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HOMEWORK SESSION 1

Caroline Oktaviani - 01619190059


Exercise 1.1
Name of Company : PT. Industri Jamu dan Farmasi Sido Muncul, Tbk.

Exercise 1.8
a. The Chief Financial Officer is Leonard
b. The Names of Directors:
 President Director: David Hidayat
 Marketing Director : Irwan Hidayat
 Independent Commercial Director : Gerry Mustika
 Finance Director and Independent : Leonard
c. The firm who conducted the audit is Ernst & Young and yes they reviewed the entire
report.
d. The names of the financial statements provided:
1. Laporan Posisi Keuangan Konsolidasian (Consolidated Statement of Financial
Position)
2. Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian (Consolidated
Statement of Profit or Loss and Other Comprehensive Income)
3. Laporan Perubahan Ekuitas Konsolidasian (Consolidated Statement of Changes in
Equity)
4. Laporan Arus Kas Konsolidasian (Consolidated Statement of Cash Flows)
e. There are 75 pages of notes to the Consolidated Financial Statements.
f. There are no other reports.

Problem 2.20
a. Income Statement for Shae, Inc.
Shae, Inc.
Income Statement
For the Year Ended December 31, 2013
Sales………………………………………………………… $450,000
Cost of Goods Solds………………………………………... (270,000)
Gross Profit………………………………………………… $180,000
Selling, general, administrative expenses………………….. ( 36,000)
Income from operations……………………………………. $144,000
Interest expense……………………………………………. (24,000)
Income before taxes….…………………………………….. $120,000
Income tax expense………………………………………… (42,000)
Net Income…………………………………………………. $78,000
Statements of changes in stockholders’ equity for Shae, Inc.
Shae, Inc.
Statement of Changes in Stockholders’ Equity
For the Year Ended December 31, 2013
Paid-In Capital:
Common Stock……………………………………………... $105,000
Retained Earnings
Beginning Balance……………………………… $ 64,500
Net Income for the year………………………… 78,000
Less: Dividends declared and paid during year... (19,500)
Ending Balance..……………………………….. $120,000
Income tax expense………………………………………… 123,000
Total Stockholders’ Equity...………………………………. $228,000

Balance Sheet for Shae, Inc.


Shae, Inc.
Balance Sheet
December 31, 2013
Assets Liabilities and Stockhoders’ Equity
Current Assets Liabilities
Cash…………………………... $96,000 Accounts Payable…………….... $45,000
Accounts receivable………….. 60,000 Accrued Liabilities…………….. 9,000
Merchandise Inventory……….. 132,000 Notes Payable (long-term)…….. 150,000
Total currents assets………….. $288,000 Total Liabilities………………… $204,000
Property, Plant, and Equipment Stockholders’ Equity
Buildings and equipment…….. 252,000 Common Stock………………… $105,000
Less: Acumulated depreciation. (108,000) Retained Earnings……………… 123,000
Total Assets…………………….. $432,000 Total Stockholders’ Equity……. $228,000
Total Liabilities and
Stokholders’ Equity……………… $432,000

𝑖𝑛𝑐𝑜𝑚𝑒 𝑡𝑎𝑥 𝑒𝑥𝑝𝑒𝑛𝑠𝑒


b. Company’s average income tax rate : 𝑒𝑎𝑟𝑛𝑖𝑛𝑔 𝑏𝑒𝑓𝑜𝑟𝑒 𝑡𝑎𝑥𝑒𝑠

$42,000
= $120,000

= 35% average tax rate


𝑖𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑒𝑥𝑝𝑒𝑛𝑠𝑒
c. Interest rate charged on long-term debt : 𝑙𝑜𝑛𝑔−𝑡𝑒𝑟𝑚 𝑑𝑒𝑏𝑡

$24,000
= $150,000

= 16% interest rate


𝑑𝑜𝑙𝑙𝑎𝑟 𝑎𝑚𝑜𝑢𝑛𝑡 𝑓𝑜𝑟 𝑐𝑜𝑚𝑚𝑜𝑛 𝑠𝑡𝑜𝑐𝑘
d. Per value per share of common stock : 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑐𝑜𝑚𝑚𝑜𝑛 𝑠ℎ𝑎𝑟𝑒𝑠 𝑜𝑢𝑡𝑠𝑡𝑎𝑛𝑑𝑖𝑛𝑔

$105,000
= 21,000 𝑠ℎ𝑎𝑟𝑒𝑠

= $5 per value per share


𝑑𝑖𝑣𝑖𝑑𝑒𝑛𝑑𝑠 𝑑𝑒𝑐𝑙𝑎𝑟𝑒𝑑 𝑎𝑛𝑑 𝑝𝑎𝑖𝑑
e. Proportion of the Company’s earnings which used for dividends: 𝑛𝑒𝑡 𝑖𝑛𝑐𝑜𝑚𝑒

$19,500
= $78,000

= 25% dividend payout policy

Problem 2.26
a.
2011 2010
Net Sales $108,249 $65,225
Cost of Sales (64,431) (39,541)
Gross Profit $43,818 $25,684
Gross Profit/Net Sales 40,5% 39.4%

Gross Profit/Net Sales tahun 2011 dibandingkan dengan 2010 terlihat tidak terlalu signifikan.
Presentasi kenaikan adalah sebesar 1.1 %. Namun hal ini merupakan tanda yang baik bagi
perusahaan.
b.
2011 2010
Gross Profit (from part a above) $43,818 $25,684
Research and development expenses 2429 1782
Selling, general, and administrative expenses 7599 5517
Operating income $33,790 $18,385
Operating income/net sales 31.2% 28.2%

Operating income/net sales terlihat cukup signifikan dari tahun 2010 ke tahun 2011, apalagi jika
kenaikan ini terus berlanjut pada tahun tahun berikutnya.
c.
2011 2010
Operating income (from part b above) $33,790 $18,385
Other income, net 415 155
Income before taxes $34,205 $18,540
Provision for income taxes (8,283) (4527)
Net income $25,922 $14,013