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BAB 11. Akuntansi Hutang. Accounting, 21 st Edition Warren Reeve Fess. Definisi Hutang lancar. Liabilities that are to be paid out of current assets and are due within a short time, usually within one year, are called current liabilities. Accounts payable Notes payable

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Bab 11

BAB 11

AkuntansiHutang

Accounting, 21st Edition

Warren Reeve Fess


Definisi hutang lancar
DefinisiHutanglancar

Liabilities that are to be paid out of current assets and are due within a short time, usually within one year, are called current liabilities.

  • Accounts payable

  • Notes payable

  • Unearned rent

  • Taxes payable

  • Wages payable

  • Current portion of long term debt

Examples:


Wesel bayar
Wesel Bayar

A firm issues a 90-day, 12% note for $1,000, dated August 1, 2006 to Murray Co. for a $1,000 overdue account.

Aug. 1 Accounts Payable—Murray Co. 1 000 00

Notes Payable 1 000 00

Issued a 90-day, 12% note on account.


Bab 11

Short-Term Notes Payable

On October 30, when the note matures, the firm pays the $1,000 principal plus $30 interest ($1,000 x .12 x 90/360).

Oct. 30 Notes Payable 1 000 00

Interest Expense 30 00

Appears on the income statement as an “Other Expense.”

Cash 1 030 00

Issued a 90-day, 12% note on account.


Short term notes payable

Bowden Co. (Borrower)

Coker Co. (Creditor)

Description Debit Credit

Description Debit Credit

Short-Term Notes Payable

Mdse. Inventory 10,000

Accounts Payable 10,000

Accounts Receivable 10,000

Sales 10,000

Cost of Mdse. Sold 7,500

Mdse. Inventory 7,500

May 31. Bowden Co. purchased merchandise on account from Coker Co., $10,000, 2/10, n/30. The merchandise cost Coker Co. $7,500.


Bab 11

Coker Co. (Creditor)

Description Debit Credit

Short-Term Notes Payable

Bowden Co. (Borrower)

Coker Co. (Creditor)

Description Debit Credit

Mdse. Inventory 10,000

Accounts Payable 10,000

Accounts Receivable 10,000

Sales 10,000

Cost of Mdse. Sold 7,500

Mdse. Inventory 7,500

Accounts Receivable 10,000

Sales 10,000

Cost of Mdse. Sold 7,500

Mdse. Inventory 7,500

Accounts Payable 10,000

Notes Payable 10,000

Notes Receivable 10,000

Accounts Receivable 10,000

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


Bab 11

Short-Term Notes Payable

Bowden Co. (Borrower)

Coker Co. (Creditor)

Description Debit Credit

Description Debit Credit

July 30. Bowden Co. paid Coker Co. the amount due on the note of May 31. Interest: $10,000 x 12% x 60/360 = $200.

Mdse. Inventory 10,000

Accounts Payable 10,000

Accounts Receivable 10,000

Sales 10,000

Cost of Mdse. Sold 7,500

Mdse. Inventory 7,500

Accounts Payable 10,000

Notes Payable 10,000

Notes Receivable 10,000

Accounts Receivable 10,000

Notes Payable 10,000

Interest Expense 200

Cash 10,200

Cash 10,200

Interest Revenue 200

Notes Receivable 10,000


Bab 11

Discounted Notes Payable

On August 10, Cary Company issues a $20,000, 90-day note to Rock Company in exchange for inventory. Rock discounts the note at 15%.

Aug. 10 Merchandise Inventory 19 250 00

Interest Expense 750 00

Proceeds

Discount: $20,000 x .15 x 90/360

Notes Payable 20 000 00

Issued a 90-day, note to Rock Co. discounted at 15%.

Discount rate


Bab 11

Discounted Notes Payable

On November 8 the note is paid in full.

Nov. 8 Notes Payable 20 000 00

Cash 20 000 00

Paid note due.



Product liability
Product Liability

On June 30, a company sells a product for $60,000 on which there is a 36-month warranty. Past experience indicates that repairs of defects cost 5% of the sales price over the warranty period.

June 30 Product Warranty Expense 3 000 00

Product Warranty Liability 3 000 00

Warranty expenses projected for June, 5% of $60,000.


Bab 11

Product Liability

On August 16, a customer needed a defective part replaced. Cost to the company was $200 for the part.

Aug. 16 Product Warranty Payable 200 00

Supplies 200 00

Replaced defective part under warranty.


Accounting treatment of contingent liabilities

Record Liability

Estimable

Probable

Not Estimable

Disclose Liability

Disclose Liability

Possible

Accounting Treatment of Contingent Liabilities

Likelihood of Occurring

Accounting Treatment

Measurement

Contingency



Liability for employee earnings
Liability for Employee Earnings

Payroll is the amount paid to employees for services provided. Payrolls are important because--

1.Good employee relationsdemand that payrolls be calculated accurately and paid as scheduled.

2. Payroll expenditures are subject to a variety of federal, state, and local taxes.

3. Total payroll expense (gross payroll plus payroll taxes) has a major impact on net income.


Gross pay calculation

Earnings at base rate (40 x $34) $1,360

Earnings at overtime rate (2 x $51) 102

Total earnings $1,462

Gross Pay Calculation

John T. McGrath is employed by McDermott Supply Co. at the rate of $34 per hour, plus 1.5 times the normal hourly rate for hours over 40 per week. For the week ended December 27, McGrath worked 42 hours.


Bab 11

FICA Tax

Employers are required to withhold a portion of the earnings of each of the employees. The amount is matched by the employer and serves to provide the employee with social security and Medicare benefits upon retirement.


Fica tax calculation
FICA Tax Calculation

Assume that John T. McGrath’s annual earnings prior to the current period total $99,038. His current period earnings are $1,462.

Earnings subject to 6% social security tax

($100,000 – $99,038) $962

Social security tax rate x 6%

Social security tax $57.72

Earnings subject to 1.5% Medicare tax

Current earnings $1,462

Medicare tax rate x 1.5%

Medicare tax 21.93

Total FICA tax $79.65


Withholding taxes other deductions
Withholding Taxes, Other Deductions

  • Employers are required to withholdfederal income tax from each employee based on the withholding table and information provided by the employee’s W-4 form.

  • Federal income taxand FICA taxmust be withheld from the pay of each employee.

  • Deductions for other purposesmay be withheld by mutual agreement.


Employee net pay calculation

Gross earnings for the week $1,462.00

Deductions:

Social security tax tax $ 57.72

Medicare tax 21.93

Federal income tax 279.51

Retirement savings 20.00

United Way 5.00

Total deductions 384.16

Net pay$1,077.84

Employee Net Pay Calculation

John T. McGrath is single, has declared one withholding allowance, and had gross pay of $1,462 for the week ended December 27.


Responsibility for tax payments

BUSINESS

EMPLOYEE

Social security tax

Medicare tax

Federal unemployment compensation tax

State unemployment compensation tax

Social security tax

Medicare tax

Federal withholding tax

GOVERNMENT

Responsibility for Tax Payments


Federal income

Corporate income tax

Estate, gift, and other

FICA and FUTA

8%

8%

38%

46%

Personal income tax

Federal Income


Bab 11

Physical, human, and community development

Interest on debt

Social programs

8%

13%

National defense

19%

24%

33%

3%

Social security and Medicare

Law enforcement and general government

Federal Outlays


Payroll register
Payroll Register

It’s a multicolumn form used to help assemble and summarize the data needed for each payroll period.

What is the purpose of a payroll register?


Payroll register summary
Payroll Register Summary

Earnings:

Regular $13,328.00

Overtime 574.00

Total $13,902.00

Deductions:

Social security tax $ 643.07

Medicare tax 208.53

Federal income tax 3,332.00

Retirement savings 680.00

United Way 470.00

Accounts receivable 50.00

Total 5,383.60

Net amount paid $ 8,518.40

Accounts debited:

Sales Salaries Expense $11,122.00

Office Salaries Expense 2,780.00

Total (as above) $13,902.00


Bab 11

Recording Employees’ Earnings

Dec. 27 Sales Salaries Expense 11 122 00

Office Salaries Expense 2 780 00

Social Security Tax Payable 643 07

Medicare Tax Payable 208 53

Employees Federal Inc. Tax Pay. 3 332 00

Retirement Savings Ded. Payable 680 00

United Way Deductions Payable 470 00

Accounts Receivable—Fred Elrod 50 00

Salaries Payable 8 518 40

Payroll for week ended December 27.


Bab 11

Employer Taxes for the Week Ended December 27

Social security tax $ 643.07

Medicare tax 208.53

State unemployment compensation tax

(5.4% x $2,710) 146.34

Federal unemployment compensation

tax (0.8% x $2,710) 21.68

Total payroll tax expense $1,019.62

Recording Employer’s Payroll Taxes


Bab 11

Recording Employer’s Payroll Taxes

Dec. 27 Payroll Tax Expense 1 019 62

Social Security Tax Payable 643 07

Medicare Tax Payable 208 53

State Unemployment Tax Payable 146 34

Federal Unemployment Tax Pay. 21 68

Payroll taxes for week ended December 27.


Flow of data in a payroll system

Wage and Tax

Statements

W-2

W-2

EMPLOYEES’

EARNINGS

RECORDS

Current Period’s

Variables

(hours worked)

Payroll Tax

Returns

Updated Variables

(cumulative

earnings, taxes)

PAYROLL

REGISTER

Payroll Checks

and Statements

Constant Data

(rates of pay,

tax, etc.)

Financial

Statements

GENERAL

LEDGER

Flow of Data in a Payroll System



Bab 11

Benefit Dollars as a Percent of Total

Other

2%

Retirement and savings plans

18%

Vacation and sick pay

29%

25%

Social security and Medicare

26%

Medical


Bab 11

Employees’ Fringe Benefits

Vacation payVacation pay becomes the employer’s liability as the employee earns vacation rights.

PensionsCash payment to retired employees. Could be a defined contribution plan or a defined benefit plan

Postretirement BenefitsIn addition to pension benefits, employees may earn rights to other postretirement benefits such as dental care, eye care, life insurance, etc. Amount is recorded by debiting Postretirement Benefits Expense and crediting cash.


Bab 11

Pensions

Defined contribution planUnder this plan, a fixed amount of money is invested on the employee’s behalf during the employee’s working years. Example: 401K

Defined benefit planUnder this plan, the pension benefits are based on a formula and the employer bears the investment risk in funding a future retirement income benefit.


Bab 11

Quick assets

Current liabilities

Solvency Measures — Quick Ratio

Noble Co. Hart Co.

Quick assets:

Cash $ 100,000 $ 55,000

Cash equivalents 47,000 65,000

Accounts receivable (net) 84,000 472,000

Total $231,000 $592,000

Current liabilities $220,000 $740,000


Bab 11

Solvency Measures — Quick Ratio

Noble Co. Hart Co.

Quick assets:

Cash $ 100,000 $ 55,000

Cash equivalents 47,000 65,000

Accounts receivable (net) 84,000 472,000

Total $231,000 $592,000

Current liabilities $220,000 $740,000

Quick assets

Current liabilities

$231,000

Noble Company

$220,000

Quick ratio = 1.05


Bab 11

Solvency Measures — Quick Ratio

Noble Co. Hart Co.

Quick assets:

Cash $ 100,000 $ 55,000

Cash equivalents 47,000 65,000

Accounts receivable (net) 84,000 472,000

Total $231,000 $592,000

Current liabilities $220,000 $740,000

Quick assets

Current liabilities

$592,000

Hart Company

$740,000

Quick ratio = 0.80

Use: To indicate instant debt-paying ability


Bab 11

Chapter 11

The End


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