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Current liabilities

and payroll
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M Ilham Kurnia Bona Patrisius Samosir
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Jaya Hartina Harahap Fretty Lolayana Sinaga


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Geraldo Sihombing Irmayani Sitompul


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Current
Liabilities
Account Payable 01

Account payable merupakan kewajiban untuk membayar yang


dicatat sebagai liabilities oleh debitur. Long – term liabilites adalah
account payable dengan periode jatuh tempo lebih dari satu tahun.
Contohnya term credit dengan tenor (jangka waktu) 30 tahun untuk
membeli office building. Sebaliknya current liabilities merupakan
kewajiban yang akan dibayarkan dari current asset dan jatuh tempo
dalam waktu singkat.
3 jenis current liabilities yang akan dibahas di bagian ini adalah
account payable, the current portion of long term debt, dan short
term notes payable
Account Payable 01

Account payable berasal dari purchase of goods and services


(pembelian barang dan jasa) untuk digunakan dalam kegiatan operasi
perusahaan atau untuk membeli persediaan barang untuk dijual
kembali. Bagi kebanyakan perusahaan Account payable merupakan
current liabilities terbesar. Berikut ini daftar saldo account payable
sebagai persentase dari total current liabilities untuk beberapa
perusahaan yang berbeda
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company Accounts Payable as a Percent of Total Current


Liabilities
Alcoa Inc. 45%
AT&T 65%
Gap Inc. 50%
IBM 20%
Rite Aid Corp. 54%
Chevron Corp. 66%
Current portion of long term debt 01

Long – term liabilities sering kali dibayarkan dalam pembayaran


periodik,yang disebut installments, serupa dengan kredit pembelian
motor. long – term liabilities Installments yang akan jatuh tempo
dalam waktu satu tahun mendatang setelah date balance sheet
(tanggal dimana statement of financial position dinyatakan) harus
diklasifikasikan sebagai current liabilities. Total jumlah Installments
yang jatuh tempo setelahnya kan diklasifikasikan sebagai long – term
liabilities.
To illustrate, The Coca-Cola Company reported the following debt payments schedule
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in its December 31, 2011, annual report to shareholders (in millions):

Fiscal year ending In million dollar


2013 $ 2,041
2014 1,515
2015 1,690
2016 1,462
2017 1,707
Thereafter 7,282
Total principal payments $15,697

The debt of $2,041 due in 2012 would be reported as a current liability on the
December 31 balance sheet for the preceding year. The remaining debt of $13,656
($15,697 – $2,041) would be reported as a long-term liability on the statement of
financial position.
Short – term notes payable 01

Notes payable dapat diterbitkan untuk membeli barang dagangan atau asset lainnya.
Notes payable juga dapat diterbitkan untuk creditor guna melunasi account payable si
penerbit Notes payable untuk sementara waktu.

To illustrate, assume that Nature’s Sunshine Company issued a 90-day, 12% note
for $1,000, dated August 1, 2013, to Murray Co. for a $1,000 overdue account. The
entry to record the issuance of the note is as follows:

  Aug 1 Accounts Payable—Murray Co.   1,000  


Notes Payable 1,000
Issued a 90-day, 12% note on account.
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When the note matures, the entry to record the payment of $1,000 plus $30
interest ($1,000 × 12% × 90/360) is as follows:
  Oct 30 notes payable   1,000    
interest expense 30  
cash 1,030
Paid principal and interest due on
note.

The interest expense is reported in the Other Expense section of the income
statement for the year ended December 31, 2013. The interest expense account is
closed at December 31.
Each note transaction affects a debtor (borrower) and creditor (lender). The following
illustration shows how the same transactions are recorded by the debtor and
creditor. In this illustration, the debtor (borrower) is Bowden Co., and the creditor
(lender) is Coker Co
Bowden Co. (Borrower) Coker Co. (Creditor) 01
May 1. Bowden Co. Merchandise inventory 10,000 Accounts receivable 10,000
purchased . Accounts Sales 10,000
merchandise on account from payable 10,000
Coker Co., $10,000, 2/10, n/30.   Cost of merchandise sold 7,500
The merchandise cost Coker Merchandise Inventory 7,500
Co. $7,500.

May 31. Bowden Co. issued a Accounts payable 10,000 Notes receivable 10,000
60-day, 12% note for $10,000 Notes payable 10,000 Accounts receivable 10,000
to Coker Co. on account.

July 30. Bowden Co. paid Notes payable 10,000 Cash 10,200
Coker Co. the amount due on Interest expenses 200 Interest revenue 200
the note of May 31. Interest: Cash 10,200 Notes receivable 10,000
$10,000 × 12% × 60/360.
Notes payable juga dapat diterbitkan saat memperoleh pinjaman uang dari bank.
To illustrate, assumethat on September 19 Iceburg Company borrowed cash from First National Bank 01
by issuing a $4,000, 90-day, 15% note to the bank. The entry to record the issuance of the note and
the cash proceeds is as follows:

  Sept 19 Cash   4,000    


notes payable 4,000
Issued a 90-day, 15% note to
First National Bank.

On the due date of the note (December 18), Iceburg Company owes First National Bank $4,000
plus interest of $150 ($4,000 × 15% × 90/360). The entry to record the payment of the note is as
follows:

  des 18 notes payable   4,000    


interest expense 150  
cash 4,150
Paid principal and interest due on note.
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02

Payroll and
Payroll Taxes
PAYROLL, WAGES & SALARIES
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1. Payroll merujuk pada jumlah yang dibayarkan kepada karyawan untuk


atas jasa yang mereka berikan selama periode tertentu.
2. Wages biasanya dibayarkan pada karyawan dengan dihitung per jam
kerja.
3. Salary merujuk pada berapa uang gaji yang didapatkan oleh karyawan
setiap tahun .
Computing an Employee's Earnings
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Example :
Assume that John T. McGrath is a salesperson employed by McDermott Supply
Co. McGrath’s regular rate is $34 per hour, and any hours worked in excess of 40
hours per week are paid at 1½ times the regular rate. McGrath worked 42 hours
for the week ended December 27. His earnings of $1,462 for the week are
computed as follows:
Earnings at regular rate (40 hrs. × $34) $1,360
Earnings at overtime rate [2 hrs. × ($34 × 1½)] $ 102
Total earnings $1,462
Deduction from Employee Earnings
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Income Taxes
Perusahaan biasanya memotong sebagian penghasilan karyawan untuk
pembayaran pajak penghasilan ke federasi. Setiap karyawan jumlah untuk dipotong
dengan melengkapi “Employee’s Withholding Allowance Certificate,” disebut juga W-
4.

Other Deductions :
Example: deductions for retirement savings, for charitable contributions, or life insurance,
etc.
WITHHOLDING TABLE
Table for Percentage Method of Withholding WEEKLY Payroll Period

SINGLE person (including head of household)—


If the amount of wages (after
subtracting withholding allowances) The amount of income tax
is: to withhold is:
Not over $40 . . . . . . . . . . . . . . . . . . . . .$0

Over- But not over- Of excess over-


$40 —$204 . . . $0.00 plus 10% --$40
$204 —$704 . . . $16.40 plus 15% --$204
$704 —$1,648 . . . $91.40 plus 25% --$704

$1,684 —$3,394 . . . $327.40 plus 28% --$1,684

$3,304 —$7,332 . . . $816.28 plus 33% --$3,304

$7,332 . . . . . . . . . . . . . . $2,115.82 plus 35% --$7,332


EXAMPLE
We assume that the standard withholding allowance to be deducted in Withholding
table for a single person paid weekly is $70.4 Thus, if two withholding allowances are
claimed, $140 ($70 × 2) is deducted.

To illustrate, John T. McGrath made $1,462 for the week ended December 27.
McGrath’s W-4 claims one withholding allowance of $70. Thus, the wages used in
determining McGrath’s withholding bracket in Withholding table are $1,392 ($1,462 – $70).

Result :
Initial withholding from wage bracket $ 91.40
Plus [25% × ($1,392 – $704)] $172.00
Total withholding $263.40
FICA Tax
• Social security: 6% on all earnings
• Medicare: 1.5% on all earnings
• To illustrate, assume that John T. McGrath’s earnings for the week ending
December 27 are $1,462 and the total FICA tax to be withheld is $109.65, as
shown below.

Earnings subject to 6% social security tax $1,462


Social security tax rate × 6%
Social security tax $ 87.72
Earnings subject to 1.5% Medicare tax $1,462
Medicare tax rate × 1.5%
Medicare tax $ 21.93
Total FICA tax $ 109.65
Computing Employee Net Pay
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Example :
Assuming that John T. McGrath authorized deductions for retirement savings and for a
United Fund contribution, McGrath’s net pay for the week ended December 27 is $1,063.95,
as shown below.
Gross earnings for the week $1,462.00
Deductions:
Social security tax $ 87.72
Medicare tax $ 21.93
Federal income tax $263.40
Retirement savings $ 20.00
United Fund $ 5.00
Total deductions $ 398.05
Net pay $1,063.95
Liability for Employer’s Payroll Taxes
02

Employers are subject to the following payroll taxes for amounts paid their employees:
1. FICA Tax: perusahaan harus menyesuaikan dengan FICA tax contribution karyawan.
2. Federal Unemployment Compensation Tax (FUTA): Perusahaan menyediakan payment
sementara untuk mereka yang menjadi pengangguran.
3. State Unemployment Compensation Tax (SUTA): Perusahaan menyediakan payment
sementara untuk mereka yang menjadi pengangguran.
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Accounting
Systems for Payroll
and Payroll Taxes
1.Payroll register

2.Employee’s earnings record

3.Payroll checks

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Payroll Register (Register gaji) adalah Laporan dengan banyak kolom yang digunukan untuk
merangkum data untuk setiap payroll period (periode pembayaran gaji). Walaupun payroll register
setiap perusahaan berbeda, payroll register pada umumnya meliputi kolom-kolon di bawah ini :

1. Employee name 6. Medical benefit contribution


2. Total days/hours worked 7. Miscellaneous items withheld
3. Old-Age benefits premium 8. Total withholdings
4. Pension contribution 9. Net pay
5. Income tax article 21 10.Accouns debited for payroll expense
Payroll Register
Earnings

Employee Name Total Hours Regular Overtime Total 03


1 Abrams, Julie S. 40 500.00 500.00
2 Elrod, Fred G. 44 392.00 58.80 450.80
3 Gomez, Jose C. 40 840.00 840.00
4 McGrath, John T. 42 1,360.00 102.00 1,462.00

25 Wilkes, Glenn K. 40 480.00 480.00


26 Zumpano, Michael W. 40 600.00 600.00
27 Total 13,328.00 574.00 13,902.00
Payroll Register
Earnings

Employee Name Total Hours Regular Overtime Total 03


1 Abrams, Julie S. 40 500.00 500.00
2 Elrod, Fred G. 44 392.00 58.80 450.80
3 Gomez, Jose C. 40 840.00 840.00
4 McGrath, John T. 42 1,360.00 102.00 1,462.00

25 Wilkes, Glenn K. 40 480.00 480.00


26 Zumpano, Michael W. 40 600.00 600.00
27 Total $34 x 13,328.00 574.00
40 = $1,360.00 13,902.00
Payroll Register
Earnings

Employee Name Total Hours Regular Overtime Total 03


1 Abrams, Julie S. 40 500.00 500.00
2 Elrod, Fred G. 44 392.00 58.80 450.80
3 Gomez, Jose C. 40 840.00 840.00
4 McGrath, John T. 42 1,360.00 102.00 1,462.00

25 Wilkes, Glenn K. 40 480.00 480.00


26 Zumpano, Michael W. 40 600.00 600.00
27 Total 13,328.00
($34 x 1.5) 574.00
x 2 hours 13,902.00
= $102.00
Dec 27 Sales Salaries Expense 11,122.00
. Office Salaries Expense 2,780.00
Social security tax payable 834.12
Medicare Tax Payable 208.53 03
Employees Federal Income Tax Payable 3,332.00
Retirement Savings Deductions Payable 680.00
United Fund Deductions Payable 520.00
Salaries Payable 8,327.35
Payroll for week ended December 27.
Recording and Payroll Taxes
Ilustrasi:

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Employers must match the employees’ social security and Medicare tax contributions.
In addition, the employer must pay state unemployment compensation tax
(SUTA) of 5.4% and federal unemployment compensation tax (FUTA) of 0.8%.
When payroll is paid on December 27, these payroll taxes are computed as follows:
Jumlah
Social Security Tax (6%) $ 834.12
Medicare Tax (1,5%) $ 208.53
SUTA (5,4%) $ 146.34
FUTA (0,8%) $ 21.68
Total Payroll Taxes $ 1,210.67

Dec. 31 Payroll Tax Expense $ 1,210.67


Social Security Tax Payable $ 843.12
Medicare Tax Payable $ 208.53
State Unemployment Tax Payable $ 146.34
Federal Unemployment Tax Payable $ 21.68

Payroll taxes for week ended December 27.


Employee’s Earning Record

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Payroll Checks
Kebanyakan perusahaan menerbitkan payroll checks (cek gaji) dengan
menggunakan akun bank khusus untuk payroll (penggajian). Dalam keadaan
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seperti ini, payroll diproses seperti dibawah ini:

1. Total net pay untuk periode berjalan dihitung dengan menggunakan register
payroll.
2. Perusahaan mengotorisasi transfer dana elektronik (elektronic transfer fund)
dari akun bank regular ke akun bank khusus payroll sebesar total net pay.
3. Payroll checks individual ditulis dari (payroll account) akun penggajian.
4. Nomor payroll checks dimasukkan ke dalam payroll register.
Internal Control Untuk Sistem
Penggendalian
Pengendalian pembayaran cash (kas) yang telah kita diskusikan dalam Bab 8 mengenai Sarbanes
Oscley, Pengendalian Internal, dan cash juga diterapkan dalam hal payrolls (pembayaran gaji).
Di bawah ini merupakan beberapa contoh pengendalian dalam payroll. 03
1. Jika mesin check-signing (penandatangan cek) digunakan, penting bahwa payroll checks
kosong dan akses penggunaan mesin tersebut dikendalikan dengan hati-hati untuk
mencegah pencurian atau penyalahgunaan uang salary (gaji).
2. Pengangkatan dan pemberhentian karyawan harus diotorisasi secara benar dan disetujui
secara tertulis.
3. Sangatlah penting untuk mengesahkan dan meyetujui secara tertulis dalam penambahan dan
potongan serta perubahan besar salary.
4. Karyawan harus diawasi pada saat datang untuk mulai bekerja. Hal ini dilakukan untuk
memastikan bahwa karyawan mencatat kehadiran (absensi) hanya satu kali dan untuk diri
sendiri. Karyawan bisa mencatat kehadiran dengan menggunakan kartu waktu atau dengan
menggesek Employee ID card (kartu penanda karyawan).
5. Payroll checks harus dibagikan oleh pihak selain pengawas karyawan.
6. Akun bank khusus payroll harus digunakan.
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Employees’ 04

Fringe Benefit
Fringe benefit (manfaat tambahan) dapat diberikan dalam beberapa bentuk,
termasuk vacation, medical (tunjangan kesehatan), dan retirement benefits (skema
pensiun).

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Saat perusahaan membayar sebagian atau seluruh employee fringe benefits,
biaya-biaya tersebut harus diakui sebagai expense. Untuk mengaitkan revenues
dan expenses dengan benar, estimasi biaya fringe benefits (manfaat tambahan)
harus dicatat sebagai expense selama periode di mana karyawan menerima
benefits tersebut.
Vacation Pay
Kebanyakan perusahaan memberikan vacation (hak cuti), yang kadang kala disebut
vacation pay (cuti berbayar) kepada karyawan mereka. Kewajiban untuk vacation pay
harus diakui sebagai expense saat vacation pay diterima. Ayat jurnal untuk mengakui
vacation pay dapat dicatat secara total pada setiap akhir tahun fiskal, atau dapat dicatat
pada setiap akhir periode penggajian.
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To illustrate, assume that employees earn one day of vacation for each month worked.
The estimated vacation pay for the year ending December 31 is $325,000.
The adjusting entry for the accrued vacation is shown below.

Dec 31 Vacation pay expense $ 325.000


Vacation pay payable $325.000

(accrued vacation pay for the year)


Pension

Ada 2 skema pension (pensiun) yang umum dilakukan, yaitu: 04


1. Defined Contribution Plan (Skema pensiun iuran pasti)
2. Defined Benefit Plan (Skema pensiun manfaat pasti)
a. Defined contribution plan
Prinsip pensiun dengan skema ini adalah uang dalam jumlah tetap diinvestasikan atas
nama karyawan selama selama masa kerjanya.
Jumlah akhir dari pensiun tergantung pada jumlah iuran dan pengembalian investasi
yang diperoleh atas seluruh iuran selama masa kerja karyawan.

To illustrate, assume that Heaven Scent Perfumes Company contributes 10% of


employee monthly salaries to an employee 401k plan. Assuming $500,000 of monthly 04
salaries, the journal entry to record the monthly contribution is shown below.

Dec 31 Pension expense $ 50.000


Cash $50.000

(contribution 10% of monthly


salaries to pension plan)
b. Defined benefit plan
Dalam skema dengan benefit plan (manfaat pasti), pension benefit yang dibayarkan
oleh peusahaan dietatapkan berdasarkan sebuah rumus. Pada umumnya, rumus
ini berdasarkan faktor – faktor seperti the employee’s years of service (masa kerja
karyawan), age, dan past salary nya.

To illustrate, assume that the defined benefit plan of Hinkle Co. requires an annual
pension cost of $80,000. This annual contribution is based on estimates of Hinkle’s 04
future pension liabilities. On December 31, Hinkle Co. pays $60,000 to the pension
fund. The entry to record the payment and the unfunded liability is shown below

Dec 31 Pension expense $ 80.000


Cash $60.000
Unfunded pension liability $20.000

(annual pension cost and contribution)


Postretirement Benefits Other than
Pensions
Karyawan bisa memperoleh hak other postretirement benefits dari perusahaan.

Akuntansi untuk other postretirement benefits mirip dengan defined benefits plan 04
pada skema pensiun. Estimate of the annual benefits expense dicatat dengan
mendebit Postretirement benefits expense. Jika benefits dibiayai seluruhnya, Cash
dikredit dengan jumlah yang sama. Jika benefits tidak dibiayai seluruhnya, akun
postretirement benefits plan liability juga dikreditkan.
Benefit
Benefit Dollars
Dollars as
as aa Percent
Percent of
ofTotal
Total
Other 2%
Retirement
and savings
plans 18% Vacation
29% and sick
pay

25%
Social security
26%
and Medicare
Medical
Current Liabilities on the Statement of Financial Position

Accounts payable, the current portion of long-term debt, notes payable,


and any other debts that are due within one year are reported as current
liabilities on the statement of financial position. The statement of financial
position presentation of current liabilities for Mornin’ Joe is as shown below
Mornin’ Joe
Statement of Financial Position 04
December 31, 2014
Liabilities
Current liabilities:
Accounts payable………………………….. $133,000
Notes payable (current portion)…………... 200,000
Salaries and wages payable………………. 42,000
Payroll taxes payable………………………. 16,400
Interest payable…………………………….. 40,000
Total current liablities……………………... 431,400
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Contigent 05
Liabilities
The accounting for contingent liabilities depends on the following two
factors:
1. Likelihood of occurring: Probable, reasonably possible, or remote
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2. Measurement: Estimable or not estimable
Probable and Estimable
Probable (provisi) adalah liability yang waktu dan jumlahnya belum pasti.
Probable and Estimble diakui jika :
1. Entitas memiliki kewajiban kini baik bersifat hukum atau konstruktif sebagai akibat dari peristiwa
masa lalu.
2. Kemungkinan besar penyelesaian kewajiban tersebut mengakibatkan arus keluar sumber daya
3. Estimasi yang andal mengenai jumlah kewajiban tersebut dapat dibuat.
To illustrate, assume that during June a company sold a product for $60,000 that includes a 36-
month warranty for repairs. The average cost of repairs over the warranty period is 5% of the sales
05
price. The entry to record the estimated product warranty expense for June is as shown below.

              
June 30 Product Warranty Expense $ 3,000  
Warranty Payable $ 3,000
Warranty expense for June, 5% ×
$60,000.
Berdasarkan PSAK 57, contingent liabilities

1. Kewajiban potensial yang timbul dari peristiwa masa lalu dan keberadaannya menjadi
pasti dengan terjadi atau tidak terjadinya 1 peristiwa atau lebih pada masa datang yang
tidak sepenuhnya berada dalam kendali entitas, atau
2. Kewajiban kini yang timbul sebagai akibat peristiwa masa lalu, tetapi tidak diakui karena :
• Tidak terdapat kemungkinan besar entitas mengeluarkan sumber daya yang mengandung
manfaat ekonomis (selanjutnya disebut sebagai “sumber daya”) untuk menyelesaikan 05
kewajibannya; atau
• Jumlah kewajiban tersebut tidak dapat diukur secara andal.
Reasonably Posibble

Entitas tidak diperkenankan mengakui contigent liabilities alih-alih contingent


liabilities harus diungkapkan dalam Notes to Financial Statements.
Misalnya, sebuah perusahaan mungkin telah kalah dalam gugatan hukum karena
melanggar hak paten perusahaan lain. Namun, putusan sedang dalam proses banding
dan pengacara perusahaan merasa bahwa putusan tersebut akan dibatalkan atau
dikurangi secara signifikan. Dalam hal ini, contingent liability diungkapkan dalam 05
Notes to Financial Statements.
Remote
Tingkat terjadinya contingent liabilities bisa saja sangat kecil, artinya kemungkinan
adanya pengeluaran sumber daya yang menghasilkan manfaat ekonomi sangat kecil.
Dalam hal ini contingent liabilities tidak perlu diakui dan diungkapkan dalam Notes to
Financial Statements.

Contoh umum contingent liabilities yang diungkapkan dalam notes to fincancial 05


statement adalah litigation, environmental matters, guarantees, and contingencies
from the sale of receivables.
Accounting Treatment of Contingent Liabilities

05
06
Financial
Analysis and
Interpretation: 06

Quick Ratio
Current position analysis membantu creditor mengevaluasi
kemampuan perusahaan to pay current liabilities. Analysis
berdasarkan pada tiga measureant:

1. Working Capital
2. Current Ratio
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3. Quick Ratio
Working Capital = Current assets - current liabilities
Current Ratio = Current assets
Current liabilities

Dua measurent dapat digunakan untuk mengevaluasi kemampuan


perusahaan to pay current liabilities, tidak menunjukkan kemampuan
perusahaan to pay liabilities a short period of time.

Quick Ratio = Quick assets


Current Liabilities
06

Quick assets adalah cash atau other carrent assets yang dapat dengan
mudah untuk diubah menjadi cash. Quick assets biasanya meliputi cash,
investment, and account receivable.
Illustrate, consider the following data for PT TechSolutation,Inc at the end 2013.
Current assets:
Cash $2,020
Temporary investment $3,400
Account receivable $1,600
Inventory $2,000
Other current assets $ 160
Total current assets $9,180
Current liabilities:
Account payable $3,000
Other current liabilities $2,400
Total current liabilities $5,400
Working capital ( current assets - current liabilities) $ 3,780 06
Current ratio (current assets/ current liabilities) 1.7
The quick ratio for TechSolutation,inc
Quick ratio : $ 2,020 + $ 3,400 + $ 1.600 = 1.3
$5.400
To illustrate the following selected statement of financial position data ( excluding ratios) were taken from recent financial
statetment of Pabera Bread Company and Starbucks Corporation (in thousand):

Panera Bread Starbucks


Current assets:
Cash and cash equivalents $229,299 $1,164,000
Temporary invesments -- 285,700
Account receivable 63,136 606,900
Inventory 14,345 543,300
Other current assets 23,905 156,500
Total current assets $330,685 $2,756,400
Current liabilities :
Account payable $211,516 $1,365,000
Other current liablilities -- 414,000
Total current liabilities $211,516 $1,779,000
Working capital ( current assets – current liabilities) $119,169 $ 977,400
06
Current ratio ( current assets / current liabilities) 1.6 1.5
Quick ratio ( Quick assets / current liabilities) 1.4 1.2

The quick ratio for each company is computed as follow:


Panera Bread : ( $229,229 + $0 + $63,136) / $211,516 = 1.4
Starbucks: ( $1,164,000 + $285,700 + $606,900 ) / $1,779,000 = 1.2
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Thankyou!