Soal Jawaban.docx
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E22-6 (LO 2) Accounting Changes-Depreciation Equipment, estimated service life, 5 years; €465,000 residual value, €15,000 Building, estimated service life, 30 years; no €780,000 residual value The equipment has been depreciated using the sum-of-the-years'-digits method for the first 3 years for financial reporting purposes. In 2019, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or residual value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated residual value. The building is depreciated on the straight-line method. a. Prepare the journal entry to record depreciation expense for the equipment in 2019. b. Prepare the journal entry to record depreciation expense for the building in 2019. (Round to nearest euro.) Solution a. Depreciation to date on equipment Sum of the years digits of depreciation 2016 (5/15 x $ 450,000) $ 150,000 2017 (4/15 x $ 450,000) 120,000 2018 (3/15 x $ 450,000) 90,000 $ 360,000
Cost of equipment Depreciation to date Book value (December 31, 2018)
$
465,000 (360,000) $ 105,000
Book value - Salvage value = Depreciable cost $ 105.000 - $ 15.000 = $ 90.000
Depreciation for 2019: $90.000/2 = $45.000
Depreciation expense……………. $45,000 Accumulated depreciation-equipment…………$ 45,000
b. Depreciation to date on building $ 780,000/30 years = $ 26,000 per year $ 26,000 x 3 = $ 78,000 depreciation to date
Cost of building Depreciation to date Book value (december 31, 2018)
$ $
780,000 (78,000) 702,000
E22-7 (LO 2, 3) Change in Estimate and Error; Financial Statements The following are the comparative income statements for Pannebecker Inc. for the years 2018 and 2019. (in $) Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan 1.) Net income Dividends Retained earnings (Dec
$
$ $ $
2019 340,000 200,000 140,000 88,000 52,000 125,000 52,000 (30,000) 147,000
$
$ $ $
2018 270,000 142,000 128,000 50,000 78,000 72,000 78,000 (25,000) 125,000
31.) The following additional information is provided: 1. In 2019, Pannebecker Inc. decided to switch its depreciation method from sum-of-theyears’-digits to the straight-line method. The assets were purchased at the beginning of 2018 for $90,000 with an estimated useful life of 4 years and no residual value. (The 2019 income statement contains depreciation expense of $27,000 on the assets purchased at the beginning of 2018.
2. In 2019, the company discovered that the ending inventory for 2018 was overstated by $20,000; ending inventory for 2019 is correctly stated. Solution 1. Old depreciation in 2018
= $ 27,000
New depreciation for 2019
=
$ 90,000−$ 27,000 = $ 21,000/year 3
Difference = $ 27,000 - $ 21,000 = $ 6,000 2. Overstated Ending inventory
$(20.000)
Old Retained Earnings (Dec 31st 2019)
147.000
New Retained Earnings (Dec 31st 2019)
$ 127.000
With Error
Adjustment
(in $) 2019
2018
2019
2018
Sales
340.000
270.000
340.000
270.000
Cost of Sales
(200.000)
(142.000
(200.000)
(142.000)
) Gross Profit
140.000
128.000
140.000
128.000
Expenses
(88.000)
50.000
(82.000)*
(50.000)
Net Income
52.000
78.000
46.000
78.000
125.0000
72.000
125.000
72.000
Retained
Earnings
(Jan 1st) Prior year Adjustment
(20.000)
Net Income
52.000
78.000
46.000
78.000
Dividends
(30.000)
(25.000)
(30.000)
(25.000)
147.0000
125.000
121.000
105.000
Retained
Earnings
(Dec 31st) Difference
22.000
16.000
Journal Entries
Record change of depreciation method Depreciation Expense Accumulated Expense
6.000 6.000
Record overstated ending inventory Retained Earnings Inventory
20.000 20.000
E22-17 (LO 3) Error Analysis and Correcting Entry The reported net incomes for the first 2 years of Sinclair Products, Inc. were as follows: 2018
$ 147,000
2019
$ 185,000
Early in 2020, the following errors were discovered: 1. Depreciation of equipment for 2018 was overstated $19,000 2. Depreciation of equipment for 2019 was understated $ 38,500 3. December 31, 2018, inventory was understated $50,000 4. December 31, 2019, inventory was overstated $14,200 Instructions: Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2019 are closed. (Ignore income tax considerations) Solution Effect on Retained Earnings Overstatement of 2019 ending inventory Overstatement of 2018 depreciation Understatement of 2019 depreciation Total Effects of Errors on Retained Earnings
Over (Under) Statement $ 142,000 (19,000) 38,500 $ 33,700
Correcting Entry Retained Earnings…………… $ 33,700 Inventory……………………………….……..………. $ 14,200 Accumulated Depreciation-Equipment……………….. $ 19,500 ($ 38,500 - $ 19,000) P22-1 (LO 2, 3) Change in Estimate and Error Correction
Holtzman Company sedang mempersiapkan laporan keuangan untuk tahun 2015. Asumsikan bahwa tidak terdapat depresiasi yang dicatat pada tahun 2015. kemudian, anda mendapatkan informasi sebagai berikut: •
Perusahaan membeli equipment pada 2 januari 2012 seharga $85,000 dengan umur ekonomis 10 tahun dan nilai sisa sebesar $5,000. Pada 2 januari 2015 terdapat informasi bahwa equipment tersebut memiliki sisa umur ekonomis selama 4 tahun dan nilai sisa sebesar $3,000
•
Pada 2015, untuk menghitung nilai gedung yang dimiliki, perusahaan beralih dari metode double declining pada metode straight line. Nilai gedung tersebut sebesar $300,000 dengan umur ekonomis 10 tahun dan nilai sisa sebesar $30,000
•
Perusahaan membeli mesin pada 1 juli 2013 seharga $120,000 dengan nilai sisa sebesar $16,000 dan umur ekonomis 8 tahun. Perusahaan mencatat depresiasi pada tahun 2013 dan 2014 menggunakan metode straight line tetapi tidak memperhitungkan nilai sisa yang dimiliki mesin tersebut
Instruksi •
Persiapkan jurnal untuk mencatat beban depresiasi pada tahun 2015 dan lakukan pembenaran atas error yang terjadi
•
Hitung dan perlihatkan perbedaan income untuk tahun 2014 dan 2015. pendapatan sebelum depresiasi pada tahun 2015 sebesar $300,000 dan $310,000 pada tahun 2014
Cost of equipment Depreciation to date Book value (December 31, 2018)
$
465,000 (360,000) $ 105,000
Book value - Salvage value = Depreciable cost $ 105.000 - $ 15.000 = $ 90.000
Depreciation for 2019: $90.000/2 = $45.000
Depreciation expense……………. $45,000 Accumulated depreciation-equipment…………$ 45,000
b. Depreciation to date on building $ 780,000/30 years = $ 26,000 per year $ 26,000 x 3 = $ 78,000 depreciation to date
Cost of building Depreciation to date Book value (december 31, 2018)
$ $
780,000 (78,000) 702,000
E22-7 (LO 2, 3) Change in Estimate and Error; Financial Statements The following are the comparative income statements for Pannebecker Inc. for the years 2018 and 2019. (in $) Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan 1.) Net income Dividends Retained earnings (Dec
$
$ $ $
2019 340,000 200,000 140,000 88,000 52,000 125,000 52,000 (30,000) 147,000
$
$ $ $
2018 270,000 142,000 128,000 50,000 78,000 72,000 78,000 (25,000) 125,000
31.) The following additional information is provided: 1. In 2019, Pannebecker Inc. decided to switch its depreciation method from sum-of-theyears’-digits to the straight-line method. The assets were purchased at the beginning of 2018 for $90,000 with an estimated useful life of 4 years and no residual value. (The 2019 income statement contains depreciation expense of $27,000 on the assets purchased at the beginning of 2018.
2. In 2019, the company discovered that the ending inventory for 2018 was overstated by $20,000; ending inventory for 2019 is correctly stated. Solution 1. Old depreciation in 2018
= $ 27,000
New depreciation for 2019
=
$ 90,000−$ 27,000 = $ 21,000/year 3
Difference = $ 27,000 - $ 21,000 = $ 6,000 2. Overstated Ending inventory
$(20.000)
Old Retained Earnings (Dec 31st 2019)
147.000
New Retained Earnings (Dec 31st 2019)
$ 127.000
With Error
Adjustment
(in $) 2019
2018
2019
2018
Sales
340.000
270.000
340.000
270.000
Cost of Sales
(200.000)
(142.000
(200.000)
(142.000)
) Gross Profit
140.000
128.000
140.000
128.000
Expenses
(88.000)
50.000
(82.000)*
(50.000)
Net Income
52.000
78.000
46.000
78.000
125.0000
72.000
125.000
72.000
Retained
Earnings
(Jan 1st) Prior year Adjustment
(20.000)
Net Income
52.000
78.000
46.000
78.000
Dividends
(30.000)
(25.000)
(30.000)
(25.000)
147.0000
125.000
121.000
105.000
Retained
Earnings
(Dec 31st) Difference
22.000
16.000
Journal Entries
Record change of depreciation method Depreciation Expense Accumulated Expense
6.000 6.000
Record overstated ending inventory Retained Earnings Inventory
20.000 20.000
E22-17 (LO 3) Error Analysis and Correcting Entry The reported net incomes for the first 2 years of Sinclair Products, Inc. were as follows: 2018
$ 147,000
2019
$ 185,000
Early in 2020, the following errors were discovered: 1. Depreciation of equipment for 2018 was overstated $19,000 2. Depreciation of equipment for 2019 was understated $ 38,500 3. December 31, 2018, inventory was understated $50,000 4. December 31, 2019, inventory was overstated $14,200 Instructions: Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2019 are closed. (Ignore income tax considerations) Solution Effect on Retained Earnings Overstatement of 2019 ending inventory Overstatement of 2018 depreciation Understatement of 2019 depreciation Total Effects of Errors on Retained Earnings
Over (Under) Statement $ 142,000 (19,000) 38,500 $ 33,700
Correcting Entry Retained Earnings…………… $ 33,700 Inventory……………………………….……..………. $ 14,200 Accumulated Depreciation-Equipment……………….. $ 19,500 ($ 38,500 - $ 19,000) P22-1 (LO 2, 3) Change in Estimate and Error Correction
Holtzman Company sedang mempersiapkan laporan keuangan untuk tahun 2015. Asumsikan bahwa tidak terdapat depresiasi yang dicatat pada tahun 2015. kemudian, anda mendapatkan informasi sebagai berikut: •
Perusahaan membeli equipment pada 2 januari 2012 seharga $85,000 dengan umur ekonomis 10 tahun dan nilai sisa sebesar $5,000. Pada 2 januari 2015 terdapat informasi bahwa equipment tersebut memiliki sisa umur ekonomis selama 4 tahun dan nilai sisa sebesar $3,000
•
Pada 2015, untuk menghitung nilai gedung yang dimiliki, perusahaan beralih dari metode double declining pada metode straight line. Nilai gedung tersebut sebesar $300,000 dengan umur ekonomis 10 tahun dan nilai sisa sebesar $30,000
•
Perusahaan membeli mesin pada 1 juli 2013 seharga $120,000 dengan nilai sisa sebesar $16,000 dan umur ekonomis 8 tahun. Perusahaan mencatat depresiasi pada tahun 2013 dan 2014 menggunakan metode straight line tetapi tidak memperhitungkan nilai sisa yang dimiliki mesin tersebut
Instruksi •
Persiapkan jurnal untuk mencatat beban depresiasi pada tahun 2015 dan lakukan pembenaran atas error yang terjadi
•
Hitung dan perlihatkan perbedaan income untuk tahun 2014 dan 2015. pendapatan sebelum depresiasi pada tahun 2015 sebesar $300,000 dan $310,000 pada tahun 2014
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