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Istana Furniture's perpetual inventory records show the remaining inventory should be as of
November 30, 2016 is Rp.675,400,000. The physical inventory count shows the actual
remaining inventory of Rp.663,800,000.
a) Make adjusting entry entries for lost Palace Furniture inventory for the year ending
November 30, 2016. Assume that the amount of lost inventory is normal.
Answers:
a) Mention the effect of errors on the Mahakam River Supply financial position report as
of December 31, 2016.
b) Mention the effect of errors on the Mahakam River Supply income statement for the
year ended December 31, 2016,
c) If not corrected, how mistakes will affect the 2017 income statement?
d) If not corrected, how the error will affect the statement of financial position December
31, 2017?
Answers:
5. Checks for payments of Rp.50,000 incorrectly recorded in the cash register to Rp.500,000
b) If the financial position report is prepared by PT Tri Wijaya on 3 May 2016, how
much cash will be reported
Answers:
PE 9-6A Accounts receivable turnover and number of sales days in accounts receivable.
The financial statement data for the years ended December 31 for PT Solusi Utama is as
follows.
2016 2015
Account Receivable :
b) Determine the number of sales days on accounts receivable for 2016 and 2015. Use
365 days with rounding up to one decimal place.
c) Does the change in accounts receivable turnover and the number of sales days on
receivables from 2015 to 2016 indicate a favorable trend or not?
Answers:
The following table shows the net income and average fixed assets (in million) for the latest
fiscal year for Best Buy and Radioshack:
in millions of dollars income Average net fixed assets
a) Calculate the fixed asset turnover ratio for each company. Round two decimal places.
Answers: