Minggu, 14 April 2013

Contoh Soal Income Statement, RE, dan Statement of Financial position




   Presented below are number of account balance for Barakah Corp., for the current year 2011
Retained Earning January 1, 2009
600,000
Land
500,000
Unrealized holding gain on available for sale securities
19,500
Equipment-at cost
1,400,000
Gains from fixed assets revaluations
7,000
Accumulated Depreciation-Equipment
300,000
Depreciation overstatement due to error in 2008
15,000
Building
1,600,000
Cash Dividend Declared
155,000
Accumulated Depreciation-Building

200,000
Cash
880,000
Payroll Taxes Payable
50,000
Sales
1,800,000
Prepaid Insurance
50,000
Rent Revenue
36,000
Trading Securities
20,000
Dividend Revenue
77,000
Preferred, Authorized 20,000, $ 10 Par value
200,000
Cost of Goods Sold
880,000
Common, Authorized 220,000, $ 1 par value
150,000
Income Taxes for Income Before Income Taxes
31,500
Bond Payable
300,000
Notes Payable to Banks
280,000
Discount on Bond Payable
30,000
Notes Receivable
460,000
Long-Term rental obligation
480,000
Income Tax Receivable
12,000
Selling Expense
133,000
Goodwill
100,000
Administrative Expense
210,000
Account Payable
800,000
Rent Payable-short term
40,000
Unsecured notes payable
1,600,000
Taxes Payable
10,000
Inventories
478,000
Loss on discontinued operations
25,000

Assume that notes receivable and notes payables are short-term, unless stated otherwise. Cost and fair value of trading securities are the same.
You are as a financial accounting consultant; please prepare financial statement for 2009:
a.    Comprehensive income, with a second income statement or a combined statement of comprehensive income
b.     Retained Earnings Statement
c.     Statement of Financial Position


Jawaban:
a)    Comprehensive income staments (combined)
Barakah Group
Income Statement
For the year ended December 2011
Sales Revenue


Net Sales
    1,800,000
Cost of Goods Sold
       880,000
Gross Profit
       920,000
Expenses


Selling Expense
   133,000


Admiration Expense
   210,000
       343,000

       577,000
Other Income and Expense


Rent revenue
     36,000


Dividend revenue
     77,000
       113,000
Income from operation
       690,000
Income Taxes
              31,500
Income from continuing operations
       658,500
Discontinued operations

Loss on discontinued operations
   (25,000)
       (25,000)
 NetIncome
       633,500
Other comprehensive income


Unrealized holding gain on available for sale securities


     19,500


Gain from fixed asset revaluation
        7,000
          26,500
Comprehensive Income
       660,000

b)   Retained earnings statements
Barakah Group
Retained Earnings Statement
For the year ended December 2011
Retained Earnings, January 1, as reported
600,000
Depreciation overstatement due to error in 2008
15,000
Retained earnings, January 1, as adjusted
615,000
Add : Net Income
660,000
Less : Cash Dividend
155,000
Retained earnings, December 31
1,120,000


  
c)    Statements of financial position
Barakah Group
Statement of Financial Position
For The Year Ended, Dec 31st 2012
Assets
Equity and Liabilities
Non-Current Assets
Equity :
Property, Plant, and Equipment:
Share capital-preference
      200,000
Land
      500,000
Share capital-ordinary
      150,000
Equipment (At cost)
   1,400,000
Retained earnings
   1,120,000
Acc. Depreciation Equipment
    (300,000)
Total Equity
   1,470,000
Building
   1,600,000
Acc. Depreciation Building
    (200,000)
Non-current Liabilities
Intangible Assets:
Long-term Rental Obligation
      480,000
Goodwill
      100,000
Bond Payable
      300,000
      Total Non-Current Assets
   3,100,000
Discount on Bond Payable
      (30,000)
Total Non-Current Liabilities
      750,000
Current Assets
Current Liabilities
Trading Securities
         20,000
Unsecured Notes Payable
   1,600,000
Inventories
      478,000
Notes Payable to bank
      280,000
Prepaid Insurance
         50,000
Account Payable
      800,000
Income Tax Receivable
         12,000
Rent Payable-short term    
        40,000
Notes Recevaible
       460,000
Taxes payable
        10,000
Cash
      880,000
Payroll Tax Payable
        50,000
      Total current assets
   1,900,000
Total Current Liabilities
   2,780,000
                                    Total Liabilities
   3,530,000
Total Assets
5,000,000
Total Equity and Liabilities
5,000,000

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