Loose Leaf for Fundamental Accounting Principles
Loose Leaf for Fundamental Accounting Principles
23rd Edition
ISBN: 9781259687709
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 15, Problem 5BTN
To determine

To determine:

1. How does the “cost-basis” total amount for its investments as of June 30, 2015, compare to the prior year-end amount?

2. Identify at least eight types of short-term investments held by Microsoft as of June 30, 2015.

3. What were Microsoft’s unrealized gains and its unrealized losses from its investments for 2015?

4. Was the cost or fair value of the investments higher as of June 30, 2015?

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Miguel Manufacturing Company uses a predetermined manufacturing overhead rate based on direct labor hours. At the beginning of 2023, they estimated total manufacturing overhead costs at $2,352,000, and they estimated total direct labor hours at 7,000. The administration and selling overheads are to be absorbed in each job cost at 15% of prime cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # 222. Job stats are as follows: Direct materials cost Direct labour cost $173,250 $240,000 500 hours Direct labour hours Special Design Cost Distribution quote from haulage company Units of product produced $8,750 $21,700 400 cartons a) Compute Miguel's Manufacturing Company predetermined manufacturing overhead rate for 2023. b) How much manufacturing overhead was allocated to Job #222? c) Calculate the total cost & quotation price of Job #222, given that a margin of 25% is applied. d) How much was the…

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Loose Leaf for Fundamental Accounting Principles

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