Nama : Alfian Rizal Mahendra

NIM : F0120013
Kelas :B
Prodi : Ekonomi Pembangunan

Tugas Chapter 5
Akuntansi Pengantar I
Bapak Taufiq Arifin, S.E., M.Sc., Ak.

E5-3 On September 1, Moreau Office Supply SA had an inventory of 30 calculators at a cost

of €22 each. The company uses a perpetual inventory system. During September, the
following transactions occurred.
Sept. 6 Purchased with cash 90 calculators at €20 each from Roux Co. SA, terms 2/10,
n/30.
9 Paid freight of €180 on calculators purchased from Roux Co.
10 Returned 3 calculators to Roux Co. for €66 credit (including freight) because
they did not meet specifi cations.
12 Sold 28 calculators costing €22 (including freight) for €33 each to Village
Book Store, terms n/30.
14 Granted credit of €33 to Village Book Store for the return of one calculator
that was not ordered.
20 Sold 40 calculators costing €22 for €35 each to Holiday Card Shop, terms
n/30.
Instructions
Journalize the September transactions.

Answer :

Sept. 6 Inventory (90 x €20) 1,800

Accounts Payable 1,800

9 Inventory 180
Cash 180

10 Accounts Payable 66
Inventory 66

12 Accounts Receivable (28 x €33) 924

Sales Revenue 924
Cost of Goods Sold (28 x €22) 616
Inventory 616
 14 Sales Return and Allowances 33
Accounts Receivable 33
Inventory 22
Cost of Goods Sold 22

20 Accounts Receivable (40 x €35) 1,400

Sales Revenue 1,400
Cost of Goods Sold (40 x €22) 880
Inventory 880

E5-9 Presented below is information for Bach Company, Ltd. for the month of March 2017.
Cost of goods sold £212,000 Rent expense £ 32,000
Freight-out 9,000 Sales discounts 7,400
Insurance expense 7,000 Sales returns and allowances 13,000
Salaries and wages expense 58,000 Sales revenue 380,000
Other comprehensive income 2,200

Instructions
(a) Prepare an income statement.
(b) Prepare a comprehensive income statement.
(c) Compute the gross profit rate.

Answer :
(a)
BACH COMPANY, LTD
Income Statement
For the Month Ended March 31, 2017

Sales revenues
Sales revenue €380,000
Less: Sales returns and allowances €13,000
Sales discounts 7,400 20,400
Net sales €359,600
Cost of goods sold 212,000
Gross profit 147,600
Operating expenses
Salaries and wages expense €58,000
Rent expense 32,000
Freight-out 9,000
Insurance expense 7,000
Total operating expenses 106,000
Net Income €41,600
 (b)
BACH COMPANY, LTD
Comprehensive Income Statement
For the Month Ended March 31, 2017

Net Income €41,600

Other Comprehensive Income 2,200
Comprehensive Income €43,800

(c)
Gross profit rate = £147,600 ÷ £359,600 = 41.05%.

E5-12 In 2017, Endeaver Company, Ltd. had net sales of £860,000 and cost of goods sold of
£533,200. Operating expenses were £221,000, and interest expense was £7,000.

Instructions
(a) Compute Endeaver’s gross profi t.
(b) Compute the gross profi t rate. Why is this rate computed by fi nancial statement
users?
(c) What is Endeaver’s income from operations and net income?
(d) In what section of its classifi ed statement of fi nancial position should Endeaver
report merchandise inventory?

Answer :
(a) £860,000 – £533,200 = £326,800.

(b) £326,800/£860,000 = 38%. The gross profit rate is generally considered to be more
useful than the gross profit amount. The rate expresses a more meaningful
(qualitative) relationship between net sales and gross profit. The gross profit rate
indicates what portion of each sales dollar goes to gross profit. The trend of the gross
profit rate is closely watched by financial statement users, and is compared with rates
of competitors and with industry averages. Such comparisons provide information
about the effectiveness of a company’s purchasing function and the soundness of its
pricing policies.

(c) Income from operations is £105,800 (£326,800 – £221,000), and net income is
£98,800 (£105,800 – £7,000).

(d) Inventory is reported as a current asset immediately below prepaid expenses.

P5-1B Book Nook Warehouse, AG distributes hardcover books to retail stores and extends
credit terms of 2/10, n/30 to all of its customers. At the end of May, Book Nook’s inventory
consisted of books purchased for €2,100. During June, the following merchandising
transactions occurred.
June 1 Purchased books on account for €1,850 from Phantom Publishers, FOB
destination, terms 2/10, n/30. The appropriate party also made a cash payment of
€50 for the freight on this date.
3 Sold books on account to Ex Libris for €2,600. The cost of the books sold was
€1,440.
6 Received €150 credit for books returned to Phantom Publishers.
9 Paid Phantom Publishers in full, less discount.
15 Received payment in full from Ex Libris.
17 Sold books on account to Bargain Books for €1,800. The cost of the books
sold was €1,040.
20 Purchased books on account for €1,500 from Bookem Publishers, FOB
destination, terms 2/15, n/30. The appropriate party also made a cash payment
of €50 for the freight on this date.
24 Received payment in full from Bargain Books.
26 Paid Bookem Publishers in full, less discount.
28 Sold books on account to Corner Bookstore for €1,300. The cost of the books
sold was €850.
30 Granted Corner Bookstore €125 credit for books returned costing €74.

Book Nook Warehouse’s chart of accounts includes the following: No. 101 Cash, No. 112
Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue,
No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods
Sold.

Instructions
Journalize the transactions for the month of June for Book Nook Warehouse using a perpetual
inventory system
Answer :

June 1 Inventory 1,850

Account Payable 1,850
3 Accounts Receivable 2,600
Sales Revenue 2,600
Cost of Goods Sold 1,440
Inventory 1,440
6 Accounts Payable 150
Inventory 150
9 Accounts Payable (€1,850 – €150) 1,700
Inventory (€1,700 X .02) 34
Cash 1,666
1 Cash 2,600
5
Accounts Receivable 2,600
1 Accounts Receivable 1,800
7
Sales Revenue 1,800
Cost of Goods Sold 1,040
Inventory 1,040
2 Inventory 1,500
0
Accounts Payable 1,500
2 Cash 1,764
4
Sales Discounts (€1,800 X .02) 36
Accounts Receivable 1,800
2 Accounts Payable 1,500
6
Inventory (€1,500 X .02) 30
Cash 1,470
2 Accounts Receivable 1,300
8
Sales Revenue 1,300
Cost of Goods Sold 850
Inventory 850
3 Sales Returns and Allowances 125
0
Accounts Receivable 125
Inventory 74
Cost of Goods Sold 74
P5-5B At the end of Ilhan Department Store’s fiscal year on November 30, 2017, these
accounts appeared in its adjusted trial balance.
Freight-In £7,500
Inventory 42,000
Purchases 585,000
Purchase Discounts 5,100
Purchase Returns and Allowances 2,900
Sales Revenue 1,000,000
Sales Returns and Allowances 25,000

Additional facts:
1. Merchandise inventory on November 30, 2017, is £54,600.
2. Ilhan Department Store uses a periodic system.

Answer :

ILHAN DEPARTEMENT STORE

Income Statement (Partial)
For the Year Ended November 30, 2017

Sales
Sales revenue £1,000,000
Less: Sales returns and allowances 25,000
Net sales £975,000
Cost of goods sold
Inventory, Dec. 1, 2016 £42,000
Purchases £585,000
Less: Purchase returns and allowances £2,900
Purchase discounts 5,100 8,000
Net purchases £577,000
Add: Freight-in 7,500
Cost of goods purchased £584,000
Cost of goods available
for sale 626,500
Less: Inventory, Nov. 30, 2017 54,600
Cost of goods sold 571,900
Gross profit £403,100