Tutorial 13 & 14 [answer].xlsx

Info: Purchase date Equipment Useful life Salvage value New salvage value New estimated life

2-Mar-11 1,210,000 10 10,000 4,000 15

120

180

Answer: a No entry, changes in estimates are treated prospectively b Original cost salvage value Useful life Depreciation/year Depreciation/month Book value per July 2017 Total month between March 11 - June 17 Accumulated depreciation at the end of June 2017 Book value New salvage value Remaining depreciable basis Remaining useful life Depreciation/month Journal Depreciation Expense Accum Depre

1,210,000 10,000 10 120,000 10,000

76 760,000 450,000 8,000 442,000 104 4,250

85,500

(180-76 month)

(Jan-Jun depreciation 10,000/month and Jul-Dec depreciation are 4,250/month) 85,500

Part a

1 Bad debt expense for 2012 should not have been reduced by €10,000. A change in the experience rate is considered a 2 A change from Average Cost to FIFO is considered a change in accounting policy, which must be handled retrospective 3 The inventory error in 2014 is a prior period adjustment and the 2014 and 2015 financial statements should be restate Part b Year Unadjusted net income Bad debt expense adjustment Inventory Adjustment Inventory overstatement Adjusted net income

2012 2013 140,000 160,000 (10,000) 15,000 5,000 145,000

165,000

2014 205,000

2015 276,000

10,000 (16,000) (14,000) 14,000 201,000 274,000

experience rate is considered a change in estimate, which should be handled prospectively. must be handled retrospectively. al statements should be restated.

a. Counter balance error is error that will be offset after two period while non counterbalanced error is error that are not offse The failure to record accrued wages is kind of counter balance error. (i) company has not closed the book Dec 31, 2017 Retained Earning 1,000 Salaries Expense 1,000 (ii) company has closed the book No entry needed because already counter balance The failure of recording asset (i) has not closed the book Dec 31, 2016 Equipment 50,000 Depreciation Expense 10,000 Retained Earning 40,000 Acc. Depre 20,000 Mencatat acc. depre tahun itu dan tahun sebelumnya. (ii) has closed the book Dec 31, 2016 Equipment 50,000 Retained Earning* 30,000 Acc.Depre 20,000 *jadi di 2015 retained earning terlalu kecil 50.000 (expensed equipment) - 20.000 (depre expense seharusnya)

error is error that are not offset in the next accounting period

00 (depre expense seharusnya) = 30.000

1 Depreciation Expense 3,200 Retained Earning 3,200 Acc. Depre-Vehicle 6,400 R/E debit untuk depre tahun 2014. 2 Income Summary 19,000 Retained Earning 19,000 EI understated , COGS overstated, Profit understated 3 Cash 5,600 Account Receiveble 5,600 4 Unrealize Holding Gain (Loss) 2,000 Security FV adjustment 2,000 5 Equipment 48,000 Maintenance Expense 48,000 Depreciation Expense 5,000 Acc. Depre-Equipment 5,000 6 Insurance Expense 8,000 Prepaid Isurace 12,000 Retained Earning 20,000 7 Trademark 60,000 Cash 60,000 Amortization Exp 6,000 Retained Earning 6,000 Trademark 12,000

PSAK

a

Laporan Laba Rugi Komprehensif Terdapat pos minimal yang disajikan di Neraca Pengungkapan distribusi dividen dan dividen per saham dalam laporan perubahan ekuitas Konten Laporan Keuangan Tidak ada Laporan Arus Kas disajikan dengan metode langsung dan tidak langsung Terdapat laporan keuangan konsolidasian

Properti Investasi dan Aset Tetap

Properti Investasi dapat menggunakan model biaya dan model nilai wajar Aset etap menggunakan model biaya atau model revaluasi Terdapat Goodwill

Intangible Assets

Terdapat model biaya atau revaluasi Terdapat umur manfaat terbatas dan tidak terbatas

Leasing

Menggunakan principle based

Deferred Tax

Terdapat sale and lease back Diatur

Interest expense on qualifying asset

Dikapitalisasi sesuai ketentuan ETAP

b

Jenis Laporan

Laporan Posisi Keuangan, Laporan Laba Rugi, Laporan Perubahan Ekuitas, Laporan Arus Kas, Catatan atas Laporan Keuangan

Persediaan

Terdapat penilaian LCNRV

Liabilitas Kontijensi

Diakui

Aset Tetap

Penyusutan boleh mempertimbangkan nilai residu

c

1. Non adjusting event, karena perubahan kurs hanyalah peristiwa yang memberikan indikasi setelah tanggal pelapora 2. Adjusting event, karena deklarasi kebangkrutan adalah peristiwa yang memberi bukti atas adanya kondisi setelah pe

ETAP Laporan Laba Rugi (tanpa komprehensif) Pos minimal yang disajikan di Neraca lebih sedikit

Tidak ada

Laporan perubahan ekuitas dan saldo laba dapat menggantikan laporan laba rugi dan laporan perubahan ekuitas Laporan Arus Kas dengan metode tidak langsung Tidak menyusun Hanya boleh menggunakan model biaya Hanya boleh menggunakan model biaya, revaluasi hanya diperbolehkan jika ada izin pemerintah Tidak ada goodwill Hanya model biaya Umur manfaat terbatas Penentuan sewa finansial tergantung pada rule based, yaitu 90% min. Nilai wajar, 75% umur ekonomis Tidak ada Tidak diperkenankan Dibebankan EMKM Laporan Posisi Keuangan akhir periode, Laporan Laba Rugi, Catatan atas Laporan Keuangan

Tidak memperkenankan penurunan nilai, persediaan dicatat sebesar harga perolehan Tidak boleh diakui , hanya diungkapkan jika material Penyusutan aset tidak mempertimbangkan nilai residu

alah peristiwa yang memberikan indikasi setelah tanggal pelaporan keuangan alah peristiwa yang memberi bukti atas adanya kondisi setelah periode pelaporan keuangan