplies used 720,000

Delivery expense 1,100,000 Utilities expense 175,000

Insurance expense 250,000 Interest expense 1,000,000

6. The company received Rp1,000,000 dividends from its holding of shares, Rp2,000,000
from renting some space in the headquarters, and made Rp1,250,000 loss from selling an
equipment.
7. Made Rp3,200,000 loss from selling assets upon the closure of the tailoring division
before tax was applied.
8. Paid Rp5,000,000 for preference shareholders’ dividends and Rp2,000,000 for ordinary
shareholders’ dividends. Throughout the year, 2,000 ordinary shares were outstanding.
9. An appraiser report showed that the land, purchased at Rp150,000,000, was now worth
Rp160,000,000 (net of tax).
10. A tax rate of 25% applied.
11. At the beginning of the year, Retained Earnings balance showed a balance of
Rp125,000,000; Share Capital – Preference Rp25,000,000; and Share Capital – Ordinary
Rp50,000,000. No transactions relating to the sale and purchase of shares took place
during the year.
Instructions:
Based on the information presented above, prepare a comprehensive income statement for the
year 2019 using one-statement approach and a statement of changes in equity.

Problem 3 – Statement Of Financial Position

Presented below is the statement of financial position of Geller Corp. for the current year, 2017.
Geller CORPORATION
Statement of Financial Position
December 31, 2017
Investments $640,000 Equity 1,770,000
Property, Plant, and Equipment 1,720,000 Non-current liabilities 960,000
Intangible assets 265,000 Current liabilities 380,000
Current assets 485,000
3,110,000 3,110,000
The following information is presented.
1. The current assets section includes cash $150,000, accounts receivable $170,000 less
$10,000 for allowance for doubtful accounts, inventory $180,000, and unearned service
revenue $5,000. Inventory is stated at the lower-of-FIFO-cost or net realizable value
2. The investments section includes land held for speculation $40,000; investments in ordinary
shares short-term (trading) $80,000 and long-term (non-trading) $270,000; and bond sinking
fund $250,000. The cost and fair value of investments in ordinary shares are the same.
3. Property, plants, and equipment includes buildings $1,040,000 less accumulated
depreciation $360,000, equipment $450,000 less accumulated depreciation $180,000, land
$500,000, and land for future use $270,000.
4. Intangible assets include a franchise $165,000 and goodwill $100,000.
5. Current liabilities include accounts payable $140,000; notes payable—short-term $80,000
and long-term $120,000; and income taxes payable $40,000.
6. Non-current liabilities are composed solely of 7% bonds payable due 2023.
7. Equity has share capital—preference, $5 par value, authorized 200,000 shares, issued 90,000
shares for $450,000; and share capital—ordinary, $1 par value, authorized 400,000 shares,
issued 100,000 shares, at an average price of $10. In addition, the corporation has retained
earnings of $320,000.

Instruction: Prepare a statement of financial position in good form, adjusting the amounts in
each statement of financial position classification as affected by the information given above.

Problem 4 – Cash Flow

MEDVISLAMA Corp.
Comparative Statement of Financial Position
As of December 31, 2017 (in US$)

Assets 2017 2016

Cash 45,000 53,500
Account Receivable 51,300 58,000
Merchandise Inventory 147,200 135,000
Investment-AFS - 60,000
Equipments 493,000 375,000
Accumulated Depreciation-
Equipment (113,700) (128,000)
Total Assets 622,800 553,500

Liabilities and Equity 2017 2016

Account Payable 61,500 42,600
Bonds Payable - 100,000
Share Capital-Ordinary 250,000 200,000
Share Premium-Ordinary 75,000 50,000
Retained Earnings 236,300 160,900
Total Liabilities and Equity 622,800 553,500
 MEDVISLAMA Corp.
Income Statement (in US$)
For the year ended December, 31 2017
Sales 623,000
COGS (348,500)
Gross Profit 274,500
Operating Expenses
Depreciation Expenses (24,700)
Other Operating Expenses (75,300) (100,000)
Income from Operation 174,500
Other Revenues and Expenses
Gain on sale of investment 5,000
Other Expenses
Interest Expenses (12,000) (7,000)
Income before Taxes 167,500
Income Taxes (64,100)
Net Income - 103,400
Additional information:
1. In 2017, an equipment that had been fully depreciated with cost
$39,000 was written-off. A new equipment costing $152,000 was later
bought.
2. Bonds payable worth $100,000 was paid on its nominal value in 2017.
3. 5,000 ordinary shares were issued on its market price of $15 in 2017.
4. Cash dividends were declared and paid in 2017.
5. All sales transaction was made in credit in 2017.
6. The effective tax rate in 2016 was 35%
7. Earning before interest and tax in 2016 was $160,000
8. Interest expense in 2016 was $32,000
9. The market prices of ordinary shares in 2016 and 2017 were $13 and
$15.
10. Cash dividends paid in 2016 were $32,000.
Instruction:
Prepare a statement of cash flows for MEDVISLAMA Corp. using direct
method in determining net cash flow from operating activities for the year
ended December 31, 2017.

Problem 5 – revenue recognition

Lenova sells tablet combined with Internet service, which permits the tablet
to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two
bundles with the following terms:
 ● Tablet Bundle A sells a tablet with 3 years of Internet service. The price
for the tablet and a 3-year Internet connection service contract is
$500. The standalone selling price of the tablet is $250 (the cost to
Lenova is $175). Lenova sells the Internet access service
independently for an upfront payment of $300. On January 3, 2019,
Lenova signed 100 contracts, receiving a total of $50,000 in cash.
● Tablet Bundle B includes the tablet and Internet service plus a service
plan for the tablet (for any repairs or upgrades to the tablet or the
Internet connections) during the 3-year contract period. That product
bundle sells for $600. Lenova provides the 3-year tablet service plan as
a separate product with a standalone selling price of $150. Lenova
signed 200 $ contracts for Tablet Bundle B on July 1, 2019, receiving a
total of $120,000.

Instructions:

a. Prepare any journal entries to record the revenue arrangement for

Tablet Bundle A on January 3, 2019, and December 31, 2019.
b. Prepare any journal entries to record the revenue arrangement for
Tablet Bundle B on July 1, 2019, and December 31, 2019.
c. Repeat the requirements for part (a), assuming that Lenova has no
reliable data with which to estimate the standalone selling price for the
Internet service.

Problem 6
Presented below is the information relating to Chocolate Devil Cake as one of HA’s
products for the month of December 2016:

Date Description Quantity Unit Cost

1 December 2016 Beginning balance 80 25,000

8 December 2016 Sales 40 33,000

 10 December 2016 Purchase 40 24,000
Cake Qty. Cost Estimated Cost to Cost to
17 December 2016 Sales 60
Selling Price Sell 33,000Complete

18 December 2016
Strawberry 30 Purchase
23,500 30,000 80 1,750 25,125
1,750
Cheesecake
23 December 2016 Sales 60 30,000

Blueberry 40 24,000 31,000 3,500 3,750

HACheesecake
uses the LCNRV method on an individual-item basis in pricing its inventory
items. Ending inventory on December 31, 2016 consisted of the following:
Chocolate ? ? 33,000 1,750 2,250
Devil

Red Velvet 50 28,000 35,000 3,000 4,500

Instructions:

a. Compute the cost of goods sold and ending inventory of Chocolate Devil Cake
using periodical FIFO and moving average method. Show your calculations.
b. Calculate ending inventory that will be presented on the Statement of
Financial Position as of December 31, 2016 using LCNRV method. Use your
answer from point (a) using periodical FIFO to complete the missing amount
of Chocolate Devil Cake.
c. According to point (b), prepare the journal entry required at December 31,
2016 to recognize any impairment loss of inventory using the COGS and loss
with allowance method.