tag:blogger.com,1999:blog-10829555263437334892024-02-06T21:24:09.088-08:00 HOSPITALITY FINANCIAL
materi kuliah Sekolah Tinggi Pariwisata AMPTA, Yogyakarta
; By: Budi H.budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-1082955526343733489.post-78019586048225751192014-10-30T23:24:00.000-07:002014-10-30T23:49:32.195-07:00Nilai Waktu Dari Uang<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span style="font-size: 24.0pt; line-height: 150%;">NILAI WAKTU DARI UANG<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Dalam penialaian
suatu investasi , perlu diketahui mengenai fakto nilai uang pada waktu yang
akan datang. Hal ini berarti nilai uang saat ini tidak dapat
disamakan dengan nilai uang di masa yang akan datang meskipun dengan junlah
nominal yang sama. Hal ini pada umumnya
terkait dengan faktor ekonomi secara umum dan bunga. Jika suatu investasi dibiayai dengan hutang
(pinjaman), maka perusahaan akan membayar kompensasi nilai waktu dari uang yang di sebut “ Bunga”. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Secara
historis, sejumlah nominal uang pada
saat ini “nilai”nya lebih besar dibandingkan dengan “nilai” dimasa yang akan
datang dengan jumlah nominal yang sama.
Sehingga, lebioh banyak orang menyukai menerima uang pada waktu sekarang
daripada waktu yang akan datang. Hal
tersebut disebut dengan “Time Prefference” atau keutamaan waktu, yang berarti
nilai uang akan berbeda tiap waktu.
Dalam penilaian suatu investasi, </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Perbandingan
antara penerimaan dan pengeluaran harus berdasarkan pada dasar waktu yang
sama. Dengan kata lain, penilaian
investasi harus mempertimbangkan faktor bunga dalam menilai penerimaan dan
pengeluaran.</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Perhitungan Nilai Uang dari Waktu<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<st1:place w:st="on">Ada</st1:place> beberapa metode yang
digunakan untuk menilai uang berdasarkan waktu, sebagai berikut:</div>
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;">Bunga Tetap/ Fixed Rate/Flat</li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Bunga
diperhitungkan dengan besarnya pokok yang sama, pada tingkat bunga yang sama
untuk setiap waktu. Dalam hal pinjaman,
meskipun pokok pinjaman sudah berkurang (diangsur) , namun bunga tetap dihitung
berdasarkan pokok pinjaman.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Contoh:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
PT.ABC
meminjam dana dari bank Rp.10.000.000,- dengan bunga 15% /th . Hutang dibayar 4
kali dalam waktu 4 tahun. Maka bunga yang harus dibayar:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 39.9pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
Tahun</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
Angsuran</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
Bunga</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
Angsuran/th</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
Pinjaman</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
1</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
2.500,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.500,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
4.000,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
10.000,-</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
2</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
2.500,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.500,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
4.000,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
7.500,-</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 3;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
3</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
2.500,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.500,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
4.000,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
5.000,-</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
4</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
2.500,-</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.500,-</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
4.000,-</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
2.500,-</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
10.000,-</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
6.000,-</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
16.000,-</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.1in;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
0</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Dapat
dihitung dengan rumus:</div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: center;">
<b>I = P . n . i<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
I
= Besarnya total bunga</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
P
= Pokok Pinjaman</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
n
= Jumlah tahun</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
i
= tingkat bunga per tahun</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Total
bunga di atas dapat dihitung:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
I
= 10.000.000,- x 4 th x 15% = 6.000.000,-</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<ol start="2" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;">Nilai Majemuk / Compound/Bunga Berbunga</li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Nilai
Majemuk (compound value) merupakan penjumlahan dari sejumlah uang pokok dan
bunga yang diperolehnya selama periode
waktu tertentu, jika bunga tidak diambil setiap saat. Nilai di masa yang akan
datang dari sejumlah uang disebut juga Future Value (FV).</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Rumus: </div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: center;">
<b>Fn = P x (1 + i ) <sup>n</sup><o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Fn = Jumlah pokok dan bunga</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
P
= Pokok Pinjaman</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
i
= Tingkat Bunga</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
n
= Jumlah Tahun </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
sebagai contoh:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Pak
Rahmat menyimpan uangnya sebesar Rp.10.000.000,- dalam deposito selama 5 tahun. Bunga sebesar 15%/ tahun, tidak diambil sampai
jatuh tempo. Maka dengan uraian
dan rumus tersebut dapat dihitung berapa besar jumlah uang pak Rahmat di akhir
tahun ke 5.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
(Rp.000,-)</div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 68.1pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
Tahun</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
Simpanan</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 80.7pt;" valign="top" width="108"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
Bunga</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
Pokok
+ Bunga</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
1</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
10.000,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 80.7pt;" valign="top" width="108"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.500,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
11.500,-</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
2</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
11.500,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 80.7pt;" valign="top" width="108"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.725,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
13.225,-</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 3;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
3</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
13.225,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 80.7pt;" valign="top" width="108"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.983,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
15.208,-</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 4;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
4</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
15.208,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 80.7pt;" valign="top" width="108"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
2.281,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
17.490,-</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 5;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
5</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
17.490,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 80.7pt;" valign="top" width="108"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
2.623,-</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
20.113,-</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 80.7pt;" valign="top" width="108"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Jadi
uang pak rahmat diakhir tahun ke 5 sebesar Rp.20.113.000,-</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<br /></div>
<ol start="3" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;"><b>Nilai Sekarang
/ Present Value<o:p></o:p></b></li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Present
value (PV) merupakan lawan dari Future
Value (FV) yaitu merupakan jumlah uang pada permulaan /awal periode berdasar tingkat
bunga tertentu dari sejumlah uang yang akan diterima beberapa periode yang akan
datang.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Rumus:</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 2.5in; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .6in;" width="58"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b>Pn
=<o:p></o:p></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b>Fn<o:p></o:p></b></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.0in;" valign="top" width="96"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b>(1 + i) <sup>n</sup><o:p></o:p></b></div>
</td>
</tr>
</tbody></table>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: center;">
atau</div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: center;">
<b>Pn = Fn ( 1 + i) <sup>–n<o:p></o:p></sup></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
P = Nilai Sekarang</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
Fn = Nilai yang akan datang (future value)</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
i = Tingkat Bunga</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
n = Jumlah tahu</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
<b>( 1 + i) <sup>–n </sup> </b>disebut pula sebagai Discount Factor (DF)</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
<b>Contoh:<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
Berapa Present
Value dari jumlah uang Rp. 10.000.000,- yang akan diterima pada akhir tahun ke
5, jika tingkat bunga 15%/th dengan bunga majemuk?</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
PV = 10.000.000,-
x ( 1 = 0,15) -5</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
= 10.000.000,- x 0,497 = Rp. 4.970.000,-<span lang="IN"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
<br /></div>
<ol start="4" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b>Nilai Majemuk
dari suatu “ Annuity” ( Annuity Compound Sum)<o:p></o:p></b></li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
Annuity merupakan
seri (rangkaian) pembayaran sejumlah uang dengan jumlah yang sama pada su<span lang="IN">a</span>tu periode , pada tingkat bunga
tertentu. Pembayaran dilakukan setiap
akhir tahun berjalan.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
Rumus:</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" width="67"><div class="MsoNormal" style="line-height: 150%;">
<b>AF n = <o:p></o:p></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 4.25pt 0in 4.25pt; width: .5in;" width="48"><div class="MsoNormal" style="line-height: 150%;">
<b> A x<o:p></o:p></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.5in;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<b>(1 + i) <sup>n </sup> - 1<o:p></o:p></b></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.5in;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<b> i<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
Dimana:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
AFn = Nilai uang yang akan datang dari
sejumlah pembayaran secara seri</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
A =
Besarnya pembayaran tiap seri</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
i = Tingkat Bunga</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
n =
jumlah tahun </div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
contoh:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
Suatu perusahaan
mempunyai rencana membentuk Cadangan Modal Kerja yang diinvestasikan setiap awal tahun sebesar Rp.20.000.000,-, dalam waktu 5 tahun, bunga 15% per
tahun. Berapa jumlah cadangan
tersebut pada akhir tahun ke 5?</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" width="67"><div class="MsoNormal" style="line-height: 150%;">
<b>AF n = <o:p></o:p></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 4.25pt 0in 4.25pt; width: 1.1in;" width="106"><div class="MsoNormal" style="line-height: 150%;">
<b> 20.000.000 x<o:p></o:p></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.5in;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<b>(1 + 0,15) <sup>5 </sup> - 1<o:p></o:p></b></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.5in;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<b> 0,15<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
<b> = 20.000.000,- x
6,742 = 130.484.761,-<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
<br /></div>
<ol start="5" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in;"><b>Nilai Sekarang
dari suatu Annuity ( Annuity Present Value)<o:p></o:p></b></li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
Nilai sekarang
dari suatu Annuity merupakan lawan dari annuity compound
sum. Nilai sekarang dari suatu pembayaran
seri dari sejumlah uang di masa yang akan datang , dengan tingkat bunga tertentu.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
Rumus:</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" width="67"><div class="MsoNormal" style="line-height: 150%;">
<b>AP n = <o:p></o:p></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 4.25pt 0in 4.25pt; width: 29.3pt;" width="39"><div class="MsoNormal" style="line-height: 150%;">
<b> A x <o:p></o:p></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 71.5pt;" valign="top" width="95"><div class="MsoNormal" style="line-height: 150%;">
<b>(1 + i) <sup>n </sup> - 1<o:p></o:p></b></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 71.5pt;" valign="top" width="95"><div class="MsoNormal" style="line-height: 150%;">
<b> i (1 +i)<sup> n</sup> I<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
Dimana:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
APn = Nilai sekarang dari total uang yang akan datang dari
sejumlah </div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
pembayaran secara seri</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
A =
Besarnya pembayaran tiap seri</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
i = Tingkat Bunga</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
n =
jumlah tahun </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
contoh:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify; text-indent: -.5in;">
Bank
menawarkan pinjaman sejumlah Rp.10.000.000,- yang dibayarkan secara bertahap
selama 5 tahun ( tiap tahun menerima Rp.2.000.000,-). Tingkat bunga sebesar
15%. Berapa present value dari total
penerimaan selama 5 tahun sebesar Rp. 10.000.000,- ?</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify; text-indent: -.5in;">
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" width="67"><div class="MsoNormal" style="line-height: 150%;">
<b>AP n = <o:p></o:p></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 4.25pt 0in 4.25pt; width: 1.1in;" width="106"><div class="MsoNormal" style="line-height: 150%;">
<b> 2.000.000,- x <o:p></o:p></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.5in;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<b>(1 + 0,15) <sup>5 </sup> - 1<o:p></o:p></b></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.5in;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<b> 0,15 (1 + 0,15)<sup> 5</sup> I<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
<td style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 4.25pt 0in 4.25pt; width: 1.1in;" width="106"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.5in;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify; text-indent: -.5in;">
</div>
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"> <b>= 2.000.000,- x
3,352 = 6.704.000,-</b></span><br />
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><b><br /></b></span>
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><b><span style="color: #0c343d;">Tugas : <a href="https://docs.google.com/document/d/1yLFrDAyM2kVUPnT35GD2CDoTBl7DC7-kiGg6nJl1Egs/edit?usp=sharing">Nilai Waktu Uang</a></span></b></span><br />
<span style="color: #cc0000; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br /></span>
<span style="color: #cc0000; font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br /></span>budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-51556465268680619722013-06-16T20:42:00.002-07:002013-06-16T20:50:03.316-07:00Mengelola Persediaan<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span style="font-size: 24.0pt; line-height: 150%;">MANAJEMEN PERSEDIAAN<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Persediaan
barang merupakan aset perusahaan membiayai operasional/produksi
perusahaan. Persediaan memerlukan pengelolaan yang baik, karena
kesalahan dalam perencanaan dan pengelolaan dapat menyebabkan kerugian
perusahaan. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Pembiayaan
persediaaan yang terlalu besar atau melebihi kebutuhan operasional akan
memperbesar biaya penyimpanan dan berisiko terjadinya kerusakan. Hal tersebut tentunya akan menyebabkan
kerugian bagi manajamen tanpa transaksi penjualan apapun. Sebaliknya persediaan yang jumlahnya terlalu
sedikit dibandingkan kebutuhan operasional, akan mempunyai efek terhadap keuntungan
perusahaan pula. Keterbatasan jumlah
persediaaan akan menghambat produktifitas usaha. Tidak terpenuhinya
pesanan/penjualan akibat kekurangan persediaan tentunya menyebabkan hilangnya
kesempatan perusahaan untuk memperoleh pendapatan dan keuntungan.<br />
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-KcxuGTWBC94/Ub6HSMCLOYI/AAAAAAAABIc/rUr28JtM2WA/s1600/logistic1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="140" src="http://3.bp.blogspot.com/-KcxuGTWBC94/Ub6HSMCLOYI/AAAAAAAABIc/rUr28JtM2WA/s320/logistic1.jpg" width="320" /></a></div>
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Persediaan Di Hotel<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Persediaan dalam
operasional Hotel , umumnya terdiri dari tiga macam, yaitu: Makanan, Minuman
dan supplies. Persediaan di hotel ,
hampir seluruhnya merupakan bahan baku
yang masih memerlukan pengelolaan/proses produksi untuk siap dijual. Berbeda dengan perusahaan
manufaktur, selain beberapa berupa persediaaan bahan <st1:place w:st="on">baku</st1:place> , namun juga terdapat persediaan barang
jadi yang siap dijual. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Sebagian besar
persediaan yang berupa bahan baku ini mempunyai tingkat biaya pemeliharaan yang
besar dan mempunyai risiko kerusakan yang besar pula. Sebaliknya sedikitnya
persediaan makanan misalnya, akan berakibat banyaknya pesanan tamu yang tidak
dapat dipenuhi.</div>
<div class="MsoNormal" style="line-height: 150%;">
Persediaan memerlukan pengelolaan
agar memenuhi kebutuhan operasional. <st1:place w:st="on">Ada</st1:place> beberapa metode yang
dapat digunakan untuk menentukan jumlah persediaan, yaitu:</div>
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in;">Rata- Rata Bulanan (Monthly Average)</li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
Jumlah persediaan
diperhitungkan berdasar rata- rata kebutuhan barang untuk produksi per tahun,
kemudian di perhitungkan rata-rata
kebutuhan per bulannya.</div>
<ol start="2" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in;">Rata- Rata Bulanan Bergerak ( Moving Monthly Average)</li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Jumlah
persediaan diperhitungkan berdasarkan rata-rata kebutuhan barang untuk produksi
beberapa bulan (misal , Tri wulan I:
Januari ,Februari , Maret), kemudian ditetapkan lagi berdasar kebutuhan
beberapa bulan berikutnya (Tri Wulan II).
Jumlah persediaan ini berubah – ubah sesuai dengan kebutuhan rata-rata
tiap tri wulan.</div>
<ol start="3" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in;">Penentuan batas minimun dan maksimum </li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Jumlah
persediaan ditentukan dengan pedoman batas minimun dan maksimum. Penentuan jumlah ini harus didasarkan
penelitian dari data pemakaian yang lalu (sesuai dengan kapasitas produksi yang
berubah- ubah) , sehingga manajemen mengetahui berapa seharusnya jumlah minimal yang harus
tersedia dan maksimal. </div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b>Tingkat Perputaran Persediaan<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Jumlah
persediaan ditentukan dengan pedoman pada tingkat perputaran persediaan. Perputaran persediaaan merupakan seberapa
kalau secara rata-rata persediaan masuk – keluar gudang dalam satu tahun untuk digunakan dalam operasional. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Tingkat
perputaran persediaan (Inventory Turn Over/ITO) di hitung sebagai berikut:</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 70.2pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.7in;" width="163"><div class="MsoNormal" style="line-height: 150%;">
Inventory Turn Over =</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.7in;" valign="top" width="163"><div class="MsoNormal" style="line-height: 150%;">
Cost of Food Used</div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.7in;" valign="top" width="163"><div class="MsoNormal" style="line-height: 150%;">
Average Inventory</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
Semakin cepat ( semakin tinggi angka
putaran) tingkat perputaran persediaan akan semakin baik, karena persediaan
digudang semakin cepat digunakan untuk produksi/opersional. Sebaliknya semakin lambat (semakin kecil angka
putaran) menunjukkan semakin lambat
persediaan digunakan /diserap untuk produksi.
Hal tersebut menunjukkan menumpuknya persediaan di gudang dan berisiko
rusak. </div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b>Pembelian Yang Ekonomis (Economical Order Quantity)<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Economical Order
Quantity (EOQ) merupakan jumlah pembelian persediaan yang diperoleh dengan
biaya yang hemat, atau dapat juga dikatakan sebagai jumlah pembelian yang
optimal. Dalam pembelian dapat saja pembelian yang tidak
menghemat biaya dikarena adanya biaya -
biaya yang timbul akibat pembelian misalnya, biaya pengiriman. Pembelian dalam jumlah sedikit dan berulang-
ulang dapat menyebabkan timbulnya biaya yang cukup besar , sehingga akan
mempengaruhi harga persediaan. Selain itu biaya pengiriman dan penyimpanan perlu
diperhitungkan, apalagi diperlukan biaya sewa gudang</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Reorder Point<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Reorder point
merupakan waktu dimana (kapan) pesanan harus dilakukan kembali. Dengan mengetahui kapan harus diakukan pemesanan
kembali, diharapkan barang akan datang sebelum persediaan habis digudang. Pemesanan kembali diharapkan dapat memenuhi
ketersediaan barang dalam hal waktu maupun jumlah barang. Dalam penentuan Re-order point perlu ditentukan:</div>
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify;">Waktu yang dibutuhkan untuk memperoleh persediaan (
lead time)</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify;">Jumlah persediaan minimum (safety stock)</li>
</ol>
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 39.9pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 20.7pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="height: 20.7pt; padding: 0in 5.4pt 0in 5.4pt; width: 4.9in;" width="470"><div class="MsoNormal" style="line-height: 150%;">
<b>Reorder Point = (Lead Time x Consumption ) + Safety Stock.<o:p></o:p></b><br />
<b><br /></b>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-98mLgsRql-A/Ub6HY0feTWI/AAAAAAAABIk/xvAYtL1uw4M/s1600/logistic2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-98mLgsRql-A/Ub6HY0feTWI/AAAAAAAABIk/xvAYtL1uw4M/s1600/logistic2.jpg" /></a></div>
<b><br /></b></div>
</td>
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</tr>
</tbody></table>
budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-84774757143783358532013-06-16T20:19:00.000-07:002013-06-16T20:26:28.836-07:00Mengelola Piutang<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span style="font-size: 26.0pt; line-height: 150%;">MANAJEMEN PIUTANG<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Piutang
merupakan harta perusahaan yang timbul dari kebijakan penjualan secara
kredit. Dalam operasional hotel, dapat
dikatakan hampir sebagian besar transaksi penjualan kepada tamu dilakukan
secara kredit. Tamu akan membayar sejumlah tagihan ( bill) pada saat mereka
check out, sehingga selama mereka tinggal manajemen akan tetap mencatat
transaksi penjualan secara kredit. Karakter usaha hotel dapat dikatakan
demikian, karena kurang lazim jika menagih tamu setiap transaksi atau saat mereka
masih tinggal di hotel. Tentu saja, transaksi penjualan secara kredit ini dapat menimbulkan risiko tidak
tertagihnya piutang. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-W-QOib-UO2A/Ub6BI0VpfHI/AAAAAAAABIE/uMobmgX_Oto/s1600/piutang+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-W-QOib-UO2A/Ub6BI0VpfHI/AAAAAAAABIE/uMobmgX_Oto/s1600/piutang+2.jpg" /></a></div>
<b>Besar Kecilnya Piutang<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Besar kecilnya
jumlah piutang perusahaan dapat
dipengaruhi beberapa faktor antara lain:</div>
<ol start="1" style="margin-top: 0in;" type="a">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;">Volume penjualan kredit</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;">Syarat pembayaran penjualan kredit mis: jumlah dan batas waktu </li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;">Batas volume penjualan kredit, mis: jumlah barang
atau jasa</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;">Kebiasaan membayar para konsumen , mis: cash discount
dan credit card</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-align: justify;">Kegiatan penagihan piutang dari perusahaan</li>
</ol>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Pertimbangan Kredit bagi Pelanggan / Tamu
Perorangan<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Tidak berbeda
jauh dengan perusahaan atau organisasi, kebiijakan kredit yang diterapkan untuk
pelanggan/tamu perseorangan perlu ditetapkan manajemen untuk menghindari risiko
kredit. Usaha manajemen dalam bidang
Hotel untuk memperkecil risiko kredit antara lain:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .75in; mso-list: l1 level1 lfo3; tab-stops: list .75in; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]--> 1.<span style="font-size: 7pt; line-height: normal;">
</span><!--[endif]-->Penilaian terhadap tamu chek In</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .75in; text-align: justify;">
Secara umum penilaian dapat menggunakan kriteria 5 C. Selain itu,
manajemen dapat pula menilai berdasarkan
besar kecilnya tas yang dibawa oleh tamu dibandingkan dengan lama
menginap. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
2.
Batas Kredit </div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .8in; text-align: justify;">
Manajemen
perlu menetapkan batas jumlah kredit yang diberikan kepada tamu selama
menginap. Misalnya , ditetapka sebesar 7 juta rupiah, sehingga meskipun tamu
masih menginap akan tetapi Bill telah mencapai 7 juta, tamu tersebut hendaknya
memberikan deposit.</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
3. Batas Waktu</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .8in; text-align: justify;">
Manajemen
perlu menetapkan dalam waktu berapa lama tamu harus memberikan deposit atas
bill nya selama menginap. Penetapan
waktu ini dapat ditentukan berdasarkan
waktu rata-rata tamu menginap.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; mso-list: l3 level1 lfo2; tab-stops: list .8in; text-align: justify; text-indent: 0in;">
4. Sistem Informasi Manajemen yang baik </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Penggunaan
sistem komputer jaringan memudahkan manajemen dalam memantau kebijakan kredit
yang diterapkan selama tamu menginap</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Mempertimbangkan Risiko Piutang<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Risiko tidak
tertagihnya piutang yang merupakan suatu kerugian bagi manajemen harus telah
dipertimbangkan. Pertimbangan tersebut baik mengenai jumlah dan type perusahaan
yang mempunyai risiko piutang. Dalam
mempertimbangkan risiko kredit ada eberapa hal yang perlu diperhatikan oleh
manajemen, yaitu:<br />
<br />
1. <b>Penentuan
jumlah risiko piutang yang sanggup ditanggung perusahaan</b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Perusahaan
perlu mempertimbangkan adanya risiko tidak tertagihnya piutang atau batas
risiko yang sanggup ditanggung. Misalnya
manajmen menetapkan besarnya risko sebesar 5% dari saldo rata-rata
piutang. Apabila kelak pada akhir tahun
usaha ( periode akuntansi) ada piutang yang tidak terbayar (diragukan), maka
hal tersebut merupakan hal yang sudah dipertimbangkan oleh manajemen (bukan
merupakan hal yang tidak terduga sebelumnya).<br />
<br />
2.<b>Penyelidikan
historis tentang kemampuan konsumen penuhi kewajiban</b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Manajemen
perlu untuk mengkalsifikasikan golongan risiko para pelanggan/konsumen. Besarnya risiko kredit dapat ditentukan berdasarkan data masa lalu, misalnya dengan
data 5 tahun terkahir dan probabilitasnya (kemungkinan) yang terjadi untuk masa
yang akan datang yang dihitung dari mean.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<b> <o:p></o:p></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 86.85pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 2.85pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 2.85pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span style="font-size: 10.0pt; line-height: 150%;">Risiko Kredit 5th<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 2.85pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span style="font-size: 10.0pt; line-height: 150%;">Prob. Y.a.d<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 2.85pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span style="font-size: 10.0pt; line-height: 150%;">Mean<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 2.85pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 2.85pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">4%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 2.85pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">25%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 2.85pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">1%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">3%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">10%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">0,3%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">5%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">20%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">1%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">6%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">25%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">1,5%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-bottom: solid windowtext 1.5pt; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">5%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">20%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">1%<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td colspan="2" style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 2.7in;" valign="top" width="259"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">Mean<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: 1.5pt; mso-border-color-alt: windowtext; mso-border-left-alt: .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: .5pt; mso-border-style-alt: solid; mso-border-top-alt: 1.5pt; mso-border-top-alt: solid windowtext 1.5pt; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10.0pt; line-height: 150%;">4,8%<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .6in; text-align: justify;">
Berdasarkan pengalaman masa lalu,
maka pelanggan/konsumen dapat dikelompokkan pada golongan risiko:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .6in; text-align: justify;">
<b>Golongan I : Risiko kredit di bawah 4,8%<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .6in; text-align: justify;">
<b>Golongan II: Risiko kredit pada 4,8%<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .6in; text-align: justify;">
<b>Golongan III: Risiko kredit di atas 4,8%<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .6in; text-align: justify;">
Sebenarnya
penilaian ini tidak sebatas materiil saja, akan tetapi juga karakter pelanggan
(kesediaan untuk membayar/itikad baik) dan kepercayaan pihak luar terhadap
pelanggan tersebut<br />
<br />
3.<b>Mengadakan
Seleksi Pelanggan</b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Manajemen
perlu membuat suatu keputusan kredit, yaitu menyeleksi pelanggan – pelanggan
yang tidak memperoleh fasilitas kredit, khususnya yang masuk dalam golongan
diatas 4,<span lang="IN">8</span>%.</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Analisa Terhadap Saldo Piutang</b><br />
<b><br /></b></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Metode
lain yang dapat digunakan untuk membantu manajemen dalam mengambil kebijakan
kredit yaitu analisa umur piutang.
Metode ini melakukan klasifikasi piutang berdasarkan umur atau lamanya
piutang tersebut ada. Daftar umur
piutang bermanfaat untuk mengetahui
piutang yang telah jatuh tempo segera untuk ditagih, dan piutang yang
telah kadaluwarsa, serta piutang yang tidak mungkin untuk ditagih dan harus
dihapuskan.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 39.9pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border-bottom: solid windowtext 1.5pt; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 123.9pt;" valign="top" width="165"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Umur</div>
</td>
<td style="border-bottom: solid windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 63.3pt;" valign="top" width="84"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Maret</div>
</td>
<td style="border-bottom: solid windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .6in;" valign="top" width="58"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 59.1pt;" valign="top" width="79"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
April</div>
</td>
<td style="border-bottom: solid windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 123.9pt;" valign="top" width="165"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
0 – 30 hari</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 63.3pt;" valign="top" width="84"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
29.500</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .6in;" valign="top" width="58"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
79,5%</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 59.1pt;" valign="top" width="79"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
28.200</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
74,2%</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 123.9pt;" valign="top" width="165"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
31 – 60 hari</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 63.3pt;" valign="top" width="84"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
5.900</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .6in;" valign="top" width="58"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
15,9%</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 59.1pt;" valign="top" width="79"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
4.400</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
11,6%</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 123.9pt;" valign="top" width="165"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
61 – 90 hari</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 63.3pt;" valign="top" width="84"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.200</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .6in;" valign="top" width="58"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
3,2%</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 59.1pt;" valign="top" width="79"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
4.300</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
11,3% *)</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 123.9pt;" valign="top" width="165"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
91 hari lebih</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 63.3pt;" valign="top" width="84"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
500</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .6in;" valign="top" width="58"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
1,4%</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 59.1pt;" valign="top" width="79"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
1.100</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
2,9% *)</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 5;">
<td style="border-bottom: solid windowtext 1.5pt; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 123.9pt;" valign="top" width="165"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 63.3pt;" valign="top" width="84"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-bottom-alt: solid windowtext 1.5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .6in;" valign="top" width="58"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.5pt; border-left: none; border-right: solid windowtext 1.5pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 59.1pt;" valign="top" width="79"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-left-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 123.9pt;" valign="top" width="165"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 63.3pt;" valign="top" width="84"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
37.100</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .6in;" valign="top" width="58"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
100%</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-border-top-alt: solid windowtext 1.5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 59.1pt;" valign="top" width="79"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
38.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
100%</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Jika
trend ini berlangsung terus menerus (*) dimana jumlah prosentase piutang yang
umur mendekati kadaluarsa semakin besar, maka manajemen perlu mengambil
kebijakan baru untuk mempercepat pebnagihan piutang atau memperkecil risiko
piutang.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-iHceCd0VNIY/Ub6BlyNnOXI/AAAAAAAABIM/wetbQif-6AU/s1600/piutang1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-iHceCd0VNIY/Ub6BlyNnOXI/AAAAAAAABIM/wetbQif-6AU/s1600/piutang1.jpg" /></a></div>
<br /></div>
budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-57024582437138770282013-06-16T20:01:00.001-07:002013-06-16T20:07:13.276-07:00Mengelola Kas<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-size: 24.0pt;">MENGELOLA KAS<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: .5in;">
Dibandingkan
dengan beberapa industri, pada umumnya
industri hotel mempunyai rasio yang kecil antara aktiva lancar dari total asetnya.
Sebaliknya, Hotel mempunyai
aktiva tetap yang jauh lebih besar dibandingkan dengan aktiva lancarnya. Berbeda dengan industri manufaktur, industri
ini mempunyai aktiva lancar yang cukup besar dalam hal piutang , namun kecil
pada rekening persediaan. Persediaan dalam
perusahaan manufaktur umumnya sangat besar dibandingkan dengan jumlah
persediaan di hotel. Hal tersebut karena persediaan yang tersimpan tidak
hanya bahan <st1:place w:st="on">baku</st1:place>
, tetapi juga barang setengah jadi dan barang jadi.<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-ZgIsh1nA9XI/Ub59NEe5AXI/AAAAAAAABHs/hzK4NW71Fbc/s1600/cash1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-ZgIsh1nA9XI/Ub59NEe5AXI/AAAAAAAABHs/hzK4NW71Fbc/s1600/cash1.jpg" /></a></div>
</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: .5in;">
Sedangkan hotel dan restaurant, rekening
persediaan relative kecil, karena tidak
menyimpan barang atau produk jadi. Dalam operasional hotel, tidak dicatat
persediaan makanan jadi ataupun persediaan kamar. Hotel dan restaurant sebagian besar transaksi dilakukan secara
kas dan kredit jangka pendek. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Pengelolaan aktiva lancar secara secara efektif akan meningkatkan laba dan secara langsung akan meningkatkan
performa keuangan. Manajemen perlu untuk mempertimbangkan liquiditas rekening
dalam aktiva lancar. </div>
<div class="MsoNormal">
</div>
<div class="MsoNormal" style="line-height: 150%;">
<b>KAS<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Hotel perlu memperhitungan tingkat kas yang dimiliki untuk kebutuhan transaksi seperti: membeli
bahan makanan dan minuman, perlengkapan kamar ataupun membayar gaji
karyawan. Kas merupakan aktiva yang
paling liquid atau aktiva yang paling siap digunakan untuk membiayai kegiatan
usaha. Jumlah kas yang dimiliki
perusahaan tergantung dari besarnya penerimaan dan pengeluaran. Penerimaan dan
pengeluaran kas dapat bersifat rutin dan tidak rutin. Penerimaan kas yang kontinyu misalnya yang
bersumber dari penjualan tunai dan
penerimaan piutang, sedangkan penerimaan
tidak rutin misalnya dari penjualan aktiva tetap dan penarikan hutang. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Transaksi
pengeluaran kas dapat bersifat kontinyu, misalnya untuk membayar gaji, listrik
, telpon , dan sebagainya. Akan tetapi ada pula yang sifatnya tidak kontinyu (
intermittent) misalnya untuk pembelian aktiva tetap.</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Yang Pengaruhi Kas<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<st1:place w:st="on">Ada</st1:place> beberapa faktor yang
dapat mempengaruhi penerimaan dan pengeluaran kas, antara lain:</div>
<ol start="1" style="margin-top: 0in;" type="a">
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l3 level2 lfo1; tab-stops: list 1.0in; text-align: justify;">Penjualan</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l3 level2 lfo1; tab-stops: list 1.0in; text-align: justify;">Kebijakan Penagihan Piutang</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l3 level2 lfo1; tab-stops: list 1.0in; text-align: justify;">Kebijakan Penjualan Saham/investasi</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l3 level2 lfo1; tab-stops: list 1.0in; text-align: justify;">Rencana penerimaan non operasional , mis: bunga
deposito</li>
</ol>
</ol>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Faktor yang
mempengaruhi pengeluaran kas, antara lain:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; mso-list: l2 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: .2in;">
<!--[if !supportLists]-->1.<span style="font-size: 7pt; line-height: normal;">
</span><!--[endif]-->Pengeluaran biaya produksi</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; mso-list: l2 level1 lfo2; tab-stops: list .7in; text-align: justify; text-indent: .2in;">
<!--[if !supportLists]-->2.<span style="font-size: 7pt; line-height: normal;">
</span><!--[endif]-->Pengeluaran biaya administrasi umum</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; mso-list: l2 level1 lfo2; tab-stops: list .7in; text-align: justify; text-indent: .2in;">
<!--[if !supportLists]-->3.<span style="font-size: 7pt; line-height: normal;">
</span><!--[endif]-->Pembayaran Hutang</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; mso-list: l2 level1 lfo2; tab-stops: list .7in; text-align: justify; text-indent: .2in;">
<!--[if !supportLists]-->4.<span style="font-size: 7pt; line-height: normal;">
</span><!--[endif]-->Pembayaran kembali saham</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Tentunya hal-hal
tersebut sangat dipengaruhi pula rencana
keuangan perusahaan lainhya seperti kenaikan gaji, penambahan biaya pemasaran,
penurunan harga jual , dan lainnya.</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Saldo Kas<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Jumlah kas yang
dimiliki perusahaan sangat mempengaruhi kelancaran operasional perusahaan. Makin besar jumlah kas yang dimiliki
perusahaan , maka semakin tinggi tingkat liquiditas ( kemampuan membayar)
perusahaan. Hal ini berarti semakin
kecil risiko perusahaan untuk tidak dapat membayar kewajiban finansialnya (
hutang). </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Akan tetapi
bukan berarti perusahaan harus tetap mempertahankan kas dalam jumlah besar
seterusnya. Jumlah kas yang disimpan terlalu besar akan berakibat banyaknya
sumber modal kerja menganggur, hal ini dapat mengurangi produktifitas maupun
profitabilitas yang lebih tinggi.
Perusahaan perlu menjaga agar saldo kas dalam jumlah yang mencukupi
kebutuhan operasional. Sebaliknya jika perusahaan terlalu mengejar
profitabilitas saja, akan banyak uang yang ditanamkan dalam bentuk investasi.
Hal tersebut dapat berakibat kesulitan pembayaran untuk kewajiban /hutang yang
jatuh tempo.</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Untuk menentukan
berapa sebaiknya kas disimpan dalam perusahaan, sebenanya belum ada standar
yang bersifat umum, karena hal tersebut tergantung dari jenis dan kebutuhan
operasional perusahaan. Beberapa ahli
mengatakan sebaiknya kas tidak kurang dari 10% dari total aktiva lancar. <br />
<br />
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<br />
Beberapa hal yang perlu diperhatikan dalam
menjaga jumlah kas dalam operasional hotel sebagai berikut:</div>
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<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; tab-stops: list .5in; text-align: justify;">Menyusun anggaran kas untuk mengetahui jumlah kas
masuk dan kas keluar.</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; tab-stops: list .5in; text-align: justify;">Pertimbangkan kejadian (event) yang memerlukan kas
yang cukup besar.</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; tab-stops: list .5in; text-align: justify;">Pertimbangkan jumlah yang harus dipinjam dan berapa
jumlah kas minimum yang harus tersedia.</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; tab-stops: list .5in; text-align: justify;">Pengelolaan kas yang efisien, dimana kelebihan kas
dapat digunakan untuk investasi yang
menguntungkan.</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; tab-stops: list .5in; text-align: justify;">Pertimbangkan kecukupan kas berdasarkan bukti
transaksi dan pengalaman pada tahun- tahun yang lalu.</li>
</ol>
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<br /></div>
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<b>Mengoptimumkan Pengelolaan Kas</b></div>
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Dalam
operasional hotel ada beberapa cara untuk mengatur kas agar pengeluarannya
lebih efektif dan efisien:</div>
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo4; tab-stops: list .5in; text-align: justify;">Menunda Pembayaran sampai tagihan (hutang) jatuh
tempo.</li>
</ol>
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Tindakan
tersebut bukan berarti menunda
pembayaran sampai lewat jatuh tempo.
Perusahaan yang mempunyai
reputasi buruk dalam pembayaran akan kesulitan untuk memperoleh persediaan
bahan makana, minuman maupun perlengkapan
dari supplier. Hotel umumnya
membeli persediaan bahan tersebut dengan cara tempo pembayaran.</div>
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<br /></div>
<ol start="2" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo4; tab-stops: list .5in; text-align: justify;">Memanfaatkan diskon
pembayaran</li>
</ol>
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Pada beberapa industri hotel, transaksi pembelian
kebutuhan operasional seperti bahan
makanan , minuman dan perlengkapan,
seringkali supplier menawarkan discount untuk percepatan
pembayaran. Jika ada penawaran discount
percepatan pembayaran, mungkin majajemen perlu untuk mempertimbangkan
manfaatnya. Misalnya supplier memberikan
tarip diskon sebesar 2,5% untuk invoice
yang dibayar kurang dari 10 hari; sedangkan jatuh tempo pembayaran selama 60
hari. Pada pembelian sebesar Rp.10.000.000,- jika
dibayar dalam 10 hari maka akan
memperoleh diskon Rp.250.000,- Jumlah diskon tersebut mungkin jumlah yang
sedikit , akan tetapi menjadi besar jika omset pembelian pihak hotel kepada supplier juga besar dalam satu
tahunnya. Manajemen dapat mengambil manfaat diskon tersebut tanpa menganggu likuiditas
dan skedul pembayaran yang jatuh tempo dalam 60 hari yaitu dengan cara menarik
pinjaman dana dari bank. Hotel dapat meminjam Rp. 9.750.000,- untuk
membayar supplier untuk mengambil
manfaat diskon. Jika diasumsikan manajemen pinjam dana selama 60 hari, dengan
tingkat bunga 12% . Maka bunga pinjaman tersebut sebesar Rp.192.000,-.</span>budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-44255976082198531712013-06-16T19:37:00.000-07:002013-07-18T17:55:20.824-07:00Risiko Usaha<h5 align="center" style="text-align: center;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 22.0pt;">RISIKO USAHA<o:p></o:p></span></b></h5>
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<br /></div>
<h3 style="line-height: 150%;">
Risiko dan Ketidakpastian </h3>
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Usaha apapun tentu mempunyai suatu
risiko. Perusahaan dapat menghadapi suatu kondisi yang tidak menguntungkan atau
suatu kerugian. Kondisi yang
tidak menguntungkan dapat di perkirakan sebelumnya dan ada pula yang tidak
dapat diperhitungkan sebelumnya. </div>
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Risiko (Risk) merupakan suatu
kondisi yang tidak menguntungkan bagi kegiatan usaha perusahaan, akan tetapi
kondisi ini telah diperhitungkan sebelumnya.
Sebagai contoh risiko dalam operasional hotel, antara lain: persaingan
yang meningkat karena banyak didirikan hotel baru, pola kunjungan
wisatawan, tuntutan selera tamu terhadap
pelayanan dan lingkungan hotel, menurunnya minat tamu hotel terhadap menu makanan yang telah ada; menu baru yang tidak laku
dijual, turunnya tingkat perekonomian (resesi) dan sebagainya .</div>
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Demikian pula dalam suatu
pengambilan keputusan keuangan , ada dua aspek yang perlu dipertimbangkan oleh
manajemen perusahaan, yaitu tingkat pengembalian (return) dan risiko (risk).
Tingkat pengembalian adalah hasil usaha untuk menutup dana investasi yang
diharapkan diperoleh di masa mendatang, sedangkan risiko diartikan sebagai hal
yang tidak menguntungkan dari hasil usaha yang diharapkan. Risiko adalah
kemungkinan terjadinya penyimpangan dari rata-rata dari tingkat pengembalian
yang diharapkan.</div>
<div style="line-height: 150%; text-align: justify;">
Suatu keputusan keuangan yang
lebih berisiko tentu diharapkan memberikan imbalan yang lebih besar, yang dalam
keuangan dikenal dengan istilah “High Risk High Return”. Demikian pula
sebaliknya, yang lebih kecil risikonya
umumnya mempunyai tingkat hasil yang kecil pula. <st1:place w:st="on">Ada</st1:place> imbal balik antara risiko dan hasil,
dalam pemilihan berbagai alternatif keputusan
keuangan. Setiap pengambilan keputusan
keuangan perlu dipertimbangkan rsikonya.
Sebagai contoh, semakin banyak
kamar dan fasilitas yang dibangun sdalam suatu hotel, maka semakin besar risiko
bisnis yang harus ditanggung. Dalam investasi
suatu hotel, semakin besar dana yang digunakan, tentunya diharapkan
hasil yang besar, namun risiko juga semakin besar.</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Ketidakpastian (uncertainty)
merupakan suatu kondisi yang tidak menguntungkan bagi kegiatan usaha perusahaan
dimana kondisi ini tidak dapat di perkirakan sebelumnya. Dalam kegiatan usaha hotel, ketidakpastian yang mungkin terjadi seperti: turunnya wisatawan karena ancaman terorisme, perang , bencana alam,
kebakaran dan kerusuhan akibat perubahan
politik.</div>
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<a href="http://4.bp.blogspot.com/-N5WYf11OITs/Ub53njUh6WI/AAAAAAAABHU/i_QwGifq6zs/s1600/risiko+1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="160" src="http://4.bp.blogspot.com/-N5WYf11OITs/Ub53njUh6WI/AAAAAAAABHU/i_QwGifq6zs/s320/risiko+1.jpg" width="320" /></a></div>
<b><br /></b>
<b>Berapa Besar Risiko Usaha?<o:p></o:p></b><br />
<div style="line-height: 150%;">
Besar kecilnya risiko usaha yang dihadapi
perusahaan dapat dipengaruhi beberapa faktor, antara lain:</div>
<ol start="1" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;">Fluktuasi permintaan terhadap produk perusahaan. Semakin stabil
penjualan produk perusahaan, dengan asumsi hal-hal lain tetap (ceteris
paribus), semakin kecil risiko bisnis.</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;">Fluktuasi harga jual. Semakin mudah harga jual berubah, semakin
besar juga risiko bisnis yang dihadapi.</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;">Fluktuasi biaya input. Semakin tidak menentu biaya input,
semakin besar risiko bisnis yang dihadapi.</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;">Kemampuan menyesuaikan harga jual bila ada perubahan biaya
input. Semakin besar kemampuan perusahaan menyesuaikan harga jual dengan
perubahan biaya, semakin kecil risiko bisnis.</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;">Tingkat penggunaan biaya tetap. Semakin tinggi tingkat
penggunaan biaya tetap, semakin besar risiko bisnis.</li>
</ol>
<div class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-size: 14.0pt; line-height: 150%;">Resiko Usaha Hotel<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 150%; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
Hotel merupakan industri jasa yang utama
bergerak dibidang akomodasi dan penjualan makanan dan minuman. Hotel
menjalankan usahanya selama 24 jam sehari atau 365 hari setahun secara terus
menerus. Selain pengelolaan kamar, hotel
memiliki beberapa outlet atara lain; ruang
rapat dan pamer, ruang publik, restauran, bar, laundry dan fasilitas olah raga dan beberapa usaha
lainnya. Penjualan sebagian besar dilakukan secara kredit. Usaha hotel sangat berfluktuatif dan
tergantung pada lokasi hotel didirikan.
Hotel dikawasan bisnis tingkat
hunian (<i>room occupancy</i>) yang tinggi
pada hari Senin sampai Jumat sedangkan pada hari libur tingkat hunian menurun.
Sebaliknya, pada hotel di kawasan wisata pada hari libur tingkat hunian sangat
tinggi, namun pada hari kerja tingkat hunian sangat rendah. Harga penjualan kamar hotel sangat
fluktuatif, manajemen umumnya menerapkan sistem harga diskon untuk mengantisipasi rendahnya penjualan,
meskipun penurunan diskon tersebut tak cukup untuk meningkatkan penjualan secara
efektif. Harga atau biaya input
produksi dari hotel, seperti bahan makanan sangat fluktuatif dari waktu ke
waktu akan tetapi manajemen tidak secara mudah untuk menaikkan harga menu jika
terjadi kenaikan bahan makanan. Hotel
merupakan industri padat karya, artinya
lebih banyak menggunakan sumber daya manusia dibandingkan dengan mesin dalam
proses produksinya. Pada umumnya
fasilitas yang dibangun untuk sebuah
hotel sangat lengkap dan berkualitas baik, sehingga membutuhkan pembiayaan
investasi yang sangat besar. Sedangkan
biaya investasi pada umumnya dibiayai dengan hutang jangka panjang. Hotel dengan asset yang besar, pendanaan
hutang dan padat karya, sudah tentu
biaya tetap yang terjadi besar pula. Melihat dari karakter usaha hotel yang
demikian, maka dapat dikatakan bahwa hotel merupakan usaha yang mempunyai
risiko usaha yang cukup tinggi.
Pengelolaan keuangan yang baik, menjadi sangat penting untuk menekan
risiko usaha. </div>
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Risiko keuangan dapat pula terjadi karena adanya penggunaan hutang dalam
struktur keuangan perusahaan, yang mengakibatkan perusahaan harus menanggung
beban tetap secara periodik berupa beban biaya bunga pinjaman. Hal ini akan mengurangi
kepastian besarnya deviden (pembagian keuntungan) bagi pemegang saham, karena
perusahaan harus membayar bunga sebelum memutuskan pembagian laba bagi pemegang
saham. Dengan demikian, risiko keuangan menyebabkan fluktuasi laba bersih (net
income) lebih besar.</div>
<div style="line-height: 150%; text-align: justify;">
Jika manajemen dapat
memanfaatkan dana yang berasal dari hutang untuk memperoleh laba operasi yang
lebih besar dari beban biaya bunga pinjaman, maka penggunaan hutang dapat
memberikan keuntungan bagi perusahaan dan akan meningkatkan return bagi pemegang
saham. Sebaliknya, jika manajemen tidak dapat memanfaatkan dana secara baik,
perusahaan mengalami kerugian.</div>
<h3 style="line-height: 150%;">
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Kriteria Pemilihan Investasi</h3>
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Pada umumnya pola suatu
investasi dengan hasil yang besar juga membutuhkan /disertai dengan risiko yang
tinggi pula, begitu pula sebaliknya. Manajemen
perlu mempunyai kriteria penerimaan dan penolakan suatu investasi. <span style="line-height: 150%;">Kriteria</span><span style="line-height: 150%;"> </span><span style="line-height: 150%;">yang dapat digunakan untuk mempertimbangkan
penerimaan dan penolakan investasi , antara lain :</span></div>
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<!--[if !supportLists]-->1.<span style="font-size: 7pt; line-height: normal;"> </span><!--[endif]-->Meminimalkan Risiko, dalam arti memilih investasi yang memiliki Hasil paling
besar dengan Risiko </div>
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<!--[if !supportLists]-->2.<span style="font-size: 7pt; line-height: normal;">
</span><!--[endif]-->Fluktuasi Arus Kas Masuk atau profit dari tahun-
ketahun relatif kecil</div>
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<!--[if !supportLists]-->3.<span style="font-size: 7pt; line-height: normal;"> </span>Mempertimbangkan nilai waktu uang. Dalam arti semakin cepat uang diterima
semakin baik investasi tersebut.</div>
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4. <span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Pertimbangan secara Mean (rata –rata tertimbang) dan
Standar Deviasi (penyimpangan) terhadap arus kas.</span><br />
<span style="font-family: 'Times New Roman', serif; font-size: 12pt;"><br /></span>
<span style="font-family: 'Times New Roman', serif; font-size: 12pt;">Klik<b><span style="color: #990000;">! </span><a href="https://docs.google.com/file/d/0B5TwhYwkpGsOT3g2WWt3WXpqNDQ/edit?usp=sharing"><span style="color: #660000;">TUGAS !</span></a></b></span></div>
budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-12357113240274941262013-06-16T19:17:00.002-07:002015-08-18T19:04:20.931-07:00Manajemen Keuangan<h2 style="text-align: center;">
<span style="font-size: x-large;">
MANAJEMEN KEUANGAN</span></h2>
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<br /></div>
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<b> </b><b style="line-height: 150%;">Karakteristik Usaha Hotel</b></div>
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Perusahaan pada
umumnya dan hotel secara khusus merupakan usaha yang sangat sensitive terhadap fluktuasi permintaan
pasar. Dalam bisnis hotel
fluktuasi terjadi karena berbagai faktor
antara lain penurunan daya beli konsumen, selera masyarakat ,tehnologi, kondisi ekonomi, isu politik, keamanan, transportasi, even dan
sebagainya. Perubahan tersebut akan
mempengaruhi pencapaian keuntungan perusahaan dan kelangsungan hidupnya. </div>
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Menghadapi
situasi ini, setiap hotel dituntut untuk bisa bersikap responsif terhadap
perubahan dalam menetapkan berbagai kebijakan sehingga tetap mendapatkan
keuntungan meskipun permintaan berfluktuasi. Pengelolaan keuangan yang baik, diharapkan
mampu untuk mengantisipasi perubahan – perubahan yang tidak menguntungkan bagi
perusahaan.<br />
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</div>
</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOvCVbbvdJ6q4HRf3tjEvvq5SfhEVebKSXiIgn1_QcafOjHa1lwC01dKRiReVyr0GE93MXkOweLOO8XRHyFTkiCMzd8_iv5tab32r2mDlu4mXtK2SdYe7Owvq4k64OkHj21gYFe8JziAU/s1600/calculator1a.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOvCVbbvdJ6q4HRf3tjEvvq5SfhEVebKSXiIgn1_QcafOjHa1lwC01dKRiReVyr0GE93MXkOweLOO8XRHyFTkiCMzd8_iv5tab32r2mDlu4mXtK2SdYe7Owvq4k64OkHj21gYFe8JziAU/s200/calculator1a.jpg" width="200" /></a></div>
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Hotel merupakan
perusahaan jasa dengan produk utamanya berupa akomodasi , makanan dan minuman.
Produk tersebut merupakan produk hotel
yang sifatnya tidak tahan lama (<i>perishable</i>).
Sehingga, jika pada suatu hari beberapa jumlah kamar yang tersedia tidak terjual, maka tentu saja jumlah
tersebut tidak dapat disimpan untuk dijual keesokan harinya. Demikian pula produk makanan dan minuman ,
merupakan produk yang tidak tahan lama. Sebagaimana industry jasa, produksi dilakukan berdasar order dan
penjualan dilakukan dalam waktu yang relative bersamaan. </div>
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Produksi makanan
tidak dapat dilakukan berdasarkan kapasitas perusahaan, tapi berdasarkan
pesanan penjualan yang terjadi. Produk hotel berupa makanan dan minuman serta
jasa akomodasi kamar, merupakan produk yang tak dapat disimpan. </div>
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Secara umum
karakteristik transaksai keuangan di hotel dilakukan secara kredit. Transaksi
penjualan yang terjadi di hotel sebagian besar merupakan transaksi penjualan
secara kredit, yang menimbulkan piutang jangka pendek. Transaksi pembelian persediaan kebutuhan
operasional hotel sebagian besar dilakukan secara kredit sehingga menimbulkan
hutang. Biaya operasional lainya seperti
tenaga kerja, listrik, air, pemeliharaan sebagian besar dilakukan secara tunai. Kegiatan investasi kecil sering dilakukan
dilakukan untuk menjaga performa phisik bangunan, peralatan sebagai bagian dari mempertahankan kualitas pelayanan kepada tamu. Sementara investasi besar seperti penambahan
ruang pertemuan, penambahan kamar, penggantian peralatan, membuka unit usaha
baru, merupakan kegiatan investasi yang
jarang dilakukan. </div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Pencapaian Laba Hotel<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Sebagaimana
perusahaan lainnya, hotel memerlukan pengelolaan keuangan yang baik. Kegiatan
usaha diupayakan agar dapat menjamin
bahwa pembiayaan operasional dapat terpenuhi dan pengembalian investasi dapat
diperoleh, sehingga kelangsungan hidup perusahaan dapat dipertahankan. Hotel, pada umumnya dibangun dengan
investasi yang sangat besar dan sebagian besar juga didanai dengan hutang (modal
asing). Investasi pada bangunan maupun peralatan
mensyaratkan kualitas tinggi sehingga dapat digunakan dalam waktu yang lama dan
untuk menghindari re- investasi sebelum investasi awal kembali. Operasional hotel pada tahun – tahun awal
umumnya memperoleh keuntungan yang sangat kecil, hal ini disebabkan biaya tetap
berupa bunga pinjaman dan biaya
penyusutan yang besar jumlahnya .
Sedangkan jangka panjang, hotel dapat memperoleh keuntungan yang besar,
seiring dengan biaya bunga pinjaman dan penyusutan yang semakin kecil, sedangkan property diharapkan masih dalam kondisi sangat baik untuk digunakan
operasional. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<div class="separator" style="clear: both; text-align: center;">
</div>
Secara umum
tujuan perusahaan yaitu memperoleh keuntungan, namun secara terperinci tujuan perusahaan dapat
dipandang dari dua sudut yang berbeda, yaitu:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .25in; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]-->1.<span style="line-height: normal;">
</span><!--[endif]-->Maksimisasi Profit (Keuntungan)</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 22.5pt; text-align: justify;">
Perusahaan selalu berusaha dalam operasionalnya selalu memperoleh
keuntungan yang sebesar- besarnnya. Orientasi perolehan laba ini bersifat
jangka pendek. Hal ini berarti segala
keputusan didasarkan pada perolehan
keuntungan yang lebih besar atau profit mainded. </div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 22.5pt; mso-list: l0 level1 lfo1; tab-stops: list -76.5pt; text-align: justify; text-indent: -.25in;">
<!--[if !supportLists]-->2.<span style="line-height: normal;">
</span><!--[endif]-->Maksimisasi Wealth ( Kemakmuran) </div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 27.0pt; text-align: justify;">
Perusahaan selalu berupaya untuk meningkatkan kemakmuran para pemegang
saham (investor) dengan jalan menjaga keutungan dan kelangsungan hidup
perusahaan. Keputusan usaha lebih
mempertimbangkan pada keuntungan di masa yang akan dating daripada keuntungan
jangka pendek. Kelangsungan hidup
perusahaan, meningkatkan harga saham, meningkatkan deviden dan keamanan
investasi para pemegang saham dalam
perusahaan untuk jangka panjang merupakan tujuan utama. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<h3 style="line-height: 150%;">
<span style="font-size: large;">
Tujuan Manajemen Keuangan</span></h3>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8K_7qogQA7f9t2gHKiCXoPjjJ5BCWmQ5d93027LFfXvTmcaxvZ38GGjQ5Q-ZFOP5WOgkkzwuxxiAa5s0MAv3SF0xdQve7Pe2WJYZwRo5G9WbGLSeu1jhH2PLGAGPRqPK5IUtB-56_XEM/s1600/photo.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8K_7qogQA7f9t2gHKiCXoPjjJ5BCWmQ5d93027LFfXvTmcaxvZ38GGjQ5Q-ZFOP5WOgkkzwuxxiAa5s0MAv3SF0xdQve7Pe2WJYZwRo5G9WbGLSeu1jhH2PLGAGPRqPK5IUtB-56_XEM/s200/photo.jpg" width="200" /></a></div>
Manajemen keuangan mepunyai tujuan
jangka panjang untuk meningkatkan
nilai/value perusahaan dan kekayaan
perusahaan. Kenaikan nilai /value
perusahaan seringkali diidentikan dengan kenaikan harga saham dipasar modal
atau dengan penapatan per lembar saham.
Dengan memaksimumkan nilai perusahaan berarti pula memaksimumkan kekayaan pemegang saham
/pemilik perusahaan. Tentunya hal ini
sangat logis, seorang investor tentu tidak mau rugi dengan dana yang telah
diinvestasikan. Hal tersebut akan memotivasi pemilik atau investor
untuk tetap menanamkan dananya ke perusahaan.
Kemakmuran yang diperoleh para pemegang saham dapat dalam bentuk
kenaikan deviden (pembagian keuntungan) dan kenaikan harga jual saham. Pemegang saham yang tetap mempercayakan
modal/dananya ke perusahaan akan memperkuat struktrur permodalan perusahaan
dimasa depan.</div>
budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-9456411546798539522012-12-08T09:47:00.004-08:002014-11-20T19:43:18.426-08:00BIAYA MODAL<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US" style="font-size: 24.0pt;">KONSEP BIAYA MODAL <o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">Pentingnya Biaya Modal<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Kebutuhan dana </span>investasi
suatu perusahaan <span lang="EN-US">dapat dipenuhi dari hasil operasional
perusahaan , modal sendiri ( dana dari pemilik) atau melalui penarikan pinjaman
dari pihak lain /hutang. Dalam suatu
investasi, biaya yang timbul akibat penarikan pinjaman merupakan biaya modal
dan perlu diperhitungkan dalam keputusan investasi.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Biaya Modal ( Cost Of
Capital) merupakan semua biaya yang
secara riil dikeluarkan oleh perusahaan dalam rangka mendapatkan sumber dana. </span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 77.4pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td rowspan="2" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 86.4pt;" width="115"><div class="MsoNormal">
<b><span lang="EN-US">Biaya
Modal =<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.2pt;" valign="top" width="202"><div class="MsoNormal">
<b><span lang="EN-US">Biaya
Riil<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 57.6pt;" width="77"><div class="MsoNormal">
<b><span lang="EN-US">X
100%<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.2pt;" valign="top" width="202"><div class="MsoNormal">
<b><span lang="EN-US">Penerimaan
Kas Bersih<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Contoh: Perusahaan menarik pinjaman dari bank sebesar
Rp.10.000.000,- dengan tingkat bunga
20%/th; Biaya Provisi Rp.200.000,-; Biaya aktaRp.50.000,- dan Roya Rp.25.000,-.
Maka, seluruh biaya yang dikeluarkan
sebesar Rp.2.275.000,- sedangkan Penerimaan Bersih sebesar Rp. 7.725.000,- atau
( 10.000.000- 2.275.000).</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Sehingga biaya
modal dapat dihitung sebagai berikut:</span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 77.4pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td rowspan="2" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 86.4pt;" width="115"><div class="MsoNormal">
<b><span lang="EN-US">Biaya
Modal =<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" valign="top" width="106"><div class="MsoNormal">
<b><span lang="EN-US">2.275.000<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 129.6pt;" width="173"><div class="MsoNormal">
<b><span lang="EN-US">X
100% = 29,45%<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" valign="top" width="106"><div class="MsoNormal">
<b><span lang="EN-US">7.725.000<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Biaya modal yang diperhitungkan dari penarikan kredit tersebut tidak
hanya sebesar tingkat bunga sebesar 20%
saja, tetapi sebesar 29,45%.</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">Biaya Modal Individual<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Sumber dana jangka panjang pada dasarnya dibagi menjadi dua:</span></div>
<ol start="1" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo1; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US">Dana yang dipenuhi dari Hutang</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo1; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US">Dana yang dipenuhi dari Modal
Sendiri.</span></li>
</ol>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Dana yang dipenuhi dari hutang dapat berupa penarikan kredit
/pinjaman dari bank atau lembaga keuangan dan penerbitan obligasi. Sedangkan
Dana yang dipenuhi dari modal sendiri memalui penerbitan Saham Baru. Biaya modal yang berasal dari penerbitan
obligasi dan saham atau kombinasi keduanya dihitung melalui beberapa metode.</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-VYXyTj92kFE/UMOCN7D-A5I/AAAAAAAAAn4/rVZWm78yLXI/s1600/Share-market-investing-tips-for-beginners.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-VYXyTj92kFE/UMOCN7D-A5I/AAAAAAAAAn4/rVZWm78yLXI/s320/Share-market-investing-tips-for-beginners.jpg" height="219" width="320" /></a></div>
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">Biaya Obligasi/Hutang<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Biaya hutang atau Cost Of Debt merupakan biaya yang ditanggung
perusahaan karena memperoleh dana yang berasal dari pinjaman (obligasi). Obligasi merupakan Surat Hutang yang diterbitkan perusahaan dengan nilai
nominal tertentu, angka waktu tertentu dan pemberian bunga (coupon) pada
tingkat tertentu.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 18.0pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Cost of debt dihitung
dengan rumus sebagai berikut:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td rowspan="4" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" width="58"><div class="MsoNormal">
<b><span lang="EN-US">Kd
=<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.6pt;" width="45"><div class="MsoNormal">
<b><span lang="EN-US">I +<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.0pt;" valign="top" width="80"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">N – Nb<o:p></o:p></span></b></div>
</td>
<td rowspan="4" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" width="75"><div class="MsoNormal">
<b><span lang="EN-US">X
100%<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.0pt;" valign="top" width="80"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">n<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td colspan="2" style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.6pt;" valign="top" width="125"><div align="center" class="MsoNormal" style="text-align: center;">
<b><u><span lang="EN-US">N + N b<o:p></o:p></span></u></b></div>
</td>
</tr>
<tr>
<td colspan="2" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 93.6pt;" valign="top" width="125"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">2<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">Dimana:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span lang="EN-US">Kd = Cost of Debt atau Biaya Hutang</span></div>
<div class="MsoNormal">
<span lang="EN-US">N =
Nominal</span></div>
<div class="MsoNormal">
<span lang="EN-US">Nb =
Penerimaan Kas Bersih</span></div>
<div class="MsoNormal">
<span lang="EN-US">n
= Jangka Waktu</span></div>
<div class="MsoNormal">
<span lang="EN-US">I
= Tingkat Bunga </span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Contoh:</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">PT. Heritage menerbitkan Obligasi berjangka 4 tahun, dengan nominal
Rp.100.000,-/lembar, tingkat bunga 24%/th.
Harga jual (di pasar modal) obligasi sebesar Rp.92.000,-/lembar. Biaya modal dapat dihitung sebagai berikut:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 19.8pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td rowspan="4" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 42.65pt;" width="57"><div class="MsoNormal">
<b><span lang="EN-US">Kd
=<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.65pt;" width="146"><div class="MsoNormal">
<b><span lang="EN-US">(24%
x 100.000) +<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.9pt;" valign="top" width="143"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">100.000 – 92.000<o:p></o:p></span></b></div>
</td>
<td rowspan="4" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" width="144"><div class="MsoNormal">
<b><span lang="EN-US">X
100% = 27,08%<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.9pt;" valign="top" width="143"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">4<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td colspan="2" style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 216.55pt;" valign="top" width="289"><div align="center" class="MsoNormal" style="text-align: center;">
<b><u><span lang="EN-US">100.000 + 92.000<o:p></o:p></span></u></b></div>
</td>
</tr>
<tr>
<td colspan="2" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 216.55pt;" valign="top" width="289"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">2<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">Pengaruh pajak
dalam biaya hutang<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Secara singkat
dapat dikatakan bahwa adanya biaya bunga akan menambah biaya sehingga akan
mengurangi Laba. Penurunan laba akan mengurangi jumlah pajak yang
diperhitungkan. Dalam perhitungan biaya
modal, maka perlu dilakukan penyesuaian, sebagai berikut:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">Kd –tx = Kd (1 – t )<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Dimana: </span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Kd – tx = Biaya
modal yang telah disesuaikan</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Kd = Biaya Modal sebelum penyesuaian pajak</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">t = tarip pajak.</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Dari contoh di
atas, jika tarip pajak sebesar 30% maka penyesuaian sebagai berikut:</span></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">Kd –tx = 27,08 % (1 – 0,3 ) = <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US"> = <b>27,08 % x 0,70</b> = <b>18,96%<o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Biaya modal yang
diperhitungkan tersebut digunakan sebagai dasar <b>Rate OF Return </b>yang ditetapkan manajemen dalam pengambilan
keputusan investasi ( diterima/ditolak).</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-Ia8BJlBxO8M/UMOC8mXMbyI/AAAAAAAAAoA/kyBY93i1C_o/s1600/stockmarket.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-Ia8BJlBxO8M/UMOC8mXMbyI/AAAAAAAAAoA/kyBY93i1C_o/s1600/stockmarket.jpg" /></a></div>
<b><span lang="EN-US">Biaya Saham Preferen<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Saham preferen atau Saham Istimewa merupakan <st1:place w:st="on"><st1:city w:st="on">surat</st1:city></st1:place> kepemilikan perusahaan tyang memberikan
penghasilan tetap berupa deviden yang besarnya telah ditentukan pada prsentase
tertentu dari nominal harga saham. Saham ini sering disebut juga sebagai Modal
Saham Semi Hutang, karena sifatnya memberikan penghasilan tetap bagi
pemegangnya. Walaupun perusahaan
mengalami kerugian, tetap mempunyai kewajiban untuk membayar deviden saham
preferenBiaya Modal Saham Preferen di hitung sebagai berikut:</span></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: margin; mso-table-anchor-vertical: paragraph; mso-table-left: center; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: 10.0pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 13.8pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" width="58"><div class="MsoNormal">
<b><span lang="EN-US">Kp =<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 13.8pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.45pt;" valign="top" width="69"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: center; mso-element-top: 10.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">D<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.6pt;" width="77"><div class="MsoNormal">
<b><span lang="EN-US">X 100%<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 13.8pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 13.8pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.45pt;" valign="top" width="69"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: center; mso-element-top: 10.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">Pn<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Dimana:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Kp =
Biaya Modal atau Cost of Capital</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">D =
Deviden yang Dibayarkan</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Pn =
Penerimaan Bersih</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US"> Contoh:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">PT. Taman Sari
dalam rangka memenuhi kebutuhan dananya, menerbitkan Saham Preferen sejumlah
1000 lembar dengan nominal
Rp.8.000,-/lembar. Saham tersebut dijual
di pasar modal dengan harga Rp.7.500,-/lembar, Deviden sebesar 20% , biaya
Emisi ( penjualan) Rp.100,-/lembar.</span></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: page; mso-table-anchor-vertical: paragraph; mso-table-left: 142.05pt; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: 12.75pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 13.8pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.65pt;" width="57"><div class="MsoNormal">
<b><span lang="EN-US">Kp =<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 13.8pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.1pt;" valign="top" width="197"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: page; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: 142.1pt; mso-element-top: 12.75pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">(8.000.000,- x 20%)<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.05pt;" width="156"><div class="MsoNormal">
<b><span lang="EN-US">X 100% = 21,62%<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 13.8pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 13.8pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.1pt;" valign="top" width="197"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: page; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: 142.1pt; mso-element-top: 12.75pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">( 7.500.000,-
- 100.000,-)<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Karena Deviden
diperhitungkan/dibayarkan dari Laba Setelah
pajak, maka perhitungan Biaya Modal yang
berasal dari Saham tidak perlu dilakukan penyesuaian pajak.</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">Biaya Modal Saham Biasa </span></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Saham biasa
merupakan <st1:place w:st="on"><st1:city w:st="on">surat</st1:city></st1:place>
bukti kepemilikan perusahaan yang tidak mempunyai ak-hak istimewa seperti Saham
Preferen. Deviden Saham biasa akan
dibayarkan apabila perusahaan memperoleh Laba, akan tetapi jika perusahaan
rugi, maka deviden tidak dibagikan. Oleh
karena, deviden dibayarkan jika perusahaan
memperoleh laba maka diharapkan ada pertumbuhan deviden dari tahun ke tahun
. Hal tersebut berarti terdapat harapan
peningkatan laba dari tahun ke tahun.</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Biaya Modal Saham Biasa
di hitung sebagai berikut:</span></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: margin; mso-table-anchor-vertical: paragraph; mso-table-left: center; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: 10.0pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 13.8pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" width="58"><div class="MsoNormal">
<b><span lang="EN-US">Kc =<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 13.8pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.45pt;" valign="top" width="69"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: center; mso-element-top: 10.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">D<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.35pt;" width="102"><div class="MsoNormal">
<b><span lang="EN-US">X 100% + g<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 13.8pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 13.8pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.45pt;" valign="top" width="69"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: center; mso-element-top: 10.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">Pn<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Dimana:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Kc =
Biaya Modal atau Cost of Capital</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">D =
Deviden yang Dibayarkan</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Pn =
Penerimaan Bersih</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">g = Growth, % pertumbuhan deviden </span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">contoh:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">PT. Kedaton
menerbitkan Saham Biasa sejumlah 1000 lembar dengan nominal Rp. 7.500,- dijual
dengan harga pasar Rp.7.000,-; biaya emisi Rp.100,- /lembar dan rencana deviden
dibayarkan sebesar Rp.1.200,-/pertahun dengan tingkat pertumbuhan 5%.</span></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: page; mso-table-anchor-vertical: paragraph; mso-table-left: 120.45pt; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: 13.6pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 13.8pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt;"><div class="MsoNormal">
<b><span lang="EN-US">Kc = (<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 13.8pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 141.8pt;" valign="top" width="189"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: page; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: 120.5pt; mso-element-top: 13.6pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">1.200.000,-<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.15pt;" width="198"><div class="MsoNormal">
<b><span lang="EN-US">X 100% )+ 5% = 22,39 %<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 13.8pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 13.8pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 141.8pt;" valign="top" width="189"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: page; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: 120.5pt; mso-element-top: 13.6pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">(7.000.000,-
- 100.000,-)<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-QplQnLVB0Qs/UMODO9172wI/AAAAAAAAAoI/iXrtCz1Gi_U/s1600/stock_market_report1.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-QplQnLVB0Qs/UMODO9172wI/AAAAAAAAAoI/iXrtCz1Gi_U/s320/stock_market_report1.jpg" height="174" width="320" /></a></div>
<b><span lang="EN-US">Biaya Rata – rata Tertimbang<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Perusahaan dalam
memenhi kebutuhan dananya dapat menggunakan kombinasi dari beberapa sumber
tersebut. Perusahaan dapat menggunakan
kombinasi dari sumber Obligasi, Saham Preferen dan Saham Biasa. Apabila perusahaan mengunakan beberapa
sumber tersebut, maka Biaya modal ( Cost of Capital) yang diperhitungkan
merupakan keseluruhan biaya modal yang
disebut Biaya Modal Rata- rata Tertimbang ( Weighted Average Cost of Capital –
WACC). </span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Contoh:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">PT Kedaton dalam
membiayai investasinya menggunakan kombinasi beberapa sumber dana sekaligus,
yaitu:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 27.0pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.2pt;" valign="top" width="202"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Sumber<o:p></o:p></span></u></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.2pt;" valign="top" width="156"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Total Dana<o:p></o:p></span></u></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 120.4pt;" valign="top" width="161"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Cost of Capital<o:p></o:p></span></u></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.2pt;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Obligasi……………………</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.2pt;" valign="top" width="156"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">40.000.000,-;</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 120.4pt;" valign="top" width="161"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">14,7% *)</span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.2pt;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Saham Preferen……………</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.2pt;" valign="top" width="156"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">30.000.000,-;</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 120.4pt;" valign="top" width="161"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">18%</span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 151.2pt;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Saham Biasa……………….</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.2pt;" valign="top" width="156"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">90.000.000,-;</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 120.4pt;" valign="top" width="161"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">16%</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">*) setelah
penyesuaian pajak.</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Biaya Rata- rata
Tertimbang Dihitung , sebagai berikut:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 27.0pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 119.15pt;" valign="top" width="159"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Sumber<o:p></o:p></span></u></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.55pt;" valign="top" width="105"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Total Dana<o:p></o:p></span></u></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.75pt;" valign="top" width="88"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Komposisi<o:p></o:p></span></u></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Cost <o:p></o:p></span></u></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Rata-rata<o:p></o:p></span></u></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 119.15pt;" valign="top" width="159"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Obligasi………………</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.55pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">40.000.000,-;</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.75pt;" valign="top" width="88"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">25%</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">14,7% *)</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">3,675%</span></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 119.15pt;" valign="top" width="159"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Saham
Preferen………</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.55pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">30.000.000,-;</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.75pt;" valign="top" width="88"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">18,75%</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">18%</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">3,375%</span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 119.15pt;" valign="top" width="159"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Saham Biasa…………</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.55pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">90.000.000,-;</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.75pt;" valign="top" width="88"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">56,25%</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">16%</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">9,000%</span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 119.15pt;" valign="top" width="159"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Total</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.55pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">160.000.000,-</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.75pt;" valign="top" width="88"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">100%</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">16,05%<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Biaya Modal Rata –
rata Tertimbang atau Weighted Average Cost Of Capital (WACC) diperoleh sebesar 16,05%. Angka tersebut merupakan pedoman atau
tolok ukur ( cut of rate) perusahaan dalam mengambil keputusan suatu Investasi,
diterima atau ditolak.</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Contoh:</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">PT. Resort
merencanakan melakukan investasi dengan kebutuhan dana kurang lebih sebesar
Rp.85.000.000,-, sumber dana dipenuhi dengan kombinasi menerbitkan Obligasi dan Saham (modal
sendiri), sebagai berikut:</span></div>
<ol start="1" style="margin-top: 0cm;" type="a">
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span lang="EN-US">Obligasi, sejumlah 1000 lembar
dengan nominal Rp.20.000,-/lembar; harga jual Rp.19.000,- ; biaya
bunga 20%/tahun; jangka waktu 5 tahun ; pajak penghasilan 10%. </span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span lang="EN-US">Saham Preferen;1.000 lembar dengan nominal Rp.25.000,-/lembar; harga
jual Rp.24.000,-/lembar; biaya emisi Rp.100,-/lembar; Deviden sebesar 15%.</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt;"><span lang="EN-US">Saham Biasa; 4.000 lembar dengan
nominal Rp.10.000,-/lembar; harga jual Rp.9.500,-/lembar; biaya emisi
Rp.50,-/lembar; Deviden diperkirakan Rp..1000,-/lembar ; Tingkat
pertumbuhan 4%.</span></li>
</ol>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Hitung: a. Biaya Modal Individual</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 45.0pt;">
<span lang="EN-US">b. Biaya Modal Rata- rata Tertimbang</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 36.0pt;">
<br /></div>
<ol start="1" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo3; tab-stops: list 36.0pt;"><span lang="EN-US">Biaya Modal Individual</span></li>
<ol start="1" style="margin-top: 0cm;" type="a">
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level2 lfo3; tab-stops: list 72.0pt;"><span lang="EN-US"> Cost of Debt </span></li>
</ol>
</ol>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td rowspan="4" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" width="58"><div class="MsoNormal">
<b><span lang="EN-US">Kd
=<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 33.6pt;" width="45"><div class="MsoNormal">
<b><span lang="EN-US">I +<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.0pt;" valign="top" width="80"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">N – Nb<o:p></o:p></span></b></div>
</td>
<td rowspan="4" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 56.5pt;" width="75"><div class="MsoNormal">
<b><span lang="EN-US">X
100%<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.0pt;" valign="top" width="80"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">n<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td colspan="2" style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 93.6pt;" valign="top" width="125"><div align="center" class="MsoNormal" style="text-align: center;">
<b><u><span lang="EN-US">N + N b<o:p></o:p></span></u></b></div>
</td>
</tr>
<tr>
<td colspan="2" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 93.6pt;" valign="top" width="125"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">2<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 19.8pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td rowspan="4" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 42.65pt;" width="57"><div class="MsoNormal">
<span lang="EN-US"> <b>Kd =<o:p></o:p></b></span></div>
</td>
<td rowspan="2" style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 115.75pt;" width="154"><div class="MsoNormal">
<b><span lang="EN-US">(20%
x 20.000.000) +<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.8pt;" valign="top" width="182"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">20.000.000 – 19.000.000<o:p></o:p></span></b></div>
</td>
<td rowspan="4" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 115.2pt;" width="154"><div class="MsoNormal">
<b><span lang="EN-US">X
100% = 21,53%<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 136.8pt;" valign="top" width="182"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">5<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td colspan="2" style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 252.55pt;" valign="top" width="337"><div align="center" class="MsoNormal" style="text-align: center;">
<b><u><span lang="EN-US">20.000.000 + 19.000.000<o:p></o:p></span></u></b></div>
</td>
</tr>
<tr>
<td colspan="2" style="padding: 0cm 5.4pt 0cm 5.4pt; width: 252.55pt;" valign="top" width="337"><div align="center" class="MsoNormal" style="text-align: center;">
<b><span lang="EN-US">2<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">Kd –tx = 21,53 % (1 – 0,1 ) = <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US"> = <b>21,53 % - 2,15</b> = <b>19,38%<o:p></o:p></b></span></div>
<ol start="1" style="margin-top: 0cm;" type="1">
<ol start="2" style="margin-top: 0cm;" type="a">
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level2 lfo3; tab-stops: list 72.0pt;"><span lang="EN-US">Cost Of Preffered Stock</span></li>
</ol>
</ol>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: margin; mso-table-anchor-vertical: paragraph; mso-table-left: center; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: 10.0pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 13.8pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" width="58"><div class="MsoNormal">
<b><span lang="EN-US">Kp =<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 13.8pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.45pt;" valign="top" width="69"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: center; mso-element-top: 10.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">D<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.6pt;" width="77"><div class="MsoNormal">
<b><span lang="EN-US">X 100%<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 13.8pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 13.8pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.45pt;" valign="top" width="69"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: center; mso-element-top: 10.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">Pn<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 54.0pt;">
<br /></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: page; mso-table-anchor-vertical: paragraph; mso-table-left: 142.05pt; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: 12.75pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 13.8pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 42.65pt;" width="57"><div class="MsoNormal">
<b><span lang="EN-US">Kp =<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 13.8pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.1pt;" valign="top" width="197"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: page; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: 142.1pt; mso-element-top: 12.75pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">(25.000.000,- x 15%)<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.05pt;" width="156"><div class="MsoNormal">
<b><span lang="EN-US">X 100% = 15,69%<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 13.8pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 13.8pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.1pt;" valign="top" width="197"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: page; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: 142.1pt; mso-element-top: 12.75pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">( 24.000.000,-
- 100.000,-)<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: 54.0pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<ol start="1" style="margin-top: 0cm;" type="1">
<ol start="3" style="margin-top: 0cm;" type="a">
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level2 lfo3; tab-stops: list 72.0pt;"><span lang="EN-US">Cost Common Stock</span></li>
</ol>
</ol>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: margin; mso-table-anchor-vertical: paragraph; mso-table-left: center; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: 10.0pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 13.8pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" width="58"><div class="MsoNormal">
<b><span lang="EN-US">Kc =<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 13.8pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.45pt;" valign="top" width="69"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: center; mso-element-top: 10.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">D<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 76.35pt;" width="102"><div class="MsoNormal">
<b><span lang="EN-US">X 100% + g<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 13.8pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 13.8pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 51.45pt;" valign="top" width="69"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: margin; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: center; mso-element-top: 10.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">Pn<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: 54.0pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<table align="left" border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 6.75pt; margin-right: 6.75pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-anchor-horizontal: page; mso-table-anchor-vertical: paragraph; mso-table-left: 120.45pt; mso-table-lspace: 9.0pt; mso-table-rspace: 9.0pt; mso-table-top: 13.6pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 13.8pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt;"><div class="MsoNormal">
<b><span lang="EN-US">Kc = (<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 13.8pt; mso-border-bottom-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 141.8pt;" valign="top" width="189"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: page; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: 120.5pt; mso-element-top: 13.6pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">4.000.000,-<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 13.8pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.15pt;" width="198"><div class="MsoNormal">
<b><span lang="EN-US">X 100% )+ 4% = 14,58 %<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 13.8pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 13.8pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 141.8pt;" valign="top" width="189"><div align="center" class="MsoNormal" style="mso-element-anchor-horizontal: page; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 9.0pt; mso-element-left: 120.5pt; mso-element-top: 13.6pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center;">
<b><span lang="EN-US">(38.000.000,-
- 200.000,-)<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">2.Biaya Rata- rata
Tertimbang (WACC)</span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 27.0pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 119.15pt;" valign="top" width="159"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Sumber<o:p></o:p></span></u></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.55pt;" valign="top" width="105"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Total Dana<o:p></o:p></span></u></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.75pt;" valign="top" width="88"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Komposisi<o:p></o:p></span></u></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Cost <o:p></o:p></span></u></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<u><span lang="EN-US">Rata-rata<o:p></o:p></span></u></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 119.15pt;" valign="top" width="159"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Obligasi………………</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.55pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">20.000.000,-;</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.75pt;" valign="top" width="88"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">23,53%</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">19,38 % *)</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">4,56%</span></div>
</td>
</tr>
<tr>
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 119.15pt;" valign="top" width="159"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Saham
Preferen………</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.55pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">25.000.000,-;</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.75pt;" valign="top" width="88"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">29,41%</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">15,69 %</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">4,61%</span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 119.15pt;" valign="top" width="159"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Saham Biasa…………</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.55pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">40.000.000,-;</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.75pt;" valign="top" width="88"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">47,06%</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">14,58 %</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">6,86%</span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 2.15pt 0cm 2.15pt; width: 119.15pt;" valign="top" width="159"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Total</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 78.55pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">85.000.000,-</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.75pt;" valign="top" width="88"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">100%</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 60.8pt;" valign="top" width="81"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">16,03%<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US"> Biaya
rata- rata tertimbang (WACC) sebesar 16,03%.</span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Bi</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">a</span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">ya modal yang diperhitungkan digunakan oleh
manajemen sebaga</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">i</span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">
Cut Of Rate atau sebagai pembatas /pedoman </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">menentukan
Rate Of Return atau tingkat pengembalian investasi yang diharapkan,</span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"> dalam</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: IN; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"> suatu</span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"> pengambilan keputusan investasi.</span><br />
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br /></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Klik: <a href="https://docs.google.com/file/d/0B5TwhYwkpGsON0doSTg4VGFuejA/edit"><span style="color: red;">Biaya Modal - Referensi lain</span></a></span><br />
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br /></span>
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br /></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><span style="color: orange;"><b>SOAL LATIHAN</b></span></span><br />
<span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Klik!<a href="https://docs.google.com/open?id=0B5TwhYwkpGsOZHU2NTdLdGtZVVE" style="color: red;">WACC</a><span style="color: red;">; </span><a href="https://docs.google.com/open?id=0B5TwhYwkpGsORTRuRnItaGpZWjQ"><span style="color: red;">;</span></a></span><span style="color: #0c343d;">
<a href="https://docs.google.com/open?id=0B5TwhYwkpGsOSEVGQkNJNElnOW8">2.Investasi-WACC</a></span><span lang="EN-US" style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br /></span>
<span lang="EN-US" style="color: #0b5394; font-family: Trebuchet MS, sans-serif; font-size: large;"><br /></span><br />
<span lang="EN-US" style="color: #0b5394; font-family: Trebuchet MS, sans-serif; font-size: large;"><br /></span>
<span lang="EN-US" style="color: #0b5394; font-family: Trebuchet MS, sans-serif; font-size: large;"><br /></span>
<span lang="EN-US" style="color: #0b5394; font-family: Trebuchet MS, sans-serif; font-size: large;">SOAL- TUGAS</span><br />
<span lang="EN-US" style="color: #0b5394; font-family: Trebuchet MS, sans-serif; font-size: large;"><br /></span>
<span lang="EN-US">1. </span>WACC<br />
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<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Komposisi kebutuhan dana investasi sebesar
Rp. 900.000.000,-:</span></div>
<div class="MsoNormal">
<span lang="EN-US">a.
Obligasi </span></div>
<div class="MsoBodyTextIndent" style="margin-left: 14.2pt;">
<span lang="EN-US">Dikeluarkan
sebanyak 1.200 lembar dengan nominal Rp.250.000,-/lembar, Obligasi dijual
seharga Rp.227.500,- per lembar,</span> Fee
pialang 1,5% dr penjualan ,<span lang="EN-US"> biaya emisi
Rp.2.500,-/lembar, bunga </span>9<span lang="EN-US">%/tahun dan jatuh tempo 5 tahun. </span>; pajak penghasilan 25%<o:p></o:p></div>
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<br /></div>
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<span lang="EN-US">b. Saham Preferen </span></div>
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<span lang="EN-US"> Diterbitkan sebanyak </span>100<span lang="EN-US">0 lembar dengan harga nominal
Rp.2</span>0<span lang="EN-US">0.000,-
/lembar dengan deviden secara tetap 10% dari nominal. Tanpa biaya emisi .</span></div>
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<br /></div>
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<span lang="EN-US">c. Saham Biasa </span></div>
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<span lang="EN-US">Diterbitkan </span>8<span lang="EN-US">.000 lembar dengan
nominal Rp.</span>50<span lang="EN-US">.000,-
Laku dijual dengan harga pasar Rp.</span>45<span lang="EN-US">.</span>0<span lang="EN-US">00,-/lembar
dan Deviden diperkirakan Rp.</span>4.0<span lang="EN-US">00/lembar</span>/tahun; Fee pialang
1,5% dr penjualan; biaya emisi Rp.1.000/lembar. T<span lang="EN-US">ingkat
pertumbuhan 5%</span>/tahun<span lang="EN-US">. </span></div>
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<br /></div>
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<o:p> <span style="color: red;"> </span></o:p><span style="color: red;">Hitunglah</span> Weighted Cost
Of Capital </div>
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<br /></div>
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<br /></div>
<h1>
<o:p></o:p></h1>
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<br />
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<span lang="EN-US">2. PT. LAGUNA
HOTEL merencanakan investasi extention building, dengan kapasitas 40
kamar. Dana dibutuhkan sebesar Rp 1
miliyar,- Investasi diharapkan kembali
dalam waktu 7 tahun.<o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-US">Proyeksi Arus Kas
Masuk Bersih (Net Cash Inflow) dari proyek tersebut sebagai berikut:<o:p></o:p></span></div>
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<span lang="EN-US">Tahun 1: Rp.140.000.000,-;
Tahun 2 : Rp. 150.000.000,-; Tahun 3 : Rp.200.000.000,-; Tahun 4 : Rp. 220.000.000,-
dan Tahun 5 : Rp.260.000.000,-; tahun ke 6 Rp.300.000.000,- dan tahun ke 7 Rp. 350.000.000,-<o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-US">Rencana sumber
dana investasi tersebut diperoleh dari berbagai sumber, sebagai berikut:<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><span lang="EN-US">a.
</span><!--[endif]--><span lang="EN-US">Modal
sendiri (dari deposito) Rp.500 juta,
dengan tingkat bunga 8%/th<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 36.0pt; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="EN-US">b.
</span><!--[endif]--><span lang="EN-US">Obligasi: diterbitkan 1.000 lembar @ Rp.300.000,-
/lembar dengan jangka waktu 4 tahun, bunga 10%/th . Dijual dipasar modal Rp.275.000,-. Biaya - biaya: Fee pialang 2,5% dari penjualan; Emisi di
lantai bursa Rp.2000,-/lembar; pajak pendapatan 20% <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 36.0pt; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="EN-US">c.
</span><!--[endif]--><span lang="EN-US">Saham
Preferen: diterbitkan 500 lembar @400.000,-/lembar. Dijual seharga
nominalnya. Deviden 12%/tahun. Biaya – biaya: Fee pialang 2,5% dari penjualan, Emisi
dilantai bursa Rp3.000,-/lembar.<o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-US">Pertimbangkanlah
kelayakan investasi tersebut dengan menghitung:<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<span lang="EN-US">a. Weighted
Average Cost of Capital (WACC)<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<span lang="EN-US">b. Payback
Period (PBP)--present value<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<span lang="EN-US">c. Net Present
Value<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<span lang="EN-US">d. Internal
Rate Of Return (IRR)<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<a href="http://2.bp.blogspot.com/-P8nM9FRr2Wg/UMOFC5FbifI/AAAAAAAAAoY/jwRhMWWjwWw/s1600/the-stock-market.jpg" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-right: 1em; text-indent: -37.4pt;"><span style="color: black;"><span style="text-indent: -37.4pt;">Rate of Return Return yang</span><span style="text-indent: -37.4pt;"> </span><span style="text-indent: -37.4pt;"> </span><span style="text-indent: -37.4pt;">diharapkan sebesar WACC ( dibulatkan penuh; jika decimal diatas 0,5 maka dibulatkan menjadi 1,00) .</span></span></a></div>
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<br /></div>
<div class="MsoNormal">
<br /></div>
</div>
budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-20088150522303703602012-11-19T20:03:00.002-08:002013-10-17T18:39:15.892-07:00Investasi Penggantian Asset<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-size: 24.0pt;"><span style="color: #444444;">INVESTASI PENGGANTIAN <o:p></o:p></span></span></b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><span style="font-size: 24.0pt;"><span style="color: #444444;">ASSETS </span><o:p></o:p></span></b></div>
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<br /></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; tab-stops: .5in;">
<b>Perlu Tidaknya Penggantian Suatu Investasi<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; tab-stops: .5in; text-align: justify;">
Perlu
tidaknya suatu investasi penggantian dilakukan oleh manajemen, sangat
tergantung dari prospek manfaat/keuntungan yang didapat. Melalui perbandingan pengeluaran kas yang di “present value”<st1:place w:st="on">kan</st1:place>
dari aset lama dan aset baru,
maka akan diketahui berapa manfaat yang akan diperoleh dengan adanya keputusan
penggantian investasi.</div>
<div class="MsoNormal" style="line-height: 150%; tab-stops: .5in; text-align: justify;">
Dari Segi Biaya, jika Present Value pengeluaran
Biaya Investasi Lama “lebih besar” dibanding Investasi Baru maka dinilai layak
diganti dan sebaliknya.</div>
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<i>Contoh:<o:p></o:p></i></div>
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Investasi mesin A (lama) masih beroperasi normal selama 2 th. Cash In Flow (PV)
yang dihasilkan per tahun Rp 40.000,00. Mesin Lama akan <i>diganti </i> dengan mesin Baru
yang umurnya 3 th. Harga Mesin Baru Rp 150.000,00. Cash Flow yang dihasilkan
per tahun Rp 80.000,00. Tingkat bunga 6%.
Apakah mesin tsb sudah waktunya diganti?</div>
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<i>Jawab </i>:</div>
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<tbody>
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<td rowspan="2" style="border: solid windowtext 1.0pt; height: 14.55pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 86.0pt;" width="115"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .5in; text-align: center;">
<br /></div>
</td>
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<i>th 0<o:p></o:p></i></div>
</td>
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<i>Th 1<o:p></o:p></i></div>
</td>
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<i>Th 2<o:p></o:p></i></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.55pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.95pt;" valign="top" width="119"><div align="center" class="MsoNormal" style="line-height: 150%; margin-right: 9.0pt; tab-stops: .5in; text-align: center;">
<i>Th 3<o:p></o:p></i></div>
</td>
</tr>
<tr style="height: 14.45pt; mso-yfti-irow: 1;">
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.45pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 85.85pt;" valign="top" width="114"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .5in; text-align: center;">
Cash Out Flow</div>
</td>
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Cash Flow</div>
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Cash Flow</div>
</td>
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Cash Flow</div>
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<u>Mesin Lama</u></div>
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-</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 70.6pt;" valign="top" width="94"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .5in; text-align: center;">
40.000</div>
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40.000</div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.95pt;" valign="top" width="119"><div align="center" class="MsoNormal" style="line-height: 150%; margin-right: 9.0pt; tab-stops: .5in; text-align: center;">
-</div>
</td>
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<u>Mesin Baru<o:p></o:p></u></div>
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(150.000)</div>
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80.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 86.2pt;" valign="top" width="115"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .5in; text-align: center;">
80.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 88.95pt;" valign="top" width="119"><div align="center" class="MsoNormal" style="line-height: 150%; margin-right: 9.0pt; tab-stops: .5in; text-align: center;">
80.000</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: -.3in; tab-stops: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: -.3in; tab-stops: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .8in; mso-list: l4 level1 lfo2; tab-stops: .5in list .7in left 1.4in; text-indent: -.4in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">ü<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]-->Mesin Baru harus diperhitungkan NPVnya :</div>
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NPV (6%) =
63.840</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .7in; mso-list: l4 level1 lfo2; tab-stops: list .7in left 1.4in; text-indent: -.3in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">ü<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]-->Dicari equivalent NPV Rp 63.840 untuk Cash Flow
3 th</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .4in; tab-stops: 1.4in;">
DF 6%, 3 th annuity =
2,673</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 76.05pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td rowspan="2" style="padding: 0in 5.4pt 0in 5.4pt; width: .2in;" width="19"><div class="MsoNormal">
=</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 118.85pt;" valign="top" width="158"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: 1.4in; text-align: center;">
NPV</div>
</td>
<td rowspan="2" style="padding: 0in 5.4pt 0in 5.4pt; width: .2in;" width="19"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: 1.4in; text-align: center;">
=</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: 1.4in; text-align: center;">
63.840</div>
</td>
<td rowspan="2" style="padding: 0in 5.4pt 0in 5.4pt; width: 13.8pt;" width="18"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: 1.4in; text-align: center;">
=</div>
</td>
<td rowspan="2" style="padding: 0in 5.4pt 0in 5.4pt; width: 75.55pt;" width="101"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: 1.4in; text-align: center;">
Rp 23.883,2</div>
</td>
</tr>
<tr>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 118.85pt;" valign="top" width="158"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: 1.4in; text-align: center;">
Discount 3th (6%)</div>
</td>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: 1.4in; text-align: center;">
2,673</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in;">
=
Rp 23.880,00</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 1.25in; mso-list: l4 level1 lfo2; tab-stops: .7in 1.0in list 1.25in; text-indent: -.85in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">ü<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]-->Perbandingan Mesin Lama & Baru:</div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 12.6pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 73.85pt;" valign="top" width="98"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
<br /></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.55pt;" valign="top" width="53"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
COF</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 73.85pt;" valign="top" width="98"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
Cash Flow 1</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 73.85pt;" valign="top" width="98"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
Cash Flow 2</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.3pt;" valign="top" width="103"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
Cash Flow 3</div>
</td>
<td style="border: none; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; margin-left: -.25in; tab-stops: .7in 1.0in; text-align: center; text-indent: .25in;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 73.85pt;" valign="top" width="98"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
Mesin Lama</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.55pt;" valign="top" width="53"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
-</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 73.85pt;" valign="top" width="98"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
40.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 73.85pt;" valign="top" width="98"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
40.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.3pt;" valign="top" width="103"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
-</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; margin-left: -.25in; tab-stops: .7in 1.0in; text-align: center; text-indent: .25in;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 73.85pt;" valign="top" width="98"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
Mesin Baru</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 39.55pt;" valign="top" width="53"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
-</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 73.85pt;" valign="top" width="98"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
23.880</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 73.85pt;" valign="top" width="98"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
23.880</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 77.3pt;" valign="top" width="103"><div align="center" class="MsoNormal" style="line-height: 150%; tab-stops: .7in 1.0in; text-align: center;">
23.880</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; margin-left: -.25in; tab-stops: .7in 1.0in; text-align: center; text-indent: .25in;">
= 71.640</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: .4in; tab-stops: .7in 1.0in; text-indent: .5in;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 1.3in; mso-list: l4 level1 lfo2; tab-stops: .7in 1.7in list 1.8in; text-indent: -.85in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">ü<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><i>Kesimpulan </i>: Jika diganti th sekarang <u>rugi</u>,
sebab mesin Lama menghasilkan </div>
<div class="MsoNormal" style="line-height: 150%; tab-stops: 1.8in;">
40.000,
sedangkan mesin Baru 23.880.</div>
<div class="MsoNormal" style="line-height: 150%; tab-stops: .5in 1.4in;">
<br /></div>
<div class="MsoNormal">
<b>Perhitungan Laba atau
Rugi Penggantian<o:p></o:p></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-ifmj1VzX1xY/UKsAADZspNI/AAAAAAAAAZU/MMCM1KytQ2I/s1600/laundrymchine.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="140" src="http://4.bp.blogspot.com/-ifmj1VzX1xY/UKsAADZspNI/AAAAAAAAAZU/MMCM1KytQ2I/s200/laundrymchine.jpg" width="200" /></a></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>Contoh </i>:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .4in; tab-stops: .4in; text-align: justify;">
Manajemen merencanakan penggantian mesin Lama dengan mesin
Baru. Mesin Lama harga Rp 120.000.000,00 sudah dipakai 2 th. Diganti mesin Baru
seharga Rp 150.000.000,00 umur ekonomis 10 th & nilai sisa 0 (nol). Mesin
Lama menghasilkan produk terjual Rp 40.000.000,00 dengan biaya operasional
(tidak termasuk depresiasi) Rp 15.000.000,-
Estimasi produk Terjual Mesin Baru Rp 52.500.000,00. Biaya operasional (tanpa depresiasi) Rp 17.500.000,00. Pajak
30%; Discount Rate 15% per th. Mesin
lama dijual seharga Nilai Bukunya.</div>
<div class="MsoNormal">
<i>Jawab </i>:</div>
<div class="MsoNormal">
1.
Hitung Tambahan <u>Pendapatan</u> :</div>
<div class="MsoNormal">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 12.6pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 2.15pt 0in .05in; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480; width: 557px;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 127.8pt;" valign="top" width="170"><div class="MsoNormal" style="margin-left: .1in; tab-stops: .5in .7in; text-indent: -.1in;">
<br /></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div class="MsoNormal">
<i>Mesin Lama<o:p></o:p></i></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 88.2pt;" valign="top" width="118"><div class="MsoNormal" style="margin-left: 9.0pt; tab-stops: .5in .7in; text-indent: -9.0pt;">
<i>Mesin Baru<o:p></o:p></i></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div class="MsoNormal">
<i>Kas Masuk Bersih<o:p></o:p></i></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 127.8pt;" valign="top" width="170"><div class="MsoNormal">
-Penjualan</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
40.000.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 88.2pt;" valign="top" width="118"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
52.500.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
<b>+ 12.500.000<o:p></o:p></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 127.8pt;" valign="top" width="170"><div class="MsoNormal">
-Biaya Operasional</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
15.000.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 88.2pt;" valign="top" width="118"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
17.500.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
<b>-
2.500.000<o:p></o:p></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 127.8pt;" valign="top" width="170"><div class="MsoNormal">
-Depresiasi</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="right" class="MsoNormal" style="margin-right: 33.35pt; tab-stops: .5in .7in; text-align: right;">
12.000.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 88.2pt;" valign="top" width="118"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
15.000.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 127.8pt;" valign="top" width="170"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
Total
Biaya</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
27.000.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 88.2pt;" valign="top" width="118"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
32.500.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 127.8pt;" valign="top" width="170"><div class="MsoNormal">
Laba Sebelum Pajak</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
13.000.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 88.2pt;" valign="top" width="118"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
20.000.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 127.8pt;" valign="top" width="170"><div class="MsoNormal">
Pajak Pendapatan 30%</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
3.900.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 88.2pt;" valign="top" width="118"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
6.000.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
<b>-
2.100.000<o:p></o:p></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 127.8pt;" valign="top" width="170"><div class="MsoNormal">
Laba Bersih</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
9.100.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 88.2pt;" valign="top" width="118"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
14.000.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
<br /></div>
</td>
</tr>
<tr>
<td colspan="3" style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 4.4in;" valign="top" width="422"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
Tambahan
Pendapatan (Cash Inflow)</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0in 2.15pt 0in .05in; width: 1.4in;" valign="top" width="134"><div align="center" class="MsoNormal" style="tab-stops: .5in .7in; text-align: center;">
<b>7.900.000<o:p></o:p></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 115%; margin-left: .5in; mso-list: l3 level1 lfo5; text-indent: -.5in;">
<!--[if !supportLists]-->1.<span style="font-size: 7pt; line-height: normal;">
</span><!--[endif]-->Jika setiap tahun tambahan Cash Flow sama besar Rp
7.900.000,00 maka Nilai Sekarang dr suatu annuity <u>tambahan pendapatan selama</u>
10 th sebesar: Discount Rate 15% =
5,0188 × 7.900.000 = Rp 39.648.000,00</div>
<div class="MsoNormal" style="line-height: 115%;">
<br /></div>
<div class="MsoNormal" style="line-height: 115%;">
2. Hitung Tambahan Biaya Investasi
:</div>
<div class="MsoNormal" style="line-height: 115%; margin-left: 1.0in; mso-list: l4 level1 lfo2; tab-stops: .3in list .7in left .8in; text-indent: -.4in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">ü<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]-->Harga Mesin Baru……………………150.000</div>
<div class="MsoNormal" style="line-height: 115%; margin-left: 1.0in; mso-list: l4 level1 lfo2; tab-stops: .3in list .7in left .8in; text-indent: -.4in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">ü<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]-->Harga Penjualan Mesin Lama</div>
<div class="MsoNormal" style="line-height: 115%; margin-left: 1.0in; tab-stops: .3in .8in;">
-Harga
jual………96.000</div>
<div class="MsoNormal" style="line-height: 115%; margin-left: 1.0in; tab-stops: .3in .8in;">
-Tax
Saving 30%(96jt-96jt) = 0 -------> 96 juta</div>
<div class="MsoNormal" style="line-height: 115%; margin-left: 1.0in; tab-stops: .3in .8in;">
Tmbahan
Investasi = 150 juta – 96 juta = 54 juta</div>
<div class="MsoNormal" style="line-height: 115%; margin-left: .5in; mso-list: l2 level1 lfo3; tab-stops: list .6in left .7in .8in; text-indent: .1in;">
<!--[if !supportLists]--><span style="font-family: Wingdings; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">ü<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span><!--[endif]-->Karena dibayar saat pertukaran, maka Present
Value tambahan Investasi </div>
<div class="MsoNormal" style="line-height: 115%; margin-left: .5in; tab-stops: .7in .8in;">
= Rp 54.000.000,00</div>
<div class="MsoNormal" style="line-height: 115%;">
<br /></div>
<div class="MsoNormal" style="line-height: 115%; margin-left: .5in; mso-list: l0 level1 lfo1; tab-stops: .3in list .5in; text-indent: -.25in;">
<!--[if !supportLists]-->1.<span style="font-size: 7pt; line-height: normal;">
</span><!--[endif]-->PV tambahan pendapatan
> PV tambahan Investasi , maka
dinyatakan layak</div>
<div class="MsoNormal" style="line-height: 115%; margin-left: .5in;">
PV tambahan
pendapatan < PV tambahan investasi,
maka dinyatakan tidak layak</div>
<div class="MsoNormal" style="line-height: 115%; margin-left: .75in; tab-stops: .2in .3in .7in;">
39.648.000 <
54.000.000</div>
<div class="MsoNormal" style="line-height: 115%;">
<i> Tidak layak karena tidak
menguntungkan<o:p></o:p></i></div>
<div class="MsoNormal">
<i> </i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
MEMBELI atau MENYEWA</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Untuk investasi tertentu (misal:
mesin, peralatan, kendaraan). Pengadaannya dapat melalui membeli atau menyewa.
Alat evaluasi dalam alternatif ini yaitu diperbandingkan antara “nilai
sekarang” biaya-biaya akurat dari sewa termasuk biaya pemeliharaan. Jika <u>nilai sekarang dari pembelian</u>
(termasuk biaya pemeliharaan) lebih tinggi dibanding <u>nilai sekarang dari
sewa</u> maka lebih baik diputuskan untuk menyewa dan sebaliknya.</div>
<div class="MsoNormal" style="line-height: 150%;">
<i>Contoh :<o:p></o:p></i></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/--18qqDM6Ggw/UKsAisNW3fI/AAAAAAAAAZc/aopI_qIcvsM/s1600/cartoon-bus.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="131" src="http://1.bp.blogspot.com/--18qqDM6Ggw/UKsAisNW3fI/AAAAAAAAAZc/aopI_qIcvsM/s200/cartoon-bus.jpg" width="200" /></a></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .3in; tab-stops: .3in;">
Manajemen
berencana mempunyai Bus Tamu, dipertimbangkan antara membeli dan menyewa. Harga
Bus Rp 50.000.000,-. Biaya modifikasi Rp 5.000.000,-; Biaya Pemeliharaan dan
pajak Rp 5.000.000,-/th. Umur ekonomis 10 th, pada akhir tahun ekonomis jika
dijual diperkirakan sebeesar Rp.25.000.000,-. Jika kontrak sewa, biaya sewa per
tahun Rp 12.500.000,00 bebas biaya pemeliharaan. Discount Rate 12%/th. Mana
alternatif yang paling menguntungkan?</div>
<div class="MsoNormal" style="margin-left: .5in; tab-stops: .5in;">
1.Perhitungan Nilai
Sekarang Alternatif Membeli</div>
<div class="MsoNormal" style="margin-left: .5in; tab-stops: .3in .8in;">
-Harga Bus….…………………………………….….......Rp
50.000.000,- </div>
<div class="MsoNormal" style="margin-left: .5in; tab-stops: .3in .8in;">
-Biaya Modifikasi…..…………………………………...Rp 5.000.000,- </div>
<div class="MsoNormal">
-P
Value × Biaya Pemeliharaan selama 10 th, DF 12%</div>
<div class="MsoNormal">
…………………………
…….= 5,6502 × 5.000.000 = Rp. 28.251.000,-<u><o:p></o:p></u></div>
<div class="MsoNormal">
- P Value harga jual: 25.000.000,- x 0,3219 <u>= Rp.(
8.047.500,-)</u></div>
<div class="MsoNormal">
Total
Rp. 75.203.500,-</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
2. Perhitungan Nilai Sekarang dari
alternatif Sewa</div>
<div class="MsoNormal">
- P Value dari pengeluaran kas selama 10 tahun
:</div>
<div class="MsoNormal">
=
5,6502 x Rp.12.500.000,- = Rp.70.627.500,-</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
kesimpulan
: PV Biaya Sewa < PV Biaya Beli</div>
<div class="MsoNormal">
Rp.70.627.500,-
< Rp.75.203.500,-, <b>maka alternatif
Sewa , dipilih</b>.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>Investasi Beda Umur<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-YTkcaXfztX4/UKsA_ZuQFpI/AAAAAAAAAZk/BHKCDYENa-s/s1600/bedaumur.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://3.bp.blogspot.com/-YTkcaXfztX4/UKsA_ZuQFpI/AAAAAAAAAZk/BHKCDYENa-s/s1600/bedaumur.jpg" /></a></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Dalam melakukan
investasi, kadangkala manajemen dihadapkan oleh dua pilihan investasi yang
mempunyai umur ekonomis berbeda. Faktor
umur investasi yang berbeda akan mempengaruhi perhitungan analisis present value dari ke dua investasi tersebut.
Untuk memilih salah satu dari investasi tersebut , maka analisisnya harus
dengan cara menyamakan umur investasinya atau dengan menghitung rata – rata
cash flownya.</div>
<div class="MsoNormal" style="text-align: justify;">
Contoh:</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Investasi mesin
A dengan dengan nilaiRp. 15.000.000,-
mempunyai umur ekonomis 3 tahun , diproyeksikan akan membutuhkan pembiayaan kas
per tahun sebesar Rp.4.000.000,-. Investasi B dengan nilai Rp.10.000.000,-
mempunyai umur ekonomis 2 tahun dan
diproyeksikan membutuhkan pembiayaan kas pertahun sebeesar Rp.6.000.000,-.
Diasumsikan kedua investasi memberikan cash inflow yang sama. Jika tingkat return 6% /th , manakah
investasi yang paling menguntungkan /dipilih?</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Jawab:</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<!--[if gte vml 1]><v:rect
id="_x0000_s1026" style='position:absolute;left:0;text-align:left;
margin-left:0;margin-top:36.05pt;width:439.2pt;height:21.6pt;z-index:-1'/><![endif]--><!--[if !vml]--><span style="height: 31px; left: 0px; margin-left: -1px; margin-top: 47px; mso-ignore: vglayout; position: absolute; width: 588px; z-index: -1;"><img height="31" src="file:///C:/DOCUME~1/Ketua/LOCALS~1/Temp/msohtmlclip1/01/clip_image001.gif" v:shapes="_x0000_s1026" width="588" /></span><!--[endif]-->Pertimbangan pemilihan kedua investasi
tersebut didasarkan pada Present Value dari Cash Out Flow yang paling
kecil. Total Cash out flow di hitung
sbb;</div>
<div class="MsoNormal" style="line-height: 150%;">
<b>Cash Out Flow =(Cash Out Flow per th x DF Annutity ,n tahun) + Initial
Out Flow <o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%;">
Kemudian di hitung rata-rata cash
out flow per tahun dengan mencari equivalennya, sbb:</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 34.2pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td rowspan="2" style="padding: 0in 5.4pt 0in 5.4pt; width: 1.9in;" width="182"><div class="MsoNormal" style="line-height: 150%;">
<b>Equivalen Annual Cash Out Flow<o:p></o:p></b></div>
</td>
<td rowspan="2" style="padding: 0in 5.4pt 0in 5.4pt; width: .3in;" width="29"><div class="MsoNormal" style="line-height: 150%;">
<b>=<o:p></o:p></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.7in;" valign="top" width="163"><div class="MsoNormal" style="line-height: 150%;">
<b>Total Cash Out Flow<o:p></o:p></b></div>
</td>
</tr>
<tr>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 1.7in;" valign="top" width="163"><div class="MsoNormal" style="line-height: 150%;">
<b>DF; annuity<o:p></o:p></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%;">
Ivestasi A ; Total Cash Out Flow = (4.000.000,-
x 2,673) + 15.000.000,- = 25.692.000,-</div>
<div class="MsoNormal" style="line-height: 150%;">
Equivalen
annual = 25.692.000/ 2,673 = 9.611.672,-</div>
<div class="MsoNormal" style="line-height: 150%;">
</div>
<div class="MsoNormal" style="line-height: 150%;">
Investasi B;Total Cash Outflow = (6.000.000,- x 1,833) + 10.000.000,- =
20.998.000,-</div>
<div class="MsoNormal" style="line-height: 150%;">
Equivalen
annual = 20.998.000,- x1,833 = 11.455.537,-</div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b>Eqv. Annual COF Investasi A <
Eqv. Annual COF Investasi B<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Perhitungan
tersebut menunjukkan pengeluaran cash ( PV) investasi A lebih kecil
dibandingkan dengan pengeluaran cash (PV) investasi B, dengan demikian <i>Investasi
A yang dipilih</i>.</div>
<div class="MsoNormal" style="text-align: justify;">
*) COF = Cash Out Flow<br />
<br />
<br />
<br />
<br />
<br />
<br />
<div class="MsoNormal">
<b><span style="color: red; font-size: large;">Soal 1:</span><o:p></o:p></b></div>
<div class="MsoNormal">
Hotel Memayu, mempunyai kapasitas
300 kamar. Rata – rata tingkat Occupancy
kamar 70% /tahun.Saat ini mencucikan linennya ke perusahaan laundry. Linen per kamar yang harus diganti setiap
hari ,terdiri dari : Sheet 2 lembar @1kg dan berbagai Towel seberat 2kg. Biaya pencucian Rp.3.000,-/kg.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Manajemen ingin membandingkan jika operasional tersebut
dikelola sendiri. Jika dikelola sendiri
Cost hanya Rp. 2000,-/kg dan masih mampu
menjual untuk outside laundry dengan cash inflow sebesar Rp.4000,-/kg dengan omset penjualan
rata-rata 150.000 kg per tahun.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Biaya Investasi terdiri dari: Wash Extractor Machine, Tumble Dryer, Flat
Ironer dan instalasi Rp. 4,5 Miliar.Umur Investasi selama 7 tahun dengan
tingkat Rate of Return 12% / th. </div>
<div class="MsoNormal">
Bagaimana menurut anda apakah
lebih menguntungkan di cucikan ke perusahaan Laundry atau Investasi untuk
mengelola outlet Laundry..? </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<o:p> </o:p> </div>
<div class="MsoNormal">
<b><span style="color: red;">Soal 2:</span><o:p></o:p></b></div>
<div class="MsoNormal">
Manajemen Hotel Pondok
merencanakan penggadaan Mini Bus
kendaraan untuk operasional.
Harga Mini Bus Rp. 250.000.000,-
; pajak kendaraan per tahun Rp.3.000.000,-; biaya pemeliharaan per tahun
Rp.1.500.000,-. Umur ekonomis kendaraan
7 tahun, penyusutan (depresiasi) menggunakan metode garis lurus, Nilai Sisa
sebesar Rp.40.000.000,-. Pada akhir umur ekonomis jika diperkirakan laku dijual seharga Rp. 100.000.000,-. Rate of return sebesar 7%/th.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Alternatif lain, dengan cara
menyewa dengan biaya Rp.40.000.000,-/tahun. Manajemen tidak dikenakan pajak
kendaraan dan biaya perawatan.</div>
<div class="MsoNormal">
<br /></div>
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Dari dua alternatif tersebut manakah yang dipilih
manajemen?</span><br />
<div class="MsoNormal">
<b><span lang="IN" style="font-size: 14.0pt; mso-ansi-language: IN;"><br /></span></b></div>
<div class="MsoNormal">
<b><span lang="IN" style="font-size: 14.0pt; mso-ansi-language: IN;"><span style="color: red;">Soal 3:</span><o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
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Manajemen merencanakan penggantian
mesin<span lang="IN"> Cold Storage Lama </span>dengan
mesin <span lang="IN">Cold Storage Baru. </span> Mesin Lama harga Rp<span lang="IN">.</span><span lang="IN"> </span><span lang="IN">7</span>0.000.000,<span lang="IN">- umur ekonomis 7 tahun ;sudah dipakai 4 tahun. M</span>esin Baru seharga Rp <span lang="IN">6</span>0.000.000,<span lang="IN">-</span> umur ekonomis 10 t<span lang="IN">a</span>h<span lang="IN">un</span>. Mesin Lama<span lang="IN"> dianggap kurang efisien karena biaya operasional
dan pemeliharaan sebesar Rp.5.000.000,-/tahun.
Sedangkan Mesin Baru , biaya operasional dan pemeliharaan R</span>p<span lang="IN">.</span><span lang="IN"> </span><span lang="IN">2</span>.500.000,<span lang="IN">-/tahun</span>. <span lang="IN">Mesin Lama dijual seharga Rp. 25.000.000,- </span>Pajak<span lang="IN"> pendapatan 25</span>%; Discount Rate 15% <span lang="IN">/tahun</span>.<span lang="IN"><o:p></o:p></span></div>
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<b><span lang="IN" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: IN;"><span style="color: red;">Soal 4 :</span><o:p></o:p></span></b></div>
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<span lang="IN">Hotel Agate , berencana membeli kursi untuk banquet/meeting room sebanyak
2000 buah, dipertimbangkan antara menyewa dengan membeli. <o:p></o:p></span></div>
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<span lang="IN">Harga Kursi Rp.250.000,- dan seat cover Rp. 50.000,-. Biaya pemeliharaan Rp.10.000,-/kursi/tahun. Umur ekonomis 4 tahun. Pada akhir umur ekonomis 1000 buah kursi
(lengkap dengan cover) dijual dengan harga Rp.100.000,- Tingkat rate of return
10%.<o:p></o:p></span></div>
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<span lang="IN">Alternative lain, menyewa kursi (lengkap dengan cover) dengan biaya sewa
Rp.75.000,-/kursi. Alternative mana yang
dipilih?<o:p></o:p></span></div>
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<br /></div>
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<b><span lang="IN" style="font-size: 14.0pt; line-height: 150%; mso-ansi-language: IN;"><span style="color: red;">Soal 5:</span><o:p></o:p></span></b></div>
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<span class="hps"><span lang="IN">Manajemen merencanakan p</span>embelian
peralatan </span><span class="hps"><span lang="IN">entertainment
</span>seharga
Rp.1.250.000.000,-dibiayai dengan hutang bank. Hutang bank di bayar selama 4 tahun dengan
Angsuran pokok per Tahunnya sebesar Rp. 312.500.000,-, Tingkat bunga </span><span class="hps"><span lang="IN">menurun </span>8%/tahun. Umur ekonomis 5 tahun dan Depresiasi peralatan Rp.250.000.00,- per
tahun, tanpa nilai sisa di akhir periode. Pajak penghasilan </span><span class="hps"><span lang="IN">2</span>5%. Alternative lain, Peralatan di sewa dengan
biaya sewa Rp.300.000.000,- /tahun.</span><span class="hps"><span lang="IN"> Pilih yang mana?<o:p></o:p></span></span></div>
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"><br /></span>
</div>
budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-46924615648068582502012-11-16T07:50:00.000-08:002013-06-17T20:48:52.259-07:00Penilaian Hotel<br />
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<span style="font-size: 26.0pt;">PERTUMBUHAN DAN PENILAIAN <o:p></o:p></span></div>
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<span style="font-size: 26.0pt;">PERUSAHAAN<o:p></o:p></span></div>
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<b>Pertumbuan Internal<o:p></o:p></b></div>
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Pertumbuhan
internal perusahaan dapat ditujukkan dengan pertumbuhan pasar perusahaan. Suatu Hotel dikatakan tumbuh jika Tingkat
Hunian Kamar ( <i>Room Occupancy Rate</i>) meningkat.
Restaurant dikatakan tumbuh apabila Tingkat Perputaran Kursi ( Seat
Turnover) meningkat. Hal tersebut menunjukkan peningkatan jumlah pelanggan
meningkat pada suatu meal period). Namun
demikian pertumbuhan perusahaan tidak terbatas pada hal itu saja, peningkatan
jumlah kamar, peningkatan jumlah kursi di restaurant dalam jangka pendek
menunjukkan pertumbuhan perusahaan.
Jangka panjang, pertumbuhan internal dapat dilihat dari pengembangan
bangunan, atau penambahan fasilitas bangunan baru.</div>
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Pertumbuhan
Eksternal</div>
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Pertumbuhan
eksternal seringkali dikaitkan dengan existensi atau kelangsungan hidup
usaha. Pertumbuhan dapat terjadi secara
horizontal dan vertical. Pertumbuhan horizontal
misalnya hotel satu membeli hotel lainnya , sedangkan pertumbuhan
vertical misalnya hotel mengembangkan usahanya
catering, atau restaurant mengembangkan ke supplier daging, atau
perusahaan penerbangan mengembangkan ke hotel, Telekomunikasi ke wahana wisata,
dsb. Pengembangan dapat terjadi dengan
cara ambil alih ( akuisisi) atau merger.<br />
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<a href="http://1.bp.blogspot.com/-ster8iL52zo/Ub_WoabWZjI/AAAAAAAABJE/x1LgjjqumWU/s1600/hotel2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://1.bp.blogspot.com/-ster8iL52zo/Ub_WoabWZjI/AAAAAAAABJE/x1LgjjqumWU/s1600/hotel2.jpg" /></a></div>
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<span class="apple-style-span"><b><br /></b></span>
<span class="apple-style-span"><b>Keuntungan
Mengakuisisi Properti<span style="background: white;"><o:p></o:p></span></b></span></div>
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<span class="apple-style-span">Terlepas dari bentuk akuisisi, keputusan akhir biasanya
terfokus pada harga. Harga merupakan
pertimbangan utama dalam masalah ekonomi. Beberapa keutungan mengkuisisi
property yang telah ada antara lain:<span style="background: white;"><o:p></o:p></span></span></div>
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<div style="text-align: left;">
<!--[if !supportLists]--><span class="apple-converted-space"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span></span><!--[endif]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Memungkinkan
pertumbuhan yang lebih cepat karena dengan akuisisi perusahaan tidak perlu
menunggu dua - sampai tiga tahun yang
disebabkan keterlambatan pembangunan gedung baru.</span></span><span class="apple-converted-space"><span style="background: white; font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"><o:p></o:p></span></span></div>
</div>
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<div style="text-align: left;">
<!--[if !supportLists]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span></span><!--[endif]--><span class="apple-converted-space"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Perkiraan
(forecast) mengenai </span></span><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">volume
usaha lebih mudah disusun, karena sudah
diketahui tingkat occupancy (hunian) kamar pada tahun – tahun
yang lalu hunian kamar demikian pula jumlah tamu restoran, dapat digunakan
untuk proyeksi masa depan.</span></span><span class="apple-converted-space"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">
Demikian pula j</span></span><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">ika
tersedia laporan historis jumlah
penjualan dan biaya operasional.<span style="background: white;"><o:p></o:p></span></span></span></div>
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<!--[if !supportLists]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span></span><!--[endif]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jika
operator saat ini (manajemen lama) telah
menjalankan usaha dengan baik dan reputasi yang solid, maka perusahaan yang
mengakuisisi memiliki basis yang baik untuk mengembangkan usaha.<span style="background: white;"><o:p></o:p></span></span></span></div>
</div>
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<div style="text-align: left;">
<!--[if !supportLists]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">4.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span></span><!--[endif]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Di
sisi lain, jika volume usaha rendah yang disebabkan pengelolaan operator saat ini buruk,
perusahaan yang mengakuisisi jika mempunyai manajemen operasi yang baik dapat
memperoleh properti dengan harga yang relatif rendah. Tapi, jika volume usaha rendah karena
disebabkan lokasi yang buruk, atau faktor-faktor lain yang tidak dapat dengan
mudah diperbaiki, maka pembelian ini tidak menguntungkan.<span style="background: #948A54; mso-shading-themecolor: background2; mso-shading-themeshade: 128;"><o:p></o:p></span></span></span></div>
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<!--[if !supportLists]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">5.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span></span><!--[endif]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jika
operator saat mempunyai hutang hipotek dengan tingkat bunga rendah, bagi perusahaan yang mengakuisisi merupakan
investasi yang sangat menarik. Pemilik
lama mungkin akan menjual dengan harga yang rendah, sedangkan perusahaan yang
mengakuisisi membutuhkan jumlah uang tunai yang lebih sedikit untuk membayar
property, karena adanya pengambil alihan hutang hipotek.<span style="background: white;"><o:p></o:p></span></span></span></div>
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<span class="apple-style-span"><b><br /></b></span></div>
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<span class="apple-style-span"><b>Kerugian
Mengakuisisi Properti<span style="background: white;"> </span></b><span style="background: white;"><o:p></o:p></span></span></div>
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<span class="apple-style-span">Terdapat beberapa kerugian dalam mengakuisisi perusahaan
yang telah berdiri, antara lain:<span style="background: white;"><o:p></o:p></span></span></div>
</div>
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<div style="text-align: left;">
<!--[if !supportLists]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">1.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span></span><!--[endif]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Jika
reputasi operator saat ini buruk, maka
biaya untuk membangun kembali reputasi volume
bisnis membutuhkan biaya yang sangat besar.<span style="background: white;"><o:p></o:p></span></span></span></div>
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<!--[if !supportLists]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">2.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span></span><!--[endif]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Bangunan
yang sudah terlalu usang memerlukan biaya renovasi yang besar. </span></span><span class="apple-converted-space"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;"> </span></span><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Demikian pula, kurangnya desain modern
mungkin diperlukan biaya pemeliharaan yang tinggi pada air conditioning, perpipaan dan listrik.<span style="background: white;"><o:p></o:p></span></span></span></div>
</div>
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<!--[if !supportLists]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%; mso-fareast-font-family: "Times New Roman";">3.<span style="font-family: 'Times New Roman'; font-size: 7pt; line-height: normal;">
</span></span></span><!--[endif]--><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">Adanya
peraturan pemerintah</span></span><span class="apple-converted-space"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">
dan hukum </span></span><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">yang melarang
ekspansi property di masa depan ,misalnya, pengembangan
bangunan bertingkat dengan jumlah lantai tertentu.</span></span></div>
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<a href="http://4.bp.blogspot.com/-ExUxvzfChxk/Ub_XaNaasZI/AAAAAAAABJQ/N3xskdU3AAs/s1600/art_moneywheelbarrow.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://4.bp.blogspot.com/-ExUxvzfChxk/Ub_XaNaasZI/AAAAAAAABJQ/N3xskdU3AAs/s1600/art_moneywheelbarrow.jpg" /></a></div>
<span class="apple-style-span"><b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 150%;">METODE PENILAIAN PEMBELIAN PROPERTY</span></b></span></div>
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<span class="apple-style-span">Secara umum, nilai property merupakan harga yang
disepakati kedua belah pihak antara penjual dan pembeli. </span><span class="apple-converted-space"> </span><span class="apple-style-span">Namun,
secara definisi deskriptif tidak dibahas bagaimana menentukan nilai yang adil bagi kedua belah
pihak.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Untuk menentukan ini, ada tiga metode yang berbeda,
yaitu:<span style="background: white;"><o:p></o:p></span></span></div>
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<span class="apple-style-span"><span style="background: whitesmoke;"><br />
</span><b>Metode Biaya (The Cost Method)<span style="background: white;"><o:p></o:p></span></b></span></div>
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<span class="apple-style-span">pendekatan metode biaya berkaitan dengan penetapan biaya
saat ini yang diperlukan untuk mereproduksi bangunan, mengurangi jumlah yang
wajar untuk penyusutan yang disebabkan oleh kerusakan dan keusangan atau
ekonomi dan kemudian menambahkan harga tanah saat ini. Jika properti yang dibeli masih relative
baru, metode ini mungkin cukup akurat.
Namun, jika yang dibeli bangunan tua, maka sulit untuk menggunakan
metode ini secara akurat.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Juga, pada saat ini nilai atau brand image sebuah hotel
sangat penting dalam menentukan nilai sebuah properti, tentunya hal ini tidak
terakomodir dalam metode biaya.<span style="background: white;"><o:p></o:p></span></span></div>
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<span class="apple-style-span"><b>Metode Pasar (The
Market Method)<span style="background: white;"><o:p></o:p></span></b></span></div>
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<span class="apple-style-span">Dalam Metode pasar, mengevaluasi properti dengan cara
membandingkannya dengan property serupa yang baru-baru ini terjual.</span><span class="apple-converted-space"> Agar </span><span class="apple-style-span">penilaian
lebih akurat, harga penjualan baru-baru ini harus sebanding atau disesuaikan dengan beberapa faktor , antara lain: usia,
jenis konstruksi bangunan; luas bangunan, furnitur, mebel, dan kondisi
peralatan, dan lokasi dan tata letak.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Bahkan jika ada, pembadingnya transaksi property yang di
daerah tersebut. Namun , umumnya
informasi akurat sangat sulit didapatkan, metode ini juga disulit diterapkan. </span><span class="apple-converted-space"> </span><span class="apple-style-span">
Kelayakan ekonomi dari suatu perusahaan industri perhotelan biasanya lebih
penting dalam menentukan nilai properti, dan metode ini belum mencakup hal
tersebut.<span style="background: white;"><o:p></o:p></span></span></div>
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<span class="apple-style-span"><b>Metode Penghasilan
( the income method)<span style="background: white;"><o:p></o:p></span></b></span></div>
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<span class="apple-style-span">Sebuah perusahaan industri perhotelan tidak seperti
banyak lainnya dari real estat komersial.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Usaha
semacam ini baik real estate dan bisnis ritel, seringkali dihargai dengan
taksiran saja. Nilai assets dalam Neraca
perusahaan tidak dalam memberikan nilai yang
riil karena dicatat dberdasarkan harga historis.</span><span class="apple-converted-space"> P</span><span class="apple-style-span">endekatan
metode pendapatan diharapkan dapat
mengatasi masalah ini, karena
mendasarkan nilai properti pada pendapatan sebelum penyusutan, bunga,dan
pajak dan menggunakan "kapitalisasi"
rate (tingkat bunga) yang sesuai.<span style="background: #948A54; mso-shading-themecolor: background2; mso-shading-themeshade: 128;"><o:p></o:p></span></span></div>
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<span class="apple-style-span"><i>Income Before
Depreciation, Interest, and Income Tax (EBDIT)/ Laba sebelum penyusutan, Bunga
dan pajak penghasilan<span style="background: white;"><o:p></o:p></span></i></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span">Pada dasarnya metode pendapatan memerlukan estimasi
mengenai penghasilan rata-rata tahunan properti di masa depan.</span><span class="apple-converted-space"> Data </span><span class="apple-style-span">yang
dibutuhkan adalah penghasilan sebelum penyusutan, bunga, dan pajak (<i>Earning Before Depreciation and Tax</i> -
EBDIT).</span><span class="apple-converted-space"><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span">EBDIT rata-rata di beberapa tahun yang akan datang dapat
diperkirakan berdasarkan laporan laba rugi yang lalu, kemudian disesuaikan dengan kondisi ekonomi masa depan
dan faktor lainnya. Faktor yang perlu dipertimbangkan antara lain yaitu
perkembangn infrastruktur, telekomunikasi, lokasi properti (visibilitas,
accesbility, lansekap, dan ruang untuk ekspansi), posisi kompetitif (tarif
kamar dan / atau makanan dan harga minuman, kedekatan dengan pasar dilayani,
pasokan dan pertimbangan permintaan,</span><span class="apple-converted-space"> </span><span class="apple-style-span">reputasi), dan sebuah studi dari fisik properti, untuk
menentukan apa fasilitas tersebut memerlukan biaya pemeliharaan yang tinggi di
masa mendatang.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Meskipun banyak dari item membutuhkan penilaian
subjektif, tapi hal tersebut harus dipertimbangkan dalam menetapkan nilai
property. Dalam memproyeksikan EBDIT, perlu mengasumsikan bahwa akan terjadi
fluktuasi usaha atau pendapatan dan biaya.<span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span">Setiap usulan perluasan bisnis diperlakukan sebagai
investasi yang terpisah dan perlu dilakukan studi kelayakan secara terpisah.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span"><i>Tarif Kapitalisasi ( Capitalization Rate)</i><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span">Setelah proyeksi EBDIT dihitung, kemudian dibagi dengan
tarif kapitalisasi (tarif permodalan)
yang sesuai.</span><span class="apple-converted-space"> </span><span class="apple-style-span"> Tarif
kapitalisasi umumnya ditentukan dari jumlah bunga tahunan dan pokok
pinjaman yang diperlukan untuk pembiayaan.
Sebagai contoh, biaya bunga pinjaman yang harus dibayar untuk pinjaman
jangka panjang 20 tahun, pada tingkat
bunga 10% adalah Rp.96.500, per bulan - untuk pinjaman sebesar Rp10.000.000, -.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Meskipun
pembayaran angsuran umumnya dilakukan secara bulanan, angka ini <i>perlu diubah untuk setiap tahun, </i>sehingga
dikalikan dengan 12.<span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-converted-space"> </span><span class="apple-style-span">Dalam
kasus kami Rp.96.500, - x 12 = Rp.1.158.000, - Disajikan dalam jangka
persentase, ini akan menjadi 11,58%.<span style="background: white;"><o:p></o:p></span></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 72.9pt; mso-padding-alt: 0in .7pt 0in .7pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in .7pt 0in .7pt; width: 86.7pt;" valign="top" width="116"><div class="MsoNormal" style="line-height: 150%;">
Rp.1.158.000</div>
</td>
<td rowspan="2" style="padding: 0in .7pt 0in .7pt; width: 34.6pt;" width="46"><div class="MsoNormal" style="line-height: 150%;">
X 100</div>
</td>
<td rowspan="2" style="padding: 0in .7pt 0in .7pt; width: 49.5pt;" width="66"><div class="MsoNormal" style="line-height: 150%;">
= 11,58%</div>
</td>
</tr>
<tr>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in .7pt 0in .7pt; width: 86.7pt;" valign="top" width="116"><div class="MsoNormal" style="line-height: 150%;">
Rp.10.000.000</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span">Komponen kedua dari tariff kapitalisasi yaitu
pengembalian investasi atas pembelian properti.</span><span class="apple-converted-space"> </span><span class="apple-style-span"> Dalam
industri perhotelan, secara umum tarif kapitalisasi sekitar 6% sampai 14%.</span><span class="apple-converted-space"> Tarif
khusus dapat ditentukan dengan
mempertimbangkan factor resiko, misalnya: perolehan </span><span class="apple-style-span"> laba dan risiko
pembelian.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Pembelian juga tergantung kondisi yang ditawarkan dalam situasi di mana pembeli
memperoleh semua aset: tanah, bangunan, dan mebel, perlengkapan, dan peralatan.</span><span class="apple-converted-space"> Namun jika ternyata beberapa dari property
tersebut ( mis: peralatan) tidak djual tapi harus disewa, maka resiko semakin besar , sehingga tarif kapitalisasi</span><span class="apple-style-span"> yang digunakan akan meningkat.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Bahkan,
semakin banyak asset yang harus disewa, maka tarif kapitalisasi bisa berkisar
15% sampai 25%.<span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span"><i><br /></i></span>
<span class="apple-style-span"><i>Tarif Rata-rata
Tertimbang Kapitalisasi (Weighted Average Capitalization Rate)<span style="background: white;"><o:p></o:p></span></i></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span">Tarif rata – rata tertimbang dihitung apabila investasi
dibiayai dari berbagai sumber, misalnya” modal sendiri dan hutang. Agar lebih
jelas diberikan contoh, perhitungan
tarif kapitalisasi rata-rata tertimbang untuk pembelian sebuah property.
Proyeksi laba sebelum penyusutan dan pajak (EBDIT) sebesar Rp.</span><span class="apple-converted-space"> </span><span class="apple-style-span">3.500.000.000,
- per tahun.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Pembelian tersebut akan dibiayai oleh hutang jangka
panjang (hipotek) 75% dengan bunga 10%
untuk jangka waktu 20 tahun.
Tarif kapitalisasi </span><span class="apple-converted-space"> tahunan
untuk pinjaman jangka panjang </span><span class="apple-style-span">hipotek
adalah 11,58% (lihat perhitungan sebelumnya).
Pembelian atau investasi akan dibiayai
dengan hutang sebesar 75% dan
modal sendiri 25%. Karena mempertimbangkan
faktor risiko, investor menginginkan
tingkat pengembalian (return) atas investasi modal sendiri sebesar 16%.</span><span class="apple-converted-space"> Maka tarif </span><span class="apple-style-span"> kapitalisasi rata
–<span style="background: white;"> </span>rata tertimbang dihitung, berikut:<span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
9.1. Tarif Kapitalisasi Rata – Rata Tertimbang (Weighted
Capitalization Rate)</div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-insideh: .5pt solid black; mso-border-insidev: .5pt solid black; mso-padding-alt: 0in .7pt 0in .7pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 86.2pt;" width="115"><div align="center" class="MsoNormal" style="text-align: center;">
Sumber</div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 67.5pt;" width="90"><div class="MsoNormal">
Proporsi</div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 94.7pt;" width="126"><div class="MsoNormal">
Hasil Diharapkan</div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 1.25in;" width="120"><div class="MsoNormal">
Tarif Rata – rata</div>
<div class="MsoNormal">
Tertimbang </div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 86.2pt;" width="115"><div class="MsoNormal">
Hutang </div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 67.5pt;" width="90"><div class="MsoNormal">
75%</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 94.7pt;" width="126"><div class="MsoNormal">
11,58%</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 1.25in;" width="120"><div class="MsoNormal">
0,08685</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 86.2pt;" width="115"><div class="MsoNormal">
Modal Sendiri</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 67.5pt;" width="90"><div class="MsoNormal">
25%</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 94.7pt;" width="126"><div class="MsoNormal">
16%</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 1.25in;" width="120"><div class="MsoNormal">
0,040000</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 86.2pt;" width="115"><div class="MsoNormal">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 67.5pt;" width="90"><div class="MsoNormal">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 94.7pt;" width="126"><div class="MsoNormal">
Total</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 1.25in;" width="120"><div class="MsoNormal">
0,12685</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span class="apple-style-span"><i>Menentukan Nilai Pembelian</i><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span class="apple-style-span">Menggunakan
tarif kapitalisasi rata-rata tertimbang
di atas, maka nilai property dihitung
dengan membagi angka EBDIT dengan tarif
:<span style="background: white;"><o:p></o:p></span></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 72.9pt; mso-padding-alt: 0in .7pt 0in .7pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in .7pt 0in .7pt; width: 91.4pt;" valign="top" width="122"><div class="MsoNormal">
Rp.3.500.000000,-</div>
</td>
<td rowspan="2" style="padding: 0in .7pt 0in .7pt; width: 182.9pt;" width="244"><div class="MsoNormal">
= Rp. 27.590.000.000,-</div>
</td>
</tr>
<tr>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in .7pt 0in .7pt; width: 91.4pt;" valign="top" width="122"><div class="MsoNormal">
Rp.0,12685</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span class="apple-style-span">10.2.
Alokasi Laba (EBDIT) berdasar Sumber Pembiayaan<span style="background: white;"><o:p></o:p></span></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-insideh: .5pt solid black; mso-border-insidev: .5pt solid black; mso-padding-alt: 0in .7pt 0in .7pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 75.8pt;" width="101"><div align="center" class="MsoNormal" style="text-align: center;">
Sumber</div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 100.4pt;" width="134"><div align="center" class="MsoNormal" style="text-align: center;">
Pembelian</div>
</td>
<td colspan="2" style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 1.75in;" width="168"><div align="center" class="MsoNormal" style="text-align: center;">
Proporsi</div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: .75in;" width="72"><div align="center" class="MsoNormal" style="text-align: center;">
Hasil
Diharapkan </div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.0pt;" width="108"><div class="MsoNormal">
Alokasi EBDIT</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 75.8pt;" width="101"><div class="MsoNormal">
Hutang</div>
</td>
<td rowspan="2" style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 100.4pt;" width="134"><div class="MsoNormal">
Rp.27.590.000.000,-</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 45.0pt;" width="60"><div class="MsoNormal">
75%</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.0pt;" valign="top" width="108"><div class="MsoNormal">
20.690.000.000</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: .75in;" width="72"><div class="MsoNormal">
11,58%</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.0pt;" width="108"><div class="MsoNormal">
2.396.000.000,-</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 75.8pt;" width="101"><div class="MsoNormal">
Modal Sendiri</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 45.0pt;" width="60"><div class="MsoNormal">
25%</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.0pt;" valign="top" width="108"><div class="MsoNormal">
6.900.000.000</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: .75in;" width="72"><div class="MsoNormal">
<b>16%<o:p></o:p></b></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.0pt;" width="108"><div class="MsoNormal">
1.104.000.000</div>
</td>
</tr>
<tr>
<td colspan="5" style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 356.2pt;" width="475"><div align="center" class="MsoNormal" style="text-align: center;">
Total EBDIT</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.0pt;" width="108"><div class="MsoNormal">
3.500.000.000,-</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span">Untuk memberikan ilustrasi bagaimana perubahan dalam
tingkat hasil yang diharapkan ( rate of return) dapat mempengaruhi nilai
pembelian, asumsikan investor hanya menentukan return sebesar 15% untuk Modal Sendiri, (bukan 16% seperti sebelumnya)
, maka perhitungan tariff kapitalisasi rata-rata tertimbang, sebagai berikut:</span><span class="apple-converted-space"> <span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
10.3 Tarif Kapitalisasi Rata – Rata Tertimbang (Weighted
Capitalization Rate)</div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-insideh: .5pt solid black; mso-border-insidev: .5pt solid black; mso-padding-alt: 0in .7pt 0in .7pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div align="center" class="MsoNormal" style="text-align: center;">
Sumber</div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 49.7pt;" width="66"><div align="center" class="MsoNormal" style="text-align: center;">
Proporsi</div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 89.8pt;" width="120"><div align="center" class="MsoNormal" style="text-align: center;">
Hasil Diharapkan</div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 117.2pt;" width="156"><div align="center" class="MsoNormal" style="text-align: center;">
Rata-rata
Tertimbang</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoNormal">
Hutang</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 49.7pt;" width="66"><div class="MsoNormal">
75%</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 89.8pt;" width="120"><div class="MsoNormal">
11,58%</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 117.2pt;" width="156"><div class="MsoNormal">
0,08685</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoNormal">
Modal Sendiri</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 49.7pt;" width="66"><div class="MsoNormal">
25%</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 89.8pt;" width="120"><div class="MsoNormal">
<b>15%<o:p></o:p></b></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 117.2pt;" width="156"><div class="MsoNormal">
0,03750</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoNormal">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 49.7pt;" width="66"><div class="MsoNormal">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 89.8pt;" width="120"><div class="MsoNormal">
Total</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 117.2pt;" width="156"><div class="MsoNormal">
0,12435</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span class="apple-style-span">Berdasarkan
kapitalisasi tertimbang di atas, maka nilai pembelian sebesar:<span style="background: white;"><o:p></o:p></span></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 72.9pt; mso-padding-alt: 0in .7pt 0in .7pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in .7pt 0in .7pt; width: 91.4pt;" valign="top" width="122"><div class="MsoNormal">
Rp.3.500.000000,-</div>
</td>
<td rowspan="2" style="padding: 0in .7pt 0in .7pt; width: 182.9pt;" width="244"><div class="MsoNormal">
= 28.150.000.000,-</div>
</td>
</tr>
<tr>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in .7pt 0in .7pt; width: 91.4pt;" valign="top" width="122"><div class="MsoNormal">
Rp.0,12435</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span">Perubahan yang relatif kecil dapat meningkatkan nilai
pembelian sebesar Rp.560.000.000, hal tersebut menunjukkan bahwa metode
penilaian properti pendapatan , dapat menyesuaikan dengan persyaratan
pengembalian investasi dari utang dan modal sendiri.</span><br />
<span class="apple-style-span">Nilai pembelian ini belum bukan merupakan harga
pembelian atau belum tentu sesuai dengan harga negosiasi yang terjadi antara
penjual / pembeli . Harga yang disepakati, mungkin lebih tinggi atau lebih
rendah dari nilai pembelian yang
dihitung. Sehingga nilai
pembelian ini merupakan ukuran harga yang akan memenuhi asumsi yang diharapkan
oleh investor.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Jika lebih rendah, itu akan meningkatkan laba
investor/pembeli.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Sebagai contoh, anggaplah harga final disepakati pada
harga Rp.28.000.000.000, -. Apa yang
akan menjadi <i>rate of return</i> modal
sendiri ?</span><span class="apple-converted-space"> </span><span class="apple-style-span">Hal ini dihitung dalam Ilustrasi.10.4. </span><span class="apple-converted-space"> <span style="background: white;"> </span></span><span class="apple-style-span"><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%;">
Ilustrasi 10.4. Perhitungan Return
On Equity </div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-insideh: .5pt solid black; mso-border-insidev: .5pt solid black; mso-padding-alt: 0in .7pt 0in .7pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="height: 25.6pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid black 1.0pt; height: 25.6pt; mso-border-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 361.25pt;" width="482"><div class="MsoNormal">
Pembelian</div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: solid black 1.0pt; height: 25.6pt; mso-border-alt: solid black .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 108.15pt;" width="144"><div class="MsoNormal">
28.000.000.000,-</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 361.25pt;" width="482"><div class="MsoNormal">
Hutang : 75% x 28.000.000.000,-</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0in .7pt 0in .7pt; width: 108.15pt;" width="144"><div class="MsoNormal">
21.000.000.000,-</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 361.25pt;" width="482"><div class="MsoNormal">
Modal Sendiri : 25% x 28.000.000.000,-</div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 108.15pt;" width="144"><div class="MsoNormal">
7.000.000.000,-</div>
</td>
</tr>
<tr>
<td colspan="2" style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 469.4pt;" width="626"><div class="MsoNormal">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 361.25pt;" width="482"><div class="MsoNormal">
Total EBDIT ( Earning Before Depreciation and Income Tax)</div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 108.15pt;" width="144"><div class="MsoNormal">
3.500.000.000,-</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 361.25pt;" width="482"><div class="MsoNormal">
Biaya Bunga Hutang : 21.000.000.000 x 11, 58%</div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 108.15pt;" width="144"><div class="MsoNormal">
2.430.000.000,-</div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 361.25pt;" width="482"><div class="MsoNormal">
Laba Sebelum Pajak</div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0in .7pt 0in .7pt; width: 108.15pt;" width="144"><div class="MsoNormal">
1.070.000.000,-</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 126.7pt; mso-padding-alt: 0in .7pt 0in .7pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td rowspan="2" style="padding: 0in .7pt 0in .7pt; width: 25.4pt;" width="34"><div align="center" class="MsoNormal" style="text-align: center;">
ROE</div>
</td>
<td rowspan="2" style="padding: 0in .7pt 0in .7pt; width: 21.65pt;" width="29"><div align="center" class="MsoNormal" style="text-align: center;">
=</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .5pt; padding: 0in .7pt 0in .7pt; width: 141.95pt;" valign="top" width="189"><div class="MsoNormal">
Rp.1.070.000.000,- x 100%</div>
</td>
<td rowspan="2" style="padding: 0in .7pt 0in .7pt; width: 153.7pt;" width="205"><div class="MsoNormal">
= 15,3%,-</div>
</td>
</tr>
<tr>
<td style="border: none; mso-border-top-alt: solid windowtext .5pt; padding: 0in .7pt 0in .7pt; width: 141.95pt;" valign="top" width="189"><div class="MsoNormal">
Rp.7.000.000.000,-</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-converted-space">I</span><span class="apple-style-span">nvestor/pembeli
perlu memutuskan apakah mereka akan
menerima rate of return 15,3% atau tetap menginginkan 16%.
Investor perlu membuat kesepatan dengan penjual agar harga pembelian
sesuai dengan return yang
diharapkan. </span>Merode ini belum
memperhitungkan tingkat<span style="background: #948A54; mso-shading-themecolor: background2; mso-shading-themeshade: 128;"> </span>pengembalian ivestasi.
Karena , EBDIT <i>belum
memperhitungkan depresiasi dan pajak</i> untuk menghitung arus kas masuk sebagai
dasar pengembalian investasi.<span class="apple-style-span"><span style="background: white;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span"><b><i>Net Present Value dan Internal Rate of
Return<span style="background: white;"><o:p></o:p></span></i></b></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span class="apple-style-span">Pembelian sebuah usaha
yang telah berdiri merupakan sebuah investasi yang perlku diperhitungkan
secara cermat. </span><span class="apple-converted-space"> </span><span class="apple-style-span">Bahkan,
evaluasi akuisisi pada sebuah bisnis/perusahaan yang telah bersiri, perlu
diperhatikan dalam beberapa hal , antara lain:
laporan laba rugi yang telah terjadi pada perusahaan tersebut, sehingga
perkiraan lebih mudah dibuat untuk laba
dan arus kas di masa depan.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Oleh
karena itu, untuk mengevaluasi lebih tepat untuk tetap menggunakan metode seperti NPV atau IRR seperti penilaian
investasi yang lain.</span><span class="apple-converted-space"> Keputusan
lain yagh perlu dibuat yaitu memperhitungkan
alokasi </span><span class="apple-style-span">dari harga akuisisi untuk
tanah, bangunan, furnitur, dan peralatan, dan tingkat penyusutan yang akan
digunakan. Untuk melanjutkan ilustrasi
tentang pembelian properti yang dibahas sebelumnya, mari kita membuat asumsi
berikut:<span style="background: white;"><o:p></o:p></span></span></div>
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 115%; mso-list: l2 level1 lfo3;"><span class="apple-style-span"> Harga
pembelian sepakat untuk adalah Rp.28.000.000.000, -<span style="background: white;"><o:p></o:p></span></span></li>
<li class="MsoNormal" style="line-height: 115%; mso-list: l2 level1 lfo3;"><span class="apple-converted-space"> D</span><span class="apple-style-span">ari harga pembelian 75% atau 21.000.000.000,- dibiayai dengan hutang
selama 20 tahun pada tingkat bunga 10% (faktor amortisasi 11,58%),
dan 25% atau 7.000.000.000, dibiayai dengan modal sendiri.</span><span class="apple-converted-space"> </span><span class="apple-style-span"><span style="background: white;"><o:p></o:p></span></span></li>
<li class="MsoNormal" style="line-height: 115%; mso-list: l2 level1 lfo3;"><span class="apple-converted-space">Umur</span><span class="apple-style-span">
ekonomis yang tersisa dari properti adalah 25 tahun.<span style="background: white;"><o:p></o:p></span></span></li>
<li class="MsoNormal" style="line-height: 115%; mso-list: l2 level1 lfo3;"><span class="apple-converted-space"> </span><span class="apple-style-span">Harga beli dialokasikan sebagai berikut: Tanah =
Rp.3.000.000.000; Bangunan =
20.000.000.000, -; Furniture dan Peralatan = 5.000.000.000, -<span style="background: white;"><o:p></o:p></span></span></li>
<li class="MsoNormal" style="line-height: 115%; mso-list: l2 level1 lfo3;"><span class="apple-style-span">Penyusutan akan: a.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Bangunan
- 25 tahun, garis lurus = 800.000.000, - per tahun; Furniture dan
peralatan - 10 tahun, garis lurus atau 500.000.000, - per tahun.<span style="background: white;"><o:p></o:p></span></span></li>
<li class="MsoNormal" style="line-height: 115%; mso-list: l2 level1 lfo3;"><span class="apple-style-span">Tingkat pajak penghasilan adalah 50%<span style="background: white;"><o:p></o:p></span></span></li>
</ol>
<div class="MsoNormal" style="line-height: 115%; margin-left: .5in; mso-list: l2 level1 lfo3; text-indent: -.5in;">
<br />
<div style="text-align: left;">
7.<span style="font-size: 7pt;">
</span><span class="apple-converted-space"> </span><span class="apple-style-span">Metode IRR merupakan dasar dalam pengambilan keputusan
investasi.</span></div>
<div style="text-align: left;">
<span class="apple-style-span"><br /></span></div>
<!--[if !supportLists]-->Ilustrasi .10.5. Arus Kas Tahun 1</div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: .5in; mso-border-alt: solid black .5pt; mso-border-insideh: .5pt solid black; mso-border-insidev: .5pt solid black; mso-padding-alt: 0in .7pt 0in .7pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">EBDIT<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">3.500.000.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Depresiasi:<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">
Bangunan<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">800.000.000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">
Perabot dan Peralatan<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">500.000.000,-<o:p></o:p></span></div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">1.300.000.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Laba Sebelum Bunga dan Pajak<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">2.200.000.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Bunga : 10% x 21.000.000.000,-<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">2.100.000.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Laba Sebelum Pajak<o:p></o:p></span></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">100.000.000<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Pajak
50%<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">50.000.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Laba Bersih<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">50.000.000,-<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
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<br /></div>
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<br /></div>
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<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: .5in; mso-border-alt: solid black .5pt; mso-border-insideh: .5pt solid black; mso-border-insidev: .5pt solid black; mso-padding-alt: 0in .7pt 0in .7pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Laba Bersih <o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: double windowtext 1.5pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">50.000.00,-<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Tambah: Depresiasi<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">1.300.000.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">1.350.000.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Kurang : Pembayaran Pokok Pinjaman*)<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">330.000.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Arus Kas Masuk Bersih<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">1.020.000.000,-<o:p></o:p></span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-right-alt: solid black .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">*) Perhitungan pada tahun 1:<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-bottom-alt: windowtext; mso-border-left-alt: black; mso-border-left-alt: solid black .5pt; mso-border-right-alt: black; mso-border-style-alt: solid; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: windowtext; mso-border-width-alt: .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Total Pembayaran : 21.000.000.000,- x 11,58<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">2.430.000.000,-<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-bottom-alt: windowtext; mso-border-left-alt: black; mso-border-left-alt: solid black .5pt; mso-border-right-alt: black; mso-border-style-alt: solid; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: windowtext; mso-border-width-alt: .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
<br /></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 271.25pt;" width="362"><div class="MsoListParagraphCxSpFirst" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Kurang: Bunga :
21.000.000.000,- x 10%<o:p></o:p></span></div>
</td>
<td style="border-bottom: double windowtext 1.5pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-bottom-alt: double windowtext 1.5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">2.100.000.000,-<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-bottom-alt: windowtext; mso-border-left-alt: black; mso-border-left-alt: solid black .5pt; mso-border-right-alt: black; mso-border-style-alt: solid; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: windowtext; mso-border-width-alt: .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">Pokok Pinjaman<o:p></o:p></span></div>
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<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: double windowtext 1.5pt; mso-border-top-alt: double windowtext 1.5pt; padding: 0in .7pt 0in .7pt; width: 80.45pt;" width="107"><div class="MsoListParagraphCxSpMiddle" style="margin: 0in 0in 0.0001pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt;">330.000.000,-<o:p></o:p></span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-bottom-alt: windowtext; mso-border-left-alt: black; mso-border-left-alt: solid black .5pt; mso-border-right-alt: black; mso-border-style-alt: solid; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: windowtext; mso-border-width-alt: .5pt; padding: 0in .7pt 0in .7pt; width: 81.7pt;" width="109"><div class="MsoListParagraphCxSpLast" style="margin: 0in 0in 0.0001pt;">
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<span class="apple-style-span">Perkiraan arus kas tahunan perlu dibuat untuk 24 tahun
yang tersisa.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Jumlah arus kas akan berubah setiap tahunnya karena
beban bunga menurun.</span><span class="apple-converted-space"> P</span><span class="apple-style-span">erubahan bunga, tentu akan mempengaruhi jumlah pajak
penghasilan, dan dengan demikian laba bersih akan berubah.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Setelah
selesai disusun arus kas, maka metode
IRR dapat digunakan untuk menentukan apakah tingkat pengembalian atas investasi
awal Rp.7.000.000.000, - lebih tinggi atau lebih rendah daripada tingkat rate
of return tang diharapkan
perusahaan. Jika tingkat pengembalian
lebih tinggi, proyek ini bisa dilanjutkan, jika lebih rendah, berarti tidak
layak.<span style="background: white;"><o:p></o:p></span></span></div>
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<br /></div>
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<a href="http://2.bp.blogspot.com/-UkKMSLLEV-w/Ub_X3gb8eFI/AAAAAAAABJY/7p0RA3EVAEQ/s1600/share_stock.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-UkKMSLLEV-w/Ub_X3gb8eFI/AAAAAAAABJY/7p0RA3EVAEQ/s1600/share_stock.jpg" /></a></div>
<span class="apple-style-span"><b>HOLDING COMPANY<span style="background: white;"><o:p></o:p></span></b></span></div>
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<span class="apple-style-span">Sebuah perusahaan holding merupakan perusahaan yang
memegang semua jumlah saham, mayoritas pemegang saham perusahaan lain. Sehingga, perusahaan ini mempunyai control
yang dominan terhadap perusahaan
lain. Pertumbuhan eksternal dapat
dicapai jika perusahaan dapat menguasai saham perusahaan lain. Hal meminimalkan
jumlah uang yang dibutuhkan untuk ekspansi perusahaan.<span style="background: white;"><o:p></o:p></span></span></div>
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<span class="apple-style-span">Perusahaan tidak harus <b>memiliki 51% atau lebih dari saham perusahaan lain untuk mengendalikan</b>.
</span><span class="apple-converted-space"> </span><span class="apple-style-span">Kontrol dapat dicapai secara efektif, terutama pada
perusahaan yang sahamnya banyak dimiliki publik, sehingga dimungkinkan hanya dengan
kepemilikan 10% sampai 20% dari saham,
telah menjadi pemegang saham yang dominan.</span><span class="apple-converted-space"> </span><span class="apple-style-span">Saham-saham
dapat dibeli sedikit demi sedikit di pasar, tanpa harus melakukan tekanan pada harga.</span><span class="apple-converted-space"> </span><span class="apple-style-span">
Akhirnya, persetujuan pemegang saham
dominan diperlukan untuk melakukan
merger atau konsolidasi.<span style="background: white;"><o:p></o:p></span></span></div>
<div style="text-align: left;">
<span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">Sebuah istilah yang sering digunakan dalam pertumbuhan dengan mengakuisisi perusahaan
lain adalah "efek sinergis".</span></span><span class="apple-converted-space"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"> Sehingga,
diharapkan keutungan yang diperoleh dua perusahaan gabungan akan lebih
besar untuk </span></span><span class="apple-style-span"><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"> pengembalian pada suatu investasi.</span></span></div>
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<span class="apple-style-span"><span lang="EN-US" style="background: white;"><br /></span></span>
<span style="color: red; font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><i>Artikel</i></span><br />
<a href="https://docs.google.com/file/d/0B5TwhYwkpGsOS2tHUmY4Q1k5N3M/edit"><b>Penilaian Hotel (property)</b></a></div>
budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-9002449603729496002012-11-16T07:44:00.000-08:002014-11-14T18:14:20.150-08:00Penilaian Investasi<br />
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<b><span lang="EN-US" style="font-size: 24.0pt;">KONSEP PENILAIAN<o:p></o:p></span></b></div>
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<b><span lang="EN-US" style="font-size: 24.0pt;">INVESTASI<o:p></o:p></span></b></div>
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<span lang="EN-US">Investasi jangka panjang dalam manajemen keuangan sering dikaitkan
dengan penganggaran modal atau capital budgeting. Capital mengacu pada aktiva tetap dsedangkan
budgeting mengacu pada proyeksi aliran kas pada suatu periode. Proses pengambilan keputusan investasi merupakan hal yang
penting bagi manajemen, untuk memberikan keuntungan di masa yang akan
datang. Bentuk investasi dalam aktiva
tetap misalnya penggantian aktiva tetap
, ekspansi/perluasan bangunan, dan sebagainya.
Perusahaan perlu menilai apakah investasi yang hendak dilakukan
menguntungkan atau tidak. Pertimbangan
terhadap suatu investasi terkait dengan perbandingan nilai waktu dari uang terhadap aliran kas keluar saat ini dengan
aliran kas masuk di masa yang akan datang.
</span></div>
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<b><span lang="EN-US">Aliran Kas ( Cash Flow)<o:p></o:p></span></b></div>
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<span lang="EN-US">Manajemen perlu menilai terlebih dahulu mengenai aliran kas bersih.
Aliran kas bersih merupakan selisih antara kas masuk dan kas keluar untuk dari suatu rencana investasi. Hal tersebut untuk menialai kelayakan dari
suatu investasi. Aliran kas bersih berasal dari:</span></div>
<ol start="1" style="margin-top: 0cm;" type="a">
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo1; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US">Pengeluaran kas awal ( initial cah
outlays)</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo1; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US">Kas keluar dan masuk akibat
pelaksanaan investasi</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo1; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US">Penjualan residu dari investasi</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l2 level1 lfo1; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US">Aktiva lancar yang tersisa karena
berakhirnya suatu investasi.</span></li>
</ol>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Initial cash outlays merupakan pengeluaran kas di awal investasi ,
sebelum investasi tersebut menghasilkan aliran kas masuk. Hal tersebut seperti: biaya perencanaa, ijin,
Pembangunan gedung dan isinya, beban bunga pinjaman dan sebagainya.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Berikut ini diberikan contoh cash flow terkait dengan rencana suatu
investasi.</span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 12.6pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" width="96"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">Tahun</span></div>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" width="58"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">0</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" width="58"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">1</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.8pt;" width="50"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">2</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.4pt;" width="55"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">3</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">4</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.8pt;" width="50"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">5</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.8pt;" width="54"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">6</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.6pt;" valign="top" width="77"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">Total</span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="96"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Kas Masuk</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">0</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">600</span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.8pt;" valign="top" width="50"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">1.200</span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.4pt;" valign="top" width="55"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">1.600</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">1.800</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.8pt;" valign="top" width="50"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">1.100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.8pt;" valign="top" width="54"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">500</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.6pt;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">6.800</span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="96"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Kas Keluar</span></div>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">1.500</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">400</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.8pt;" valign="top" width="50"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">700</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.4pt;" valign="top" width="55"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">1.000</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">1000</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.8pt;" valign="top" width="50"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">700</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.8pt;" valign="top" width="54"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">400</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.6pt;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">5.700</span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" valign="top" width="96"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Kas Bersih</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">- 1.500</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.2pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">200</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.8pt;" valign="top" width="50"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">500</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 41.4pt;" valign="top" width="55"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">600</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">800</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 37.8pt;" valign="top" width="50"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">400</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 40.8pt;" valign="top" width="54"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">100</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.6pt;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">1.100</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><span lang="EN-US">Depresiasi ( Penyusutan
Aktiva Tetap)<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Dalam penghitungan cash flow, apabila dihitung berdasarkan laba
akuntansi maka perlu dihitung kembali biaya –biaya yang sifatnya non cash. Biaya non cash merupakan biaya yang
diperhitungkan dalam perolehan laba akan tetapi tidak ada aliran kas
keluar. Sehingga dalam menghitung aliran
kas masuk, laba akuntansi masih harus ditambahkan biaya non cas seperti depresiasi
( penyusutan). Kadang manajemen
menyebutkan bahwa depresiasi aktiva tetap merupakan sumber dana perusahaan.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Contoh:</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Hotel Jogja mempunyai rencana untuk mengganti mesin laundry lama
dengan nilai buku Rp.5.000.000,- dengan mesin baru seharga Rp.23.000.000,-. Biaya instalasi Rp.2.000.000,-. Sehingga
total investasi sebesar Rp.20.000.000,- yang berasal dari (23.000.000,- +
2.000.000,- - 5.000.000,-). Laba
operasional dengan penggantian mesin tersebut sebesar Rp.5.000.000,- per
tahun , pajak penghasilan 40%, dan depresiasi mesin sebesar Rp.4.000.000,- per
tahun (metode garis lurus – tanpa nilai sisa).</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Arus kas masuk , dapat dihituing sebagai berikut:</span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 55.8pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="height: 17.0pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.8pt;" valign="top" width="206"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Laba…………………………</span></div>
</td>
<td style="height: 17.0pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 90.0pt;" valign="top" width="120"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">5.000.000,-</span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="height: 17.0pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.8pt;" valign="top" width="206"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Pajak 40%..............................</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 90.0pt;" valign="top" width="120"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">(2.000.000,-)</span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="height: 17.0pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.8pt;" valign="top" width="206"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Laba Setelah pajak………….</span></div>
</td>
<td style="border: none; height: 17.0pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 90.0pt;" valign="top" width="120"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">3.000.000,-</span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 3;">
<td style="height: 17.0pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.8pt;" valign="top" width="206"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Depresiasi…………………...</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 90.0pt;" valign="top" width="120"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">4.000.000,-</span></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="height: 17.0pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.8pt;" valign="top" width="206"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Arus Kas Masuk Bersih…….</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 90.0pt;" valign="top" width="120"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">7.000.000,-</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><span lang="EN-US">Metode Penilaian Investasi <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Setelah mengumpulkan informasi
yang relevan mengenai rencana invesytasi, kemudian manajemen dapat
melakukan evaluasi terhadap investasi, untuk menentukan kelayakannya. Metode yang dapat digunakan untuk menilai
suatu investasi antara lain:</span></div>
<ol start="1" style="margin-top: 0cm;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo2; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US">Average Rate Of Return/ Return On
Investment (ROI)</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo2; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US">Pay Back Method ( PB M)</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo2; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US">Net Present Value ( NPV)</span></li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l1 level1 lfo2; tab-stops: list 36.0pt; text-align: justify;"><span lang="EN-US">Internal Rate Of Return (IRR)</span></li>
</ol>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><span lang="EN-US">Average Rate of Return/
Return On Invesment ( ROI)<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Average rate of return (ARR) disebut juga Return on Invesment (ROI) dan Accounting Rate of Return
(ARR). Metod ini paling sederhana dan
paling popular untuk digunakan , karena hanya berdasarkan laba akuntansi. ARR merupakan rasio antara laba setelah
pajak terhadap investasi. ROI sering digunakan untuk penialaian
kelayakan investasi maupun untuk monitoring
pengembalian investasi yang telah dilaksanakan berdasarkan laba
akuntansi yang diperoleh setelah investasi dilaksanakan. Diterima atau tidak
nya suatu rencana harus didasarkan pada satu harapan atau standar pengembalian
yang telah ditetapkan manajemen atau <b>Rate of Return</b>. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Rumus:</span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 180.0pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.8pt;" width="74"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">ROI =<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" valign="top" width="192"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">Income After Tax<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.0pt;" valign="top" width="192"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">Invesment<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">contoh:</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Arus kas dan laba setelah pajak dari suatu investasi Mesin selama 5 tahun, sesuai umur ekonomis
mesin, sebagai berikut:</span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 68.1pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">
Tahun</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 68.05pt;" valign="top" width="91"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">Net Income ih</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.05pt;" valign="top" width="85"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">Depresiasi</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">Cash Inflow Bersih</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.8pt;" valign="top" width="134"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Total cash
Inflow</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">1</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 68.05pt;" valign="top" width="91"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">3.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.05pt;" valign="top" width="85"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">4.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">7.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.8pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">7.000,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">2</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 68.05pt;" valign="top" width="91"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">2.500,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.05pt;" valign="top" width="85"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">4.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">6.500,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.8pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">13.500,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 3;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">3</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 68.05pt;" valign="top" width="91"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">2.500,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.05pt;" valign="top" width="85"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">4.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">6.500,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.8pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">20.000,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 4;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">4</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 68.05pt;" valign="top" width="91"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">2.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.05pt;" valign="top" width="85"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">4.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US"> 6.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.8pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">26.000,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">5</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 68.05pt;" valign="top" width="91"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">2.000,-</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.05pt;" valign="top" width="85"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">4.000,-</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">6.000,-</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.8pt;" valign="top" width="134"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">32.000,-</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Manajemen mensyaratkan tingkat pengembalian (rate of return) sebesar 10% per tahun atau
total 50% selama 5 tahun.</span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 84.9pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.1pt;" width="64"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">ROI =<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="top" width="99"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">12.000<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.8pt;" width="134"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">X 100% = 60%<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.0pt;" valign="top" width="99"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">20.000<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> ROI sebesar 60% lebih besar dari yang disyaratkan
manajemen sebesar 50%. Sehingga
Investasi dinyatakan layak. Kelemahan utama dari mertod ini yaitu hanya
mempertimbangkan laba akuntansi saja, tidak mempertimbangkan arus kas masuk
maupun nilai waktu dari uang.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><span lang="EN-US">Payback Period Method<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><span lang="EN-US"> P</span></b><span lang="EN-US">ayback period
suatu investasi menunjukkan berapa lama
suatu investasi akan kembali/tertutup.
Payback period merupakan rasio antara Jumlah Investasi awal (Initial
Invesment) dengan Arus Kas Masuk hasil investasi (Net Cash
Inflow). </span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 77.4pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 55.6pt;" width="74"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US"> <b>PB =<o:p></o:p></b></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.2pt;" valign="top" width="156"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">Initial Invesment<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 72.0pt;" width="96"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">X 1 tahun<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 117.2pt;" valign="top" width="156"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US">Net Cash Inflow<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Jika Net Cash Inflow jumlahnya tidak sama setiap tahunnya ( sperti
contoh di atas), maka Payback di cari
dengan mengurangkan Cash Inflow terhadap
jumlah Investasi.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 68.1pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US"> Tahun</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">Cash Inflow Bersih</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Initial. Inv</span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.4pt;" valign="top" width="115"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Sisa Investasi</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">0</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">20.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.4pt;" valign="top" width="115"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">20.000,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="border-bottom: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">1</span></div>
</td>
<td style="border-bottom: none; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">7.000,-</span></div>
</td>
<td style="border-bottom: none; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: none; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.4pt;" valign="top" width="115"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">13.000,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 3;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">2</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">6.500,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.4pt;" valign="top" width="115"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">6.500,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 4;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">3</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">6.500,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.4pt;" valign="top" width="115"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">0,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 5;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">4</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US"> 6.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.4pt;" valign="top" width="115"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">0,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">5</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">6.000,-</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 86.4pt;" valign="top" width="115"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">0,-</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Payback period atau pengembalian investasi di capai pada tahun ke 3.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Dalam contoh tersebut cash
inflow secara penuh menutup investasi pada tahun ketiga. Alkan tetapi jika
terdai sisa ( jumlah tersisa) maka Payback period dapat dihitung dengan rumus:</span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 34.2pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.0pt;" width="76"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US"> <b>PB =<o:p></o:p></b></span></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 121.0pt;" width="161"><div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US">Tahun
terakhir +</span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<span lang="EN-US">pengembalian Inv. </span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.15pt;" valign="top" width="195"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">Sisa cash inflow</span></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 49.8pt;" width="66"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">X 1 th</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.15pt;" valign="top" width="195"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US"> </span></b><span lang="EN-US">Cash Inflow th<b> </b>berikutny<b>a<o:p></o:p></b></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Dalam keputusan investasi, apabila beberapa investasi menunjukkan
poayback period yang sama, maka manajemen cenderung memilih Investasi yang
memberikan cash inflow yang paling besar
pada tahun-tahun berikutnya. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-4fqsY3owTlc/UKYNkB0CySI/AAAAAAAAAWI/Qyu3J_anEVo/s1600/accounting-worksheet.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="http://3.bp.blogspot.com/-4fqsY3owTlc/UKYNkB0CySI/AAAAAAAAAWI/Qyu3J_anEVo/s200/accounting-worksheet.jpg" height="133" width="200" /></a></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><span lang="EN-US">Net Present Value (NPV)<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Metode Net Present Value merupakan metode penialaian investasi yang
mempertimbangkan nilai waktu dari uang.
Manajemen memandang bahwa laba atau arus kas masuk dari hasil investasi
beberapa tahun ke depan harus di”nilai” sama dengan ukuran dana yang dikeluarkan saat dilakukan
pembiayaan investasi. Jadi untuk menilai
kelayakan suatu investasi, maka dana
yang diinvestasikan harus dapat di “tutup” dengan penerimaan bersih yang telah di “ present value” <st1:place w:st="on"><st1:state w:st="on">kan</st1:state></st1:place>.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify; text-indent: 6.0pt;">
<span lang="EN-US">Selisih antara Present Value dari penerimaan selama umur
investasi dengan Biaya Investasi saat ini disebut Net Present Value. Kriteria kelayakan investasi sebagai berikut:</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 54.0pt; mso-list: l0 level1 lfo3; tab-stops: list 54.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="EN-US">a.<span style="font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-US">Jika PV Penerimaan “lebih
kecil” dari Biaya Investasi , atau NPV negatif , maka Investasi Di Tolak.</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 54.0pt; mso-list: l0 level1 lfo3; tab-stops: list 54.0pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><span lang="EN-US">b.<span style="font-size: 7pt; line-height: normal;">
</span></span><!--[endif]--><span lang="EN-US">Jika PV penerimaan “ Lebih
Besar” dari Biaya Investasi, atau NPV positif, maka Investasi Diterima.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Rumus:</span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.4pt;" width="67"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">NPV = <o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 4.25pt 0cm 4.25pt; width: 29.3pt;" width="39"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US" style="font-family: Symath;"> <o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.5pt;" valign="top" width="95"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US"> A t<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.5pt;" valign="top" width="95"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US"> (1 + k)<sup>
t</sup> I<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Dimana:</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> At = Cash Inflow</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> n =
Jumlah tahun</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> k = Tingkat Bunga</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> t = Tahun periode</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">contoh:</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Suatu proyek Investasi membutuhkan dana investasi Rp. 600.000,- dan direncanakan mempunyai umur
ekonomis 4 tahun dengan Arus Kas Masuk Bersih tiap tahun berturut- turut:
Rp.150.000,- ; Rp.250.000,-; Rp.300.000,-; Rp.400.000,-. Tingkat Rate of Return (tingkat bunga)
diperkirakan sebesar 21%, maka besarnya NPV:</span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 12.6pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 48.55pt;" width="65"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">NPV =<o:p></o:p></span></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 66.65pt;" width="89"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">( 600.000) +<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.6pt;" valign="top" width="77"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">150.000<o:p></o:p></span></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 16.45pt;" width="22"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">+<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.35pt;" valign="top" width="82"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">250.000<o:p></o:p></span></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 16.45pt;" width="22"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">+<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.35pt;" valign="top" width="75"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">300.000<o:p></o:p></span></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 21.6pt;" width="29"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">+<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" valign="top" width="86"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">400.000<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 57.6pt;" valign="top" width="77"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">(1 + 0,21) <sup>1</sup><o:p></o:p></span></div>
</td>
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 61.35pt;" valign="top" width="82"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">(1 + 0,21) <sup>2</sup><o:p></o:p></span></div>
</td>
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 56.35pt;" valign="top" width="75"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">(1 + 0,21) <sup>3</sup><o:p></o:p></span></div>
</td>
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 64.8pt;" valign="top" width="86"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US" style="font-size: 10.0pt; line-height: 150%;">(1 + 0,21) <sup>4</sup><o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> = 50.650,- </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Atau dapat dihitung dengan menggunakan tabel Discount Factor (DF),
sebagai berikut: </span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 68.1pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US" style="font-size: 10.5pt; line-height: 150%;">Tahun<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US" style="font-size: 10.5pt; line-height: 150%;">Cash Inflow Bersih<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US" style="font-size: 10.5pt; line-height: 150%;">DF: 21%<o:p></o:p></span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" valign="top" width="106"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b><span lang="EN-US" style="font-size: 10.5pt; line-height: 150%;">PV Inflow Investasi<o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">1</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">150.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">0,826</span></div>
<div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">0,683</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">123.900,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">2</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">250.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">0,683</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">170.750,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 3;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">3</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">300.000,-</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">0,567</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">169.200,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 44.6pt;" valign="top" width="59"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">4</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 70.2pt;" valign="top" width="94"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US"> 400.000,-</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.5pt;" valign="top" width="99"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span lang="EN-US">0,467</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">186.800,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 5;">
<td colspan="3" style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.3pt;" valign="top" width="252"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Total Present
Value</span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">650.650,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 6;">
<td colspan="3" style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.3pt;" valign="top" width="252"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">Investasi</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span lang="EN-US">600.000,-</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td colspan="3" style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 189.3pt;" valign="top" width="252"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">Net Present Value (NPV)<o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" valign="top" width="106"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<b><span lang="EN-US">50.650,-<o:p></o:p></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Sesuai dengan kriteria, Total
Present Value > Investasi , atau NPV sebesar Rp. 50.650,-(positif), dapat
dinyatakan bahwa Investasi<i>, Layak</i>. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Kadang pendekatan Present Value (PV) hasinya dinyatakan dalam suatu
rasio Profitability Index. Profitability
Index( PI) merupakan rasio antara Total Present Value dari Cash Inflow
dibandingkan dengan Nilai Investasi.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> Standar penilaian kelayakan
investasi menggunakan standar 1 (satu). <b>Investasi dianggap layak jika PI > 1 , sebaliknya tidak dianggap layak
jika PI < 1.<o:p></o:p></b></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.4pt;" width="67"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">PI = <o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.5pt;" valign="top" width="95"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">650.000</span></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.5pt;" width="95"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">= 1,08</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 71.5pt;" valign="top" width="95"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US"> 600.000 k)<sup> t</sup> I</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Jadi , PI > 1 atau 1,08 > 1 , maka investasi dianggap layak.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><span lang="EN-US">Internal Rate Of Return (IRR)<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Pada metode NPV akan diketahui selisih keuntungan absolut antara “
Total Present Value” (total Nilai Sekarang dari kas masuk) dikurangsi dengan
“Nilai Investasi”.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Sedangkan IRR, mencari mencari <b>besarnya
tingkat bunga</b> atau rate of return yang dapat menyamakan “Nilai” antara Total Present Value dengan Nilai Investasi. Atau dengan kata lain, pada tingkat Bunga /
rate of return berapa Present Value penerimaan kas sama dengan Nilai
Investasi. Investasi akan dinilai layak
, jika IRR > Rate of return yang disyaratkan.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Pada umumnya, untuk memudahkan perhitungan Arus Kas masuk dari
investasi dari tahun ke tahun dianggap sama ( secara rata-rata). Apabila Arus Kas Masuk dari penerimaan
investasi dari tahun ke tahun jumlahnya tidak sama besar, maka present value
per tahun harus dihitung .</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Perhitungan IRR menggunakan cara <b>“interpolasi</b>” atau mencoba dari prosentase tertentu.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> Perhitungan dilakukan dengan
cara menghitung NPV pada tingkat bunga
tertentu (dicoba) agar menghasilkan NPV
“positif”, kemudian dicari NPV dengan tingkat bunga tertentu agar menghasilkan NPV “negatif”. </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Sebagai pedoman, umumnya tingkat bunga ditentukan beberapa point dibawah dan beberapa point di
atas “rate of return” yang di tetapkan manajemen.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.4pt;" width="67"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">IRR = <o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 4.25pt 0cm 4.25pt; width: 36.0pt;" width="48"><div class="MsoNormal">
<b><span lang="EN-US">r
1+ <o:p></o:p></span></b></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US"> NPV 1 t<o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" width="106"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">x<b> (r2
- r1)<o:p></o:p></b></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US"> (TPV1 – TPV
2)<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> r 1 = Tingkat bunga yang menghasilkan NPV
“positif”</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> r 2 = Tingkat bunga yang menghasilkan NPV “
negatif”</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> TPV 1 = Total
Present Value dari r1</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> NPV 1 = Net Present
Value “ positif” dari r1 </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> NPV 2 = Net Presnt
Value “ negatif” dari r2</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Contoh:</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Sebuah investasi sebesar Rp.500.000,- mempunyai usia ekonomis 3 tahun , rate of return/tingkat bunga/ cost
of capital sebesar 21%/tahun. Rata – rata
Net Cash Inflow sebesar Rp.250.000,-, berapa besar IRR? .Berdasar soal
tersebut dicari NPV Positif dan NPV negatif , misalnya dengan
mencoba r sebesar 20% dan 24 %, dengan discount factor (DF) Annuity.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">R 1 = 20%</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Total Present Value = 250.000,- x 2,106 = 526.500,-</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Investasi
= <u>500.000</u>,-</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">NPV 1
= 26.500,-</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">R 2 = 24%</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Total Present Value = 250.000,- x 1,1981 = 495.250,-</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Investasi
= <u>500.000</u>,-</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">NPV 1
= - 4.750,-</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">IRR dicari pada titik tengah NPV
yaitu sebesar NPV = 0.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Sedangka selisih NPV yang terjadi = 26.500 – ( - 4.750) = 31.250,-</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Selisih r sebesar = 24 % - 20% =
4%</span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.4pt;" width="67"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">IRR = <o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 4.25pt 0cm 4.25pt; width: 36.0pt;" width="48"><div class="MsoNormal">
<span lang="EN-US">r 1+
</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US"> NPV 1 t</span></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 79.2pt;" width="106"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">x (r2 -
r1)</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US"> (TPV1 – TPV 2)</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> </span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 99.0pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 50.4pt;" width="67"><div class="MsoNormal" style="line-height: 150%;">
<b><span lang="EN-US">IRR = <o:p></o:p></span></b></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 4.25pt 0cm 4.25pt; width: 37.3pt;" width="50"><div class="MsoNormal">
<span lang="EN-US">20%+
</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-bottom-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US"> 26.500</span></div>
</td>
<td rowspan="2" style="height: 14.2pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 91.6pt;" width="122"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US">x 4% = 23,39%</span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border: none; height: 14.2pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0cm 5.4pt 0cm 5.4pt; width: 108.0pt;" valign="top" width="144"><div class="MsoNormal" style="line-height: 150%;">
<span lang="EN-US"> 31.250</span></div>
<div class="MsoNormal" style="line-height: 150%;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"> </span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US">Sehingga IRR > cost of
capita atau 23, 39 % > 21%, maka Investasi dinyatakan layak.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"></span></div>
<div class="MsoNormal">
<span lang="EN-US">SOAL : </span><br />
<span lang="EN-US"></span><br />
<div class="MsoNormal" style="margin-left: 9.0pt;">
<span lang="EN-US"><span lang="EN-US" style="font-size: 14.0pt;">Soal :</span></span></div>
<div class="MsoNormal" style="margin-left: 9.0pt;">
<span lang="EN-US"><span lang="EN-US" style="font-size: 14.0pt;"><b><br /></b></span></span></div>
<div class="MsoNormal" style="margin-left: 9.0pt;">
<span lang="EN-US"><span lang="EN-US" style="font-size: 14.0pt;"><b><span style="color: orange;">NILAI WAKTU DARI UANG</span></b><o:p></o:p></span></span></div>
<span lang="EN-US">
</span><br />
<div class="MsoNormal">
<span lang="EN-US"><span lang="EN-US"><o:p> </o:p></span><span style="font-size: 14pt; text-indent: -18pt;"> </span></span></div>
<span lang="EN-US">
</span>
<br />
<div class="MsoNormal" style="margin-left: 18.0pt; text-indent: -18.0pt;">
<span lang="EN-US"><b><span lang="EN-US" style="font-size: 14.0pt;">1.
</span></b><span lang="EN-US" style="font-size: 14.0pt;">Arif Santosa, umur 30
tahun memperoleh warisan sebesar Rp.20.000.000,- uang tersebut didepositokan dengan
tingkat bunga 9%/ th dan bunganya tidak
diambil. Dana tersebut direncanakan sebagai dana pendidikan anaknya, 11 tahun
yang akan datang. Berapakah dana pendidikan yang tersedia kelak?<o:p></o:p></span></span></div>
<span lang="EN-US">
</span>
<br />
<div class="MsoNormal">
<span lang="EN-US"><br /></span></div>
<span lang="EN-US">
</span>
<br />
<div class="MsoNormal">
<span lang="EN-US"><br /></span></div>
<span lang="EN-US">
</span>
<br />
<div class="MsoNormal" style="margin-left: 18.0pt; text-indent: -18.0pt;">
<span lang="EN-US"><span lang="EN-US" style="font-size: 14.0pt;">2. Eko
Prasojo, umur 25 tahun rajin menabung di bank setiap bulannya Rp. 150.000,- (
atau Rp.1.800.000,- /tahun) dengan tingkat bunga simpanan bank 10%/ tahun.
Setelah usia 40 tahun berapakah uang Eko?<o:p></o:p></span></span></div>
<span lang="EN-US">
</span>
<div class="MsoNormal">
<span lang="EN-US"><br /></span></div>
<span lang="EN-US">
<div class="MsoNormal" style="margin-left: 22.5pt; text-indent: -22.5pt;">
<span lang="EN-US" style="font-size: 14.0pt;">3</span><span lang="EN-US">. </span><span lang="EN-US" style="font-size: 14.0pt;">Hotel Meminjam dana Rp.100.000.000,- Jatuh Tempo 5 tahun,tingkat Bunga 10% . Total <b>Angsuran
tahunan dalam jumlah yang sama</b>,
terdiri dari Angsuran Pokok dan Bunga. Buat daftar angsuran<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 22.5pt; text-indent: -22.5pt;">
<span lang="EN-US" style="font-size: 14.0pt;"> Alternatif
lain, <b>Pokok angsuran dalam jumlah yang sama</b>. Mana yg lebih menguntungkan bagi hotel ?<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 22.5pt; text-indent: -22.5pt;">
<br /></div>
<div class="MsoNormal" style="margin-left: 22.5pt; text-indent: -22.5pt;">
<span lang="EN-US">4. </span><span lang="EN-US" style="font-size: 14.0pt;">Pembelian Furniture seharga Rp. 100.000.000,-, dibayar
dimuka Rp.25.000.000,- sisanya
Rp.75.000.000,- diangsur selama 5 tahun.
Tingkat bunga 12%/tahun, Pokok pinjaman dibayar dalam jumlah sama besar.
Buat daftar angsuran<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 18.0pt; text-indent: -18.0pt;">
<span lang="EN-US" style="font-size: 14.0pt;">5. Edi Pramono wirausaha rumah makan, saat
ini berusia 25 tahun , merencanakan pada usia 50 tahun memperoleh dana pensiun
sebesar Rp.2.000.000,- per bulan dari
simpanan tabungan atau dapat juga untuk
modal usaha. Saat ini uang yang disimpan
di bank sebesar Rp. 40.000.000,- , tingkat bunga 6%/th.
<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<span lang="EN-US" style="font-size: 14.0pt;">Berapa dana yang harus tersedia saat ia berusia 50
tahun dan berapa tambahan dana yang
harus ditabung setiap tahun ? untuk mewujudkan rencananya tersebut.<b><o:p></o:p></b></span></div>
</span><br />
<span lang="EN-US"><br /></span>
<span lang="EN-US"><br /></span>
<span lang="EN-US"><br /></span><span lang="EN-US" style="color: #134f5c;"><b>SOAL</b></span></div>
<div class="MsoNormal">
<span style="color: red; line-height: 150%;">RENCANA INVESTASI OUTSIDE LAUNDRY</span></div>
<div class="MsoNormal">
<span style="line-height: 150%;">PT.</span><span style="line-height: 150%;">
</span><span style="line-height: 150%;">RAMA SHINTA HOTEL</span><span style="line-height: 150%;"> </span><span style="line-height: 150%;">merencanakan
investasi</span><span style="line-height: 150%;"> </span><span style="line-height: 150%;">membuka outside laundry.
Investasi diperkirakan akan menghabiskan dana Rp.650.000.000,-</span><span style="line-height: 150%;"> mempunyai umur ekonomis 5 tahun , penyusutan metode garis lurus, n</span><span style="line-height: 150%;">ilai sisa diperkirakan 150.000.000,-. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Proyeksi penjualan selama 5 tahun
diperkirakan sebagai berikut :</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Tahun 1 Rp.400.000.000,-</span></div>
<div class="MsoNormal">
<span lang="EN-US">Tahun 2 Rp.450.000.000,-</span></div>
<div class="MsoNormal">
<span lang="EN-US">Tahun 3 Rp.500.000.000,-</span></div>
<div class="MsoNormal">
<span lang="EN-US">Tahun 4 Rp.550.000.000,-</span></div>
<div class="MsoNormal">
<span lang="EN-US">Tahun 5 Rp.600.000.000,-</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-US">Struktur biaya proyek ini yaitu biaya
variabel 40% dan biaya tetap tunai ( tidak termasuk penyusutan )
Rp.20.000.000,- per tahun. Pajak
diperhitungkan 30% dan return yang diharapkan
18%. Pada akhir tahun 5 Proyek Investasi ini diakhiri dengan menjual mesin seharga nilai sisa. Berdasar data tersebut diminta
untuk mengevaluasi proyek Investasi Outside Laundry dengan menghitung:</span></div>
<div class="MsoNormal">
<br /></div>
<ol start="1" style="margin-top: 0cm;" type="a">
<li class="MsoNormal"><span lang="EN-US">Perhitungan Laba setelah pajak dan <b>Net Cash Inflow (tahun ke 1 sampai ke 5)</b></span></li>
<li class="MsoNormal"><span lang="EN-US">Return On Invesment (ROI) ----expected 15%</span></li>
<li class="MsoNormal"><span lang="EN-US">Payback Period (PBP)</span></li>
<li class="MsoNormal"><span lang="EN-US">Net Present Value</span></li>
<li class="MsoNormal"><span lang="EN-US">Internal Rate Of Return (IRR) </span></li>
</ol>
<br />
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br />
<span lang="EN-US"><a href="https://docs.google.com/open?id=0B5TwhYwkpGsOaC1fbTUxRV9wZGs"><span style="color: red;">klik!</span> Tabel Discount Factor</a></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"><br /></span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span lang="EN-US"><br /></span></div>
budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-51858933278303673132012-09-14T22:49:00.003-07:002015-08-18T18:48:25.723-07:00Deskripsi<br />
<div class="MsoNormal">
<b>Matakuliah :
MANAJEMEN KEUANGAN <o:p></o:p></b></div>
<div class="MsoNormal">
<b>Dosen : Drs. Budi Hermawan, MM<o:p></o:p></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: .75in; mso-list: l1 level1 lfo1; tab-stops: list .75in; text-indent: -.5in;">
<!--[if !supportLists]--><b>I.<span style="font-size: 7pt; font-weight: normal;">
</span></b><!--[endif]--><b>DESKRIPSI
MATA KULIAH<o:p></o:p></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: .45in; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 34.6pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="border: solid windowtext 1.0pt; height: 34.6pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 6.2in;" valign="top" width="595"><div class="MsoNormal" style="text-align: justify;">
Manajemen Keuangan menyajikan
bagaimana mengelola keuangan hotel berkaitan dengan modal kerja dan Asset. Mempelajari risiko keuangan dan usaha serta
pengelolaan sumber – sumber modal kerja perusahaan. Manajemen Keuangan
merupakan aktivitas perusahaan yang berhubungan dengan bagaimana memperoleh
dana, menggunakan dana, dan mengelola asset sesuai dengan tujuan perusahaan
secara menyeluruh. </div>
<div class="MsoNormal">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .75in; mso-list: l1 level1 lfo1; tab-stops: list .75in; text-indent: -.5in;">
<!--[if !supportLists]--><b>II.<span style="font-size: 7pt; font-weight: normal;">
</span></b><!--[endif]--><b>STANDAR
KOMPETENSI MATA KULIAH<o:p></o:p></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: .45in; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 80.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="border: solid windowtext 1.0pt; height: 80.5pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 6.2in;" valign="top" width="595"><div class="MsoNormal" style="margin-left: 12.6pt; text-indent: -12.6pt;">
1. Memahami
konsep dasar manajemen keuangan yang berorientasi pada memaksimumkan
kemakmuran perusahaan bukan profit
oriented.</div>
<div class="MsoNormal">
2. Mengetahui konsep pengelolaan modal kerja perusahaan
dan risiko usaha</div>
<div class="MsoNormal">
3. Memahami nilai waktu dari uang dan sumber – sumber
modal perusahaan</div>
<div class="MsoNormal">
4. Mengetahui penilaian Perusahaan</div>
<div class="MsoNormal">
5. Mengetahui konsep pengambilan keputusan investasi dan
Studi kelayakan untuk Hotel</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal" style="margin-left: .75in; mso-list: l1 level1 lfo1; tab-stops: list .75in; text-indent: -.5in;">
<!--[if !supportLists]--><b>III.<span style="font-size: 7pt; font-weight: normal;">
</span></b><!--[endif]--><b>STRATEGI PERKULIAHAN<o:p></o:p></b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: .45in; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 34.6pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;">
<td style="border: solid windowtext 1.0pt; height: 34.6pt; mso-border-alt: solid windowtext .5pt; padding: 0in 5.4pt 0in 5.4pt; width: 6.2in;" valign="top" width="595"><div class="MsoNormal" style="text-align: justify;">
1. Perkuliahan Tatap Muka </div>
<div class="MsoNormal" style="text-align: justify;">
2. Tugas Individual / kelompok</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="margin-left: .25in;">
<br />
<div class="MsoNormal" style="margin-left: 0.75in; text-indent: -0.5in;">
<b style="text-indent: -0.5in;">IV.<span style="font-size: 7pt; font-weight: normal;"> </span></b><b style="text-indent: -0.5in;">MATERI KULIAH</b></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: 0.45in;"><tbody>
<tr style="height: 34.6pt;"><td style="border: 1pt solid windowtext; height: 34.6pt; padding: 0in 5.4pt; width: 6.2in;" valign="top" width="595"><div class="MsoNormal" style="text-align: justify;">
<br />
a.<span class="Apple-tab-span" style="white-space: pre;"> </span>Pengertian Manajemen Keuangan<br />
b.<span class="Apple-tab-span" style="white-space: pre;"> </span>Manajemen Modal Kerja<br />
c.<span class="Apple-tab-span" style="white-space: pre;"> </span>Manajemen Kas<br />
d.<span class="Apple-tab-span" style="white-space: pre;"> </span>Manajemen Piutang<br />
e.<span class="Apple-tab-span" style="white-space: pre;"> </span>Manajemen Persediaan<br />
f.<span class="Apple-tab-span" style="white-space: pre;"> </span>Nilai Waktu dari Uang<br />
g.<span class="Apple-tab-span" style="white-space: pre;"> </span>Konsep Penilaian Investasi<br />
h.<span class="Apple-tab-span" style="white-space: pre;"> </span>Investasi Assets dan Sewa Beli<br />
i.<span class="Apple-tab-span" style="white-space: pre;"> </span>Investasi Penggantian Assets<br />
j.<span class="Apple-tab-span" style="white-space: pre;"> </span>Konsep Biaya Modal<br />
k.<span class="Apple-tab-span" style="white-space: pre;"> </span>Pertumbuhan dan Penilaian Perusahaan<br />
l.<span class="Apple-tab-span" style="white-space: pre;"> </span>Studi Kelayakan Financial - Hotel<br />
<div>
<br /></div>
</div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="margin-left: 0.25in;">
<br class="Apple-interchange-newline" /></div>
</div>
<div class="MsoNormal" style="margin-left: .75in; mso-list: l1 level1 lfo1; tab-stops: list .75in; text-indent: -.5in;">
<b style="text-indent: -0.5in;">V.<span style="font-size: 7pt; font-weight: normal;">
</span></b><b style="text-indent: -0.5in;">REFERENSI
/SUMBER BAHAN</b><br />
<b style="text-indent: -0.5in;"><br /></b></div>
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<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; tab-stops: list .5in; text-align: justify;">Wajib:</li>
</ol>
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Budi Hermawan, Diktat Kuliah “Manajemen Keuangan”. STP AMPTA.</div>
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</div>
<div class="MsoBodyText" style="margin-left: 35.1pt;">
Indriyo Gitosudarmo dan Basri,. “ Manajemen Keuangan“. Cet.V,
BPFE,Yogyakarta</div>
<div class="MsoBodyText" style="margin-left: 35.1pt;">
<br /></div>
<div class="MsoBodyText" style="margin-left: 35.1pt;">
Michael M Coltman,“ Financial Management For Hospitality Industry”.
CBI , <st1:city w:st="on">Boston</st1:city></div>
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<br /></div>
<div class="MsoBodyText">
2. Anjuran :</div>
<div class="MsoBodyText" style="margin-left: 35.1pt;">
Clifford T Fay, Richard C Rhoads and Robert LR,“Managerial Accounting
ForThe Hospitality Service Industry”.Ed 2nd, WM.C. Brown, Dubuque, Iowa</div>
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</div>
<div class="MsoNormal" style="margin-left: 35.1pt; text-align: justify;">
Bambang
Riyanto ,(2001),. “ dasar – Dasar
Pembelanjaan Perusahaan”. BPFE, Cet.VII, Yogyakarta</div>
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<br /></div>
<div class="MsoNormal" style="margin-left: 35.1pt; text-align: justify; text-indent: -35.1pt;">
Suad Husnan dan
Enny Pudjiastuti ,(1998). “ Dasar – Dasar Manajemen Keuangan“ .AMP YKPN, <st1:place w:st="on">Yogyakarta</st1:place><br />
<st1:place w:st="on"><br /></st1:place>
<st1:place w:st="on"><a href="https://docs.google.com/open?id=0B5TwhYwkpGsOOWs0bDVEckpvOVU"><span style="color: red;">Klik!</span> u<span style="color: blue;">ntuk membaca: Manajemen Keuangan Hotel</span></a></st1:place><br />
<st1:place w:st="on"><br /></st1:place><st1:place w:st="on"><br /></st1:place><br />
<a href="https://docs.google.com/file/d/0B5TwhYwkpGsOaC1fbTUxRV9wZGs/edit"><span style="color: blue;">Tabel Discount Factor (Present Value-Future Value)</span></a><br />
<st1:place w:st="on"><br /></st1:place>
<br />
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budiampta2http://www.blogger.com/profile/16979553131179633725noreply@blogger.comtag:blogger.com,1999:blog-1082955526343733489.post-59956910498030812342012-06-29T09:55:00.000-07:002013-09-05T18:12:54.236-07:00Modal Kerja<br />
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<b><span style="font-size: 24pt; line-height: 150%;">MANAJEMEN MODAL KERJA<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<a href="http://2.bp.blogspot.com/-6vjbt10Lr0Y/T-3de1Gbb9I/AAAAAAAAACo/5kNOMPOkPUI/s1600/Money.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="http://2.bp.blogspot.com/-6vjbt10Lr0Y/T-3de1Gbb9I/AAAAAAAAACo/5kNOMPOkPUI/s1600/Money.jpg" /></a>Dalam lembar
Neraca, pada kolom aktiva lancar terdapat rekening Kas, Piutang , Surat
Berharga, Persediaan dan Biaya dibayar
dimuka. Rekening- rekening tersebut
merupakan Modal Kerja Kotor (<i>Gross
Working Capital</i>). Sedangkan pada
kolom sisi kanan terdapat rekening hutang lancar yang terdiri dari Hutang Usaha, Hutang pajak, Pendapatan
dibayar dimuka, Hutang jangka panjang yang segera jatuh tempo. Selisih antara Aktiva lancar dengan Hutang
Lancar merupakan Modal Kerja Bersih (<i>Net Working Capital</i>). <span style="background-color: white; line-height: 150%;">Modal kerja
merupakan</span><span style="background-color: white; line-height: 150%;"> </span><span style="background-color: white; line-height: 150%;">dana atau kekayaan perusahan
yang siap digunakan untuk membiayai operasional perusahaan sehari-hari.</span><span style="background-color: white; line-height: 150%;"> </span><span style="background-color: white; line-height: 150%;"> </span><span style="background-color: white; line-height: 150%;">Manajemen
modal kerja berkepentingan terhadap keputusan jangka pendek terkait dengan pengelolaan
aktiva lancar dan hutang lancar.</span><span style="background-color: white; line-height: 150%;"> </span><span style="background-color: white; line-height: 150%;"> </span><span style="background-color: white; line-height: 150%;">Pengelolaan </span><span style="background-color: white; line-height: 150%;"> </span><span style="background-color: white; line-height: 150%;">modal kerja</span><span style="background-color: white; line-height: 150%;">
</span><span style="background-color: white; line-height: 150%;">merupakan hal</span><span style="background-color: white; line-height: 150%;"> </span><span style="background-color: white; line-height: 150%;">yang sangat penting
bagi manajemen untuk kehidupan perusahaan baik jangka pendek maupun jangka
panjang.</span><span style="background-color: white; line-height: 150%;"> </span><span style="background-color: white; line-height: 150%;">Jika perusahaan kekurangan
modal kerja ( mis; persediaan bahan makanan – Hotel),</span><span style="background-color: white; line-height: 150%;"> </span><span style="background-color: white; line-height: 150%;">tentunya akan membatasi produktivitas dan
penjualan, yang berakibat kehilangan kesempatan untuk memperoleh pendapatan sekaligus
keuntungan.</span><span style="background-color: white; line-height: 150%;"> </span><span style="background-color: white; line-height: 150%;">Demikian pula jika
perusahaan keuangan Kas (uang tunai),</span><span style="background-color: white; line-height: 150%;">
</span><span style="background-color: white; line-height: 150%;">perusahaan tidak dapat membayar gaji, listrik, telepon maupun hutang
kepada para supplier akan menganggu kelancaran operasional.</span></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Manajemen modal
kerja merupakan proses yang terus- menerus selama kegiatan usaha
perusahaan. Modal kerja perusahaan
dipengaruhi oleh :</div>
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<li class="MsoNormal" style="line-height: 150%; mso-list: l11 level1 lfo1; tab-stops: list .5in; text-align: justify;">Jumlah aktiva lancar dalam kekayaan perusahaan.</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l11 level1 lfo1; tab-stops: list .5in; text-align: justify;">Proporsi hutang jangka pendek</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l11 level1 lfo1; tab-stops: list .5in; text-align: justify;">Sumber dana.</li>
</ol>
<div class="MsoNormal" style="line-height: 150%; margin-left: .25in; text-align: justify;">
<span style="background-color: white; line-height: 150%;">Modal kerja
merupakan hal yang sangat penting untuk dikelola oleh manajemen agar
operasional berjalan dengan baik. Manajemen modal kerja pada dasarnya meliputi
kegiatan:</span></div>
<ol start="1" style="margin-top: 0in;" type="1">
<li class="MsoNormal" style="line-height: 150%; mso-list: l14 level1 lfo3; tab-stops: list .5in; text-align: justify;">Perencanaan besarnya kebutuhan modal kerja.</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l14 level1 lfo3; tab-stops: list .5in; text-align: justify;">Sumber-sumber pemenuhan modal kerja</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l14 level1 lfo3; tab-stops: list .5in; text-align: justify;">Penggunaan modal kerja</li>
<li class="MsoNormal" style="line-height: 150%; mso-list: l14 level1 lfo3; tab-stops: list .5in; text-align: justify;">Analisa laporan dan penggunaan modal kerja.</li>
</ol>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Jenis Modal Kerja di Hotel <o:p></o:p></b></div>
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Tidak berbeda
dengan perusahaan lainnya, modal kerja dalam operasional hotel dapat berubah –
ubah sesuai dengan kebutuhan usaha.
Kebutuhan operasional perusahaan ada yang bersifat rutin dan
musiman. </div>
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1.<span style="font-size: 7pt; line-height: normal;">
</span>Modal Kerja Permanen</div>
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Modal Kerja Permanen merupakan
modal kerja yang harus selalu ada pada perusahaan agar operasional
perusahaan berjalan dengan baik dan sifat penggunaaannnya secara rutin. Modal kerja permanen dapat dibedakan menjadi
dua, yaitu:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; mso-list: l2 level2 lfo2; text-align: justify; text-indent: -.25in;">
a.<span style="font-size: 7pt; line-height: normal;">
</span>Modal Kerja Primer </div>
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Sejumlah
modal kerja minimum yang harus ada pada perusahaan untuk menjaga kelangsungan
hidup (pembiayaan rutin perusahaan).
Sebagai contoh misalnya Hotel dapat
menjaga kelangsungan operasionalnya jika tingkat hunian kamar 50%, maka
kebutuhan dana pada level tersebut
merupakan modal kerja primer.</div>
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b.<span style="font-size: 7pt; line-height: normal;">
</span>Modal Kerja Normal</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Sejumlah
modal kerja yang dapat digunakan untuk operasional pada kapasitas normal
perusahaan. Modal kerja normal, meskipun termasuk modal kerja
permanent bukan berarti tidak dapat berubah. Modal kerja normal dapat berubah
menyesuaikan dengan kebutuhan
operasional dalam jangka waktu yang cukup lama. Apabila hotel selama
satu tahun rata- rata tingkat hunian 70 % , maka dapat dikatakan bahwa
kapasitas normal usaha sebesar 70% hunian.
Namun jika ternyata pada tahun berikutnya rata- rata hunian meningkat
sebesar 80% maka kapasitas normal berubah menjadi 80% hunian. Modal kerja normal dapat berubah – ubah
sesuai dengan pertumbuhan usaha. </div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<o:p> </o:p><span style="background-color: white; line-height: 150%; text-indent: -0.3in;">2.</span><span style="background-color: white; font-size: 7pt; line-height: normal; text-indent: -0.3in;">
</span><span style="background-color: white; line-height: 150%; text-indent: -0.3in;">Modal Kerja Variabel</span></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .3in; text-align: justify;">
Modal
kerja variabel merupakan modal kerja yang dibutuhkan pada saat – saat tertentu
dengan jumlah berubah-ubah sesuai dengan kebutuhan. Modal kerja variabel dibedakan menjadi tiga
yaitu:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .75in; mso-list: l2 level2 lfo2; text-align: justify; text-indent: -.45in;">
a.<span style="font-size: 7pt; line-height: normal;">
</span>Modal Kerja Musiman (seasonal)</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Modal
kerja yang berubah disebabkan karena perubahan kapasitas produksi yang disebabkan
perubahan musim/cuaca, misal: musin dingin.
Dalam usaha hotel, musim dingin
di mancanegara meningkatkan turis dalam negeri, yang mendorong peningkatan
jumlah permintaan kamar.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .75in; mso-list: l2 level2 lfo2; tab-stops: list -13.5pt; text-align: justify; text-indent: -.45in;">
b.<span style="font-size: 7pt; line-height: normal;">
</span>Modal Kerja Siklus
(cyclical)</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Modal
kerja yang berubah disebabkan permintaan
produk berkala, misal: event, hari besar keagamaan/ nasional, musim
liburan, dan sebagainya. Pada musim
tersebut tingkat hunian hotel meningkat tajam bahkan mencapai 100%. Kejadian
tersebut berulang dan menyebabkan
kebutuhan modal kerja meningkat. </div>
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c.<span style="font-size: 7pt; line-height: normal;">
</span>Modal Kerja Darurat</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .5in; text-align: justify;">
Modal
Kerja yang besarnya berubah yang
penyebabnya tidak dapat diprediksi sebelumnya, misal: kebakaran, bencana alam, banjir dan sebagainya. Kebutuhan modal kerja meningkat tanpa dapat
diprediksi sebelumnya karena kejadiannya tidak sangat jarang terjadi. </div>
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<br /></div>
<div align="center" class="MsoNormal" style="line-height: 150%; margin-left: .75in; text-align: center;">
<b><br /></b></div>
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<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b style="background-color: white; line-height: 150%;">Anggaran Kas ( Cash Budget)</b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Laporan keuangan
( Neraca, Laporan Laba Rugi, Laporan
Perubahan Modal dan Laporan arus Kas) ) beberapa tahun lalu merupakan sumber
utama bagi manajemen untuk merencanakan keuangan di masa yang akan datang. Manajemen dapat menyusun anggaran kas bedasarkan data tersebut. Anggaran mengenai biaya disusun berdasarkan pendapatan.
Sehingga ketepatan anggaran laba
rugi dan biaya akan tergantung pada
ketepatan perkiraan pendapatan. Sehingga
penentuan pendapatan ( penjualan ) merupakan kunci dalam penyusunan anggaran
operasional. Sebagai ilustrasi disusun
anggaran laba rugi restoran untuk tiga
bulan pada tabel 4.1.</div>
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Tabel4.1</div>
<div align="center" class="MsoNormal" style="text-align: center;">
Anggaran Laba Rugi</div>
<div class="MsoNormal">
Restoran Asri (Rp.000)</div>
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</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b>Maret<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b>April<o:p></o:p></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<b>Mei<o:p></o:p></b></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i>Penjualan<o:p></o:p></i></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
60.000</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
70.000</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
80.000</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Harga Pokok
Makanan</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
24.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
28.000</div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
32.000</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 3;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Laba Kotor</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
36.000</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
42.000</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
48.000</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 4;">
<td style="border-bottom: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i>Biaya Operasional:<o:p></o:p></i></div>
</td>
<td style="border-bottom: none; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: none; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: none; border-left: none; border-right: solid windowtext 1.0pt; border-top: solid windowtext 1.0pt; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 5;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%;">
Biaya Gaji dan upah </div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
18.000</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
20.000</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
22.000</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 6;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%;">
Perlengkapan Restoran</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
2.000</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
2.500</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
3.000</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 7;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Perlengkapan
dapur</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.000</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.000</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.250</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 8;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Biaya Promosi</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
500</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
750</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
750</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 9;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Listrik ,
telpon dan air</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.500</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
2.000</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
1.750</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 10;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Sewa</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
500</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
500</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
500</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 11;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
23.500</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
26.750</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
29.250</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 12;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Laba Sebelum
Penyusutan</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
12.500</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
15.250</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
18.750</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 13;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Penyusutan</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
5.500</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
5.500</div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 17.0pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
5.500</div>
</td>
</tr>
<tr style="height: 17.0pt; mso-height-rule: exactly; mso-yfti-irow: 14; mso-yfti-lastrow: yes;">
<td style="border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 171.45pt;" valign="top" width="229"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<i>Laba Bersih<o:p></o:p></i></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
7.000</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
9.750</div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 17.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .7in;" valign="top" width="67"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
13.250</div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Untuk penyusunan
anggaran kas, diperoleh berapa informasi
sebagai berikut:</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .7in; mso-list: l5 level2 lfo15; text-align: justify; text-indent: -.3in;">
a.<span style="font-size: 7pt; line-height: normal;">
</span>Penjualan tunai 60%
dan penjualan secara kredit sebesar 40%, dan tertagih pada bulan
berikutnya. </div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .7in; mso-list: l5 level2 lfo15; text-align: justify; text-indent: -.3in;">
b.<span style="font-size: 7pt; line-height: normal;">
</span>Penjualan bulan Februari sebesar Rp. 50.000.000,- dan
piutangnya tertagih pada bulan Maret.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .7in; mso-list: l5 level2 lfo15; text-align: justify; text-indent: -.3in;">
c.<span style="font-size: 7pt; line-height: normal;">
</span>Pembelian Bahan Makanan secara tunai 20% dan dilakukan
secara kredit sebesar 80%, yang dibayarkan pada bulan berikutnya.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .7in; mso-list: l5 level2 lfo15; text-align: justify; text-indent: -.3in;">
d.<span style="font-size: 7pt; line-height: normal;">
</span>Pembelian bahan makanan bulan Februari sebesar
Rp.20.000.000,- dan hutang pembelian dibayar bulan Maret.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .7in; mso-list: l5 level2 lfo15; text-align: justify; text-indent: -.3in;">
e.<span style="font-size: 7pt; line-height: normal;">
</span>Gaji,
Perlengkapan restoran, perlengkapan dapur, promosi, lisrik, telpon dan
air dibayar tunai.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .7in; mso-list: l5 level2 lfo15; text-align: justify; text-indent: -.3in;">
f.<span style="font-size: 7pt; line-height: normal;">
</span> Biaya sewa
dibayar tahunan sebesar Rp.6.000.000,- pembebanan biaya dimuka dilakukan per
bulan. </div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .7in; mso-list: l5 level2 lfo15; text-align: justify; text-indent: -.3in;">
g.<span style="font-size: 7pt; line-height: normal;">
</span>Saldo awal bulan Maret Rp. 21.000.000,-</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Menyiapkan Anggaran Kas <o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Berdasarkan
anggaran Laba Rugi Restoran Asri, kemudian dapat disiapkan Anggaran Kas untuk bulan Maret.</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i>a. Penerimaan Kas bulan Maret<o:p></o:p></i></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .2in; text-align: justify;">
-Penjualan
Tunai bulan Maret : Rp.60.000.000,- x 60%
= 36.000.000,-</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .2in; text-align: justify;">
-Pengumpulan
Piutang dari bulan Februari : Rp. 50.000.000,- x 40% = 20.000.000,- </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
b. <i>Pengeluaran Kas</i></div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .2in; text-align: justify;">
-Pembelian
Tunai Bahan Makanan : Rp.24.000.000,- x
20% = 4.800.000,-</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .2in; text-align: justify;">
-Pembayaran
hutang pembelian dari bulan Februari : Rp.20.000.000,-x 80% = 16.000.000,-</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: 22.5pt; text-align: justify; text-indent: -8.1pt;">
- Biaya Gaji dan upah, 100% tunai = Rp.
18.000.000,-; - Biaya Perlengkapan Restoran, 100% tunai = Rp.2.000.000,-; - Biaya Perlengkapan Dapur,
100% tunai = Rp. 1.000.000,-; - Biaya Promosi, 100% tunai = Rp.500.000,-; - Biaya Listrik ,Telpon ,
air , 100% tunai = Rp.1.500.000,-</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .2in; text-align: justify;">
-
Sewa, dari pembebanan biaya sewa – dibayar dimuka ,pertahun Rp.6.000.00,-,
tidak ada pembayaran kas.</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .2in; text-align: justify;">
- Penyusutan, merupakan alokasi biaya dari
nilai ekonomis asset, bukan merupakan pengeluaran kas .</div>
<div class="MsoNormal" style="line-height: 150%; margin-left: .2in; text-align: justify;">
Sehingga,
penyusunan Anggaran Kas pada Bulan Maret
dapat disusun sebagai berikut:</div>
<div align="center" class="MsoNormal" style="margin-left: .2in; text-align: center;">
Tabel
.4.2</div>
<div class="MsoNormal" style="margin-left: .2in;">
Anggaran
Kas Bulan Maret (
Rp.000,-)</div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 106.2pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">
Saldo awal <o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">21.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i><span style="font-size: 10pt; line-height: 150%;">Penerimaan:<o:p></o:p></span></i></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Penjualan Tunai<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">36.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 3;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Pengumpulan Piutang<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">20.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 4;">
<td style="border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<i><span style="font-size: 10pt; line-height: 150%;">Total<o:p></o:p></span></i></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">77.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 5;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i><span style="font-size: 10pt; line-height: 150%;">Pengeluaran:<o:p></o:p></span></i></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 6;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Bahan Makanan – tunai<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">4.800,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 7;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Hutang Pembelian<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">16.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 8;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Gaji dan Upah<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">18.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 9;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Perlengkapan Restoran<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">2.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 10;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Perlengapan Dapur<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">1.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 11;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Pembayaran Promosi<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">500,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 12;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Listrik , telpon dan air<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">1.500,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 13;">
<td style="border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<i><span style="font-size: 10pt; line-height: 150%;">Total<o:p></o:p></span></i></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">43.800,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 14; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.4in;" valign="top" width="230"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Saldo Akhir<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 1.3in;" valign="top" width="125"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">33.200,-<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; margin-left: .2in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Anggaran kas
selengkapnya dapat disusun pada tabel.4.3.
Apabila anggaran kas yang disusun mencakup satu periode (satu tahun),
maka perlu mempertimbangkan fkuktuasi usaha yang kemungkinan terjadi.</div>
<div align="center" class="MsoNormal" style="margin-left: .2in; text-align: center;">
Tabel
.4.3</div>
<div class="MsoNormal" style="margin-left: .2in;">
Anggaran Kas – triwulan <span style="font-size: 10pt;">(
Rp.000,-)</span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 48.6pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 480;">
<tbody>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10pt; line-height: 150%;">Maret<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10pt; line-height: 150%;">April<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<span style="font-size: 10pt; line-height: 150%;">Mei<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">
Saldo awal <o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">21.000,-<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">33.200,-<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">38.550,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i><span style="font-size: 10pt; line-height: 150%;">Penerimaan:<o:p></o:p></span></i></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 3;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Penjualan Tunai<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">36.000,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">42.000,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">48.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 4;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%;">
<span style="font-size: 10pt; line-height: 150%;">Pengumpulan Piutang-
yang lalu <o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">20.000,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">14.400,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">28.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 5;">
<td style="border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<i><span style="font-size: 10pt; line-height: 150%;">Total<o:p></o:p></span></i></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">77.000,-<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">89.600,-<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">114.550,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 6;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<i><span style="font-size: 10pt; line-height: 150%;">Pengeluaran:<o:p></o:p></span></i></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<br /></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 7;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Bahan Makanan – tunai<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">4.800,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">5.600,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">9.600,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 8;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Hutang Pembelian<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">16.000,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">19.200,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">22.400,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 9;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Gaji dan Upah<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">18.000,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">20.000,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">22.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 10;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Perlengkapan Restoran<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">2.000,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">2.500,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">3.000,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 11;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Perlengapan Dapur<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">1.000,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">1.000,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">1.250.-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 12;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Pembayaran Promosi<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">500,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">750,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">750,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 13;">
<td style="border-bottom: none; border-left: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Listrik , telpon dan air<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">1.500,-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">2.000.-<o:p></o:p></span></div>
</td>
<td style="border-right: solid windowtext 1.0pt; border: none; height: 14.2pt; mso-border-left-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">1.750,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 14;">
<td style="border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div align="center" class="MsoNormal" style="line-height: 150%; text-align: center;">
<i><span style="font-size: 10pt; line-height: 150%;">Total<o:p></o:p></span></i></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">43.800,-<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">51.050,-<o:p></o:p></span></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">60.750,-<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 14.2pt; mso-height-rule: exactly; mso-yfti-irow: 15; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 2.1in;" valign="top" width="202"><div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<span style="font-size: 10pt; line-height: 150%;">Saldo Akhir<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .8in;" valign="top" width="77"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">33.200,-<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: 56.35pt;" valign="top" width="75"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">38.550,-<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 14.2pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; mso-height-rule: exactly; padding: 0in 5.4pt 0in 5.4pt; width: .9in;" valign="top" width="86"><div align="right" class="MsoNormal" style="line-height: 150%; text-align: right;">
<span style="font-size: 10pt; line-height: 150%;">53.800,-<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Pada table.4.3
tersebut merupakan contoh ideal anggaran dengan perkembangan usaha dengan peningkatan kas. Dengan kas yang berlebih , manajemen dapat
memutuskan untuk memindahkan kas dari rekening bank untuk investasi jangka
pendek dalam <st1:city w:st="on">surat</st1:city>
berharga (sekuritas). Tanpa disusun
anggaran kas, mungkin manajemen akan kesulitan untuk memperkirakan kapan
perusahaan akan memperoleh kas lebih, yang dapat digunakan untuk
investasi. Jika manajemen membeli
sekuritas, maka dicantumkan pada pengeluaran kas. Sebaliknya, pada saat
penjualan sekuritas maka kas dicatat dalam penerimaan. </div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b><br /></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<b>Anggaran Flexibel<o:p></o:p></b></div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
Pada ilustrasi
di atas, anggaran kas disusun pada asumsi suatu tingkat usaha yang ideal. Sedangkan dalam praktik mungkin usaha hotel
maupun restoran tentunya sangat fluktuatif.
Manajemen dapat memperluas penyusunan anggaran pada beberapa tingkat pendapatan
(penjualan). Anggaran dapat disusun
dalam tiga tingkat berdasarkan rata – rata penjualan, misal: tinggi, normal,
dan rendah. Penjualan hotel sangat
tergantung pada tingkat hunian kamar (room occupancy) atau restoran sangat
tergantung pada tingkat hunian kursi (seat occupancy). Penyusunan anggaran fleksibel, sangat
membantu manajemen untuk menyesuaikan operasional terhadap kondisi usaha yang
terjadi.</div>
<div class="MsoNormal" style="line-height: 150%; text-align: justify;">
<br />
<b><span style="color: #990000;">TUGAS <a href="https://docs.google.com/file/d/0B5TwhYwkpGsOdjJmSDBaRnVoYXM/edit?usp=sharing">MODAL KERJA</a></span></b></div>
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