Basic Concepts of Accounting: Balance Sheet (2nd Week Assignment)

By Alexander H.K.P Kelas F-131 1306356040

Problem 2-3 Question

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Capital Stock was issued for $100,000 Cash Bonds Payable of $25,000 were refunded with capital stock Depreciation on plant and equipment equaled $8,500 for the year Inventory was purchased for $15,900 cash $9,400 worth of inventory was purchased on credit Inventory costing $4,500 was sold for $7,200 on credit $3,500 in cash was received for merchandise sold on credit Dividends of $3,000 were declared The Declared dividend of $3,000 were paid The company declared a stock split, and replaced each outstanding share with two new shares

Problem 2-3 Transaction Analysis:

10.Stok split pada problem ini tidak mempengaruhi asset maupun liabilities and owners equity, karena walaupun jumlah saham bertambah tetapi nilai uang nya tetap sama

Problem 2-3 Journal:

No 1 Dr. Cr. Journal Account Cash Capital Stock Value $ 100,000 $ 100,000 Remarks Capital Stock Bonds Payable Refund in Capital Stock Accumulated depreciation on plant and equipment (Depreciation Expense) --> beban bertambah Purchase Inventory on Cash 2 Dr. Cr. 3 Cr. Bonds Payable Capital Stock Accumulated depreciation on plant and equipment $ $ $ 25,000 25,000 8,500

Dr. 4 Dr. Cr.

Retained Earnings Inventory Cash

$ $ $

8,500 15,900 15,900

5 Dr. Cr. 6 Dr. Cr. Cr. 7 Dr. Cr. 8 Cr. Dr. 9 Cr. Dr,

Inventory Accounts Payable Accounts Receivable Inventory Retained Earnings Cash Account Receivable Dividend Payable Retained Earnings Cash Dividend Payable

$ $ $ $ $ $ $ $ $ $ $

9,400 9,400 7,200 4,500 2,700 3,500 3,500 3,000 3,000 3,000 3,000

Purchase Inventory on Credit Inventory Sold on Credit

Merchandise Sold on Credit

Dividends Declared Dividends Paid

Case 2-3 Lone pine Caf (A)

Questions 1. Prepare Balance Sheet for the lone pine Caf as of November 2, 2009 2. Prepare a balance sheet as of March 30, 2010. 3. Disregarding the marital complications, do you suppose that the partners would have been able to receive their proportional share of the equity determined in Question 2 if the partnership was dissolved on March 20, 2010? Why?

Case 2-3 Lone pine Caf (A) Transaction Analysis November 1, 2009
No
Cash 1 2 3 4 5 6 7 8 16,000 16,000 16,000 21,000 -53,200 -2,800 -1,428 -1,400 2,800 1,428 1,400 53,200 21,000 + Inventory

Assets
+ Prepaid Expense + Equipment

Liabilities and Owners Equity

= Notes Payable + Owners Equity

Remarks

16,000 Mr. Antoine Share 16,000 Mrs. Antoine Share 16,000 Mrs. Sandra Landers Bank Loan Caf Equipment Food and Beverages on Hand Operating License Cash Register Purchase

10,172 +

2,800 +

1,428 +

54,600 =

21,000 +

48,000

69,000 =

69,000

Case 2-3 Lone pine Caf (A) Journal As of November 1, 2009

No
1 Dr. Cr. 2 Dr. Cr. 3 Dr.

Jurnal Account item Value Remarks

Cash Owners Equity Cash Owners Equity Cash $ 16,000 Mr. Antoine Share $ 16,000 $ 16,000 Mrs. Antoine Share $ 16,000 $ 16,000 Mrs. Sandra Landers

Cr.
4 Dr. Cr. 5 Dr. Cr. 6 Dr.

Owners Equity
Cash Note Payable Equipment Cash Inventory

$ 16,000
$ 21,000 Bank Loan $ 21,000 $ 53,200 Caf Equipment $ 53,200

Food and Beverages on $ 2,800 Hand $ 2,800

$ 1,428 Operating License $ 1,428 $ 1,400 Cash Register $ 1,400

Cr.
7 Dr. Cr. 8 Dr. Cr.

Cash
Prepaid Expense Cash Equipment Cash

Case 2-3 Lone pine Caf (A) Balance Sheet As Of November 1, 2009
LONE PINE CAF BALANCE SHEET AS OF NOVEMBER 2, 2005 Assets Current assets: Cash Inventory Prepaid expense Tota1 current assets Cafe equipment Total assets

$10,172 2,800 1,428

$14,440 54,600 $69,000

Liabilities and Owners Equity Note payable Owners equity: Mrs. $16,000 Landers Mr. 16,000 Antoine Mrs. 16,000 Antoine Total liabilities and owners equity

$21,000

48,000
$69,000

Case 2-3 Lone pine Caf (A) Transaction Analysis March 31, 2010

No Accounts Cash + Receivable 1 2 311

Assets Invent Prepaid Accumulated + ory + Expense + Depretiation 1,428

Liabilities and Owners Equity Equipm Accounts Notes Owners + ent = Payable + Payable + Equity + Capital 54,600 21,000 37,146 311 1,030 870 -1,583 -2,445 2,430 2,100 -595 37,146 2,118

Remarks

3 1,030 4 5 6 7 8 9 1,341

870 1,583 -2,445 2,430 -2,100 -595 833

Cash Register Checking Account Balance Ski Instructors meals Suppliers Accumulated Depreciation Food and Beverages on Hand Bank Loan Paid 5 month Prepaid Expense

870 0 2,430

-2,445 0 54,600

1,583

18,900

57,629 = Total Assets = Total Owed To Outside Parties = Total Owner Equity = 57,629 20,483 (Accounts Payable + Notes Payable) Total Assets - Total 37,146 Liabilities

57,629

Case 2-3 Lone pine Caf (A) Journal As of March 31, 2010
No 1 Dr. Cr. 2 Dr. Cr. 3 Dr. Cr. 4 Dr. Cr. 5 Dr. Cr. 6 Dr. Cr. 7 Dr. Cr. 8 Dr. Cr. Jurnal Account item Cash Owners Equity Cash Owners Equity Cash Owners Equity Cash Note Payable Equipment Cash Inventory Cash Prepaid Expense Cash Equipment Cash Value $ 16,000 $ 16,000 $ 16,000 $ 16,000 $ 16,000 $ 16,000 $ 21,000 $ 21,000 $ 53,200 $ 53,200 $ 2,800 $ 2,800 $ 1,428 $ 1,428 $ 1,400 $ 1,400 Remarks Mr. Antoine Share Mrs. Antoine Share Mrs. Sandra Landers

Bank Loan
Caf Equipment Food and Beverages on Hand Operating License Cash Register

No
1 Dr. Cr. 2 Dr. Cr. 3 Dr. Cr. 4 Dr. Cr. 5 Dr. Cr. 6 Dr. Cr. 7 Dr. Cr.

Jurnal Account item

Cash Capital Cash Capital Acc Receivable Capital Capital Acc Payable Depr. Expense Equipment Inventory Capital Loan Payable Capital

Value
$

Remarks

311 Cash on Cash Register

$ 311 $ 1,030 Account Balance $ 1,030 $ $ $ $ $ $ $ $ $ $ 870 Ski Instructor Meals 870 1,583 1,583 2,445 2,445 2,430 2,430 2,100 2,100

Owe to Suppliers

Accumulated Depreciation
Food & Bevrgs on Hands Bank Loan Paid

8 Dr.
Cr.

Capital
Prepaid Expense

$
$

595 Prepaid Expense For 5 Month Nov-March =((1428/12)*5)

595

Case 2-3 Lone pine Caf (A) Balance Sheet As Of March 31, 2010
LONE PINE CAF BALANCE SHEET AS OF Assets Current assets: Cash Accounts receivable Inventory Prepaid expense Total current assets Noncurrent assets: Cafe equipment Less: Accumulated depreciation Total assets Liabilities and Owners Equity Current liabilities: Accounts payable Other liabilities: Note payable Total liabilities Owners equity: Mrs. Landers Mr. Antoine Mrs. Antoine Total liabilities and owners equity $1,583 $ 1,341 870 2,430 833 $5,474

54,600 ( 2,445 ) 52,155

$57,629

18,900

20,483

$12,382 12,382 12,382 37,146

$57,629

Question 3rd
Disregarding the marital complications, do you suppose that the partners would have been able to receive their proportional share of the equity determined in Question 2 if the partnership was dissolved on March 20, 2010? Why?
Melihat dari posisi Balance Sheet di bulan maret 2010, dapat terlihat bahwa perusahaan mengalami net loss sebesar $10,854 (T.equity 2009- T. Equity 2010), dalam hal membandingkan nilai dari Balance sheet dengan nilai sebenarnya, jika tidak segera dilikuidasi, Ny. Antoine tidak ada pilihan lain selain membayar senilai $ 12,382 untuk setiap partner yang lain. Jika kafe dijual dalam kondisi Going Concern (dalam hal ini berarti mentransfer nama entitas, aset berwujud, lisensi dan fasilitas sewa), mungkin bernilai lebih dari yang ditunjukkan pad "nilai buku" (dengan asumsi telah mendapatkan reputasi untuk menyajikan makanan lezat). Di sisi lain, dalam likuidasi, persediaan (inventory) mungkin sebenarnya tidak terlalu berharga, biaya dibayar di muka tidak memiliki nilai, peralatan restoran memiliki nilai rendah bila dijual di lelang. Dalam likuidasi, aset mungkin jarang membawa uang tunai yang cukup untuk membayar kewajiban. Akan sulit bagi Ny. Antoine untuk membayar masing-masing mitra lainnya yang senilai $ 12.382. Jika nilai likuidasi aset cafe 'hanya sekitar $ 20.483(total kewajiban),maka Tuan Antoine dan Ny. Landers lebih baik tidak memaksakan likuidasi