Horngren's Accounting (11th Edition)
11th Edition
ISBN: 9780133856781
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Question
Chapter 15, Problem P15.18APGA
To determine
Concept introduction: Investment should be classified between current and non-current assets on the basis of motive of investment. Some securities may be purchased for trading purpose or for held-to-maturity, so disclosure of each types of securities will be different.
Requirement 1;
To prepare: Classification of stock investment.
Main solution:
| Assets | |
| Current asset; | |
| Marketable Securities – Held as trading securities | $37400 |
| Marketable Securities – Held as trading securities | $6000 |
To determine
Requirement 2;
To prepare:
Main solution:
| Date | Accounts Title | Debit | Credit |
|---|---|---|---|
| July2, 2016 | Marketable Securities | $37400 | |
| Cash | $37400 | ||
| Aug. 21, 2016 | Cash | $1020 | |
| Dividend Revenue | $1020 | ||
| Sep. 16, 201 | Cash | $50320 | |
| Marketable Securities | $37400 | ||
| Realized Gain on Trading Securities | $12920 | ||
| Oct. 8, 2016 | Marketable Securities | $6000 | |
| Cash | $6000 | ||
| Dec.31, 2016 | Unrealized Holding Loss on Trading Securities | $4000 | |
| Marketable Securities | $4000 |
To determine
Requirement 3;
To prepare: Preparation of T account and disclosure in the balance sheet at December 31, 2016.
Main solution:
| Marketable Securities (Investment made in Bravo Inc.) | |||
|---|---|---|---|
| Debit | Credit | ||
| Cash | $37400 | Cash | $37400 |
| $37400 | $37400 | ||
| Marketable Securities (Investment made in Zigbo Inc.) | |||
|---|---|---|---|
| Debit | Credit | ||
| Cash | $6000 | Unrealized holding loss on trading securities | $4000 |
| Ending balance | $2000 | ||
| $6000 | $6000 | ||
| Cash | |||
|---|---|---|---|
| Debit | Credit | ||
| Marketable securities | $50320 | Marketable securities | $37400 |
| Dividend revenue | $1020 | Marketable securities | $6000 |
| Ending balance | $7940 | ||
| $51340 | $51340 | ||
| Main 4 You | |
|---|---|
| Balance Sheet (Partial) | |
| As at December 31, 2016 | |
| Assets | |
| Current asset; | |
| Cash | $7940 |
| Marketable Securities – Held as trading securities | $2000 |
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Reciprocal Method
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General Factory Receiving Assembly Finishing
0
0
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0.10
0
0.56
0.34
Allocations:
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$
$
$
$
400,000
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45,000
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$
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Windsor Fabrication estimates its manufacturing overhead to be $720,000 and its direct labor costs to be $600,000 for year 5. Windsor worked three jobs for the year. Job 5-1, which was sold during year 5, had actual direct labor costs of $180,000. Job 5-2, which was completed but not sold at the end of the year, had actual direct labor costs of $270,000. Job 5-3, which is still in work-in-process inventory, had actual direct labor costs of $150,000. The actual manufacturing overhead for year 5 was $700,000. Manufacturing overhead is applied on the basis of direct labor costs. a) How much overhead was applied to each job in year 5? b) What was the over- or underapplied manufacturing overhead for year 5?
Chapter 15 Solutions
Horngren's Accounting (11th Edition)
Ch. 15 - Prob. 1QCCh. 15 - Which of the following investments is most likely...Ch. 15 - Prob. 3QCCh. 15 - A company invested $45,000 in Yale Co. stock. The...Ch. 15 - Prob. 5QCCh. 15 - Prob. 6QCCh. 15 - Prob. 7QCCh. 15 - Prob. 8QCCh. 15 - Prob. 9QCCh. 15 - Prob. 10QC
Ch. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Prob. 3RQCh. 15 - Prob. 4RQCh. 15 - Prob. 5RQCh. 15 - Prob. 6RQCh. 15 - Prob. 7RQCh. 15 - Prob. 8RQCh. 15 - Prob. 9RQCh. 15 - Prob. 10RQCh. 15 - Prob. 11RQCh. 15 - Prob. 12RQCh. 15 - Prob. 13RQCh. 15 - Prob. 14RQCh. 15 - Prob. S15.1SECh. 15 - Prob. S15.2SECh. 15 - Prob. S15.3SECh. 15 - Prob. S15.4SECh. 15 - Prob. S15.5SECh. 15 - Prob. S15.6SECh. 15 - Prob. S15.7SECh. 15 - Prob. E15.8ECh. 15 - Prob. E15.9ECh. 15 - Prob. E15.10ECh. 15 - Prob. E15.11ECh. 15 - Prob. E15.12ECh. 15 - Prob. E15.13ECh. 15 - Prob. E15.14ECh. 15 - Prob. E15.15ECh. 15 - Prob. E15.16ECh. 15 - Prob. E15.17ECh. 15 - Prob. P15.18APGACh. 15 - Prob. P15.19APGACh. 15 - Prob. P15.20APGACh. 15 - Prob. P15.21BPGBCh. 15 - Prob. P15.22BPGBCh. 15 - Prob. 23CPCh. 15 - Prob. 15.1DCCh. 15 - Prob. 15.1EICh. 15 - Prob. 15.1FCCh. 15 - Financial Statement Case 151 Details about a...
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