1.     Johnny just set up a TCP connection with a web server in Chicago, Illinois, claiming he is coming in with a source IP address that clearly belongs to a network in Copenhagen, Denmark. In examining the session logs, you notice that he was able to complete the three-way handshake for this connection in 10 milliseconds. How can you use this information to prove Johnny is lying? Assume that the distance between Chicago, Illinois and Copenhagen, Denmark is roughly 4200 miles and the speed of light is roughly 186,400 miles per second.

 

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1. JohnnyCake wrote off $5,000 of acccounts receivable against the reserve in 2018

2. Prepaid insurance at the beginning of the year represented the unrecovered portion of a three year premium for $6,000 covering the period January 2017 through December 2019.

3. JohnnyCake sold $100,000 of excess land to an unrelated third party for $400,000 in 2017. The sale called for $100,000 cash paid at closing and a note for $300,000 payable in three (3) equal installments of $100,000 each on the anniversary date of the sale. The note provided for adequate stated interest.

4. The bonus payable represents a bonus accrued each year to the 90 percent shareholder. All bonuses are paid by March 15 of the following year.

5. The company shipped inventory to a customer on December 31, 2018 for $100,000. Pursuant to the contract, title passes to the customer on receipt. The client received the goods on January 4, 2019. The company booked the sale in 2018, when shipped, to improve their financial statements for the bank. The goods shipped has a cost basis of $60,000.

6. JohnnyCake incurred $35,000 of expenses attributable to the improvement of the building (added a new office; completed October 1, 2018). The company deducted the payments as a repair expense in its 2018 financial statements.

7. The company uses full absorption accounting for its inventories.

8. The company used the simplified production method for UNICAP purposes. It has not elected out of UNICAP for 2018 despite having gross receipts less than $25 million. 9. JohnnyCake had $6,000 of UNICAP expenses capitalized for tax purposes at the beginning of the year. For 2018, it had $20,000 of mixed service department costs and $15,000 of other indirect UNICAP costs.

10. Deferred revenue represents $10,000 received in 2017 for a 5 year supply of pumps. JohnnyCake used the deferral method in 2017 and recognized $2,000 of revenue in its audited financial statements for 2017 and 2018.

11. MACRS depreciation on beginning of year assets is $42,000.

Make Schedule M-1 (not M-3) for 2018 based on the above information. Provide a brief description/narrative and authority for each of the adjustments.

 

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Johnson and Hackman, Chapter 10 & 11        

1) What are the ethical challenges that a leader faces? Use the material included in the text.

2) Determine what ethics will guide your organizational career.         

3) How do ethical differences cause conflict in the workplace? Give several examples and include at least one example between a manager and an employee.

4) Design a solution which will resolve a specific ethical conflict between a manager and a conflict.

5) Design a strategy which will help you evaluate all the ethical dilemmas in an organization. This is no longer about your personal ethics, but about what ethics should guide a company. How will those ethics affect the way you communicate?

 

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Johnson Corporation’s Unadjusted Trial Balance at year-end included the following accounts:

Sales (75% represent credit sales)    Debit     Credit $1,152,000

Accounts Receivable           Debit  $288,000          Credit

Allowance for Doubtful Accounts   Debit               Credit  $2,184

Compute the uncollectible account expense, and make the appropriate journal entry, for the current year assuming the uncollectible account expense is determined as follows:

• a. Income statement approach, 1% of total sales.
• b. Income statement approach, 1.5% of credit sales.
• c. Balance sheet approach. The estimate based on an aging of accounts receivable is that an allowance of $12,000 would be appropriate.

 

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Johnson & Johnson one of the world’s largest manufacturers of health care products. The company’s December 31, 2013, financial statements included the following information in the long-term debt disclosure note:

The bonds were issued at the beginning of 2000. The disclosure note stated that the effective interest rate for these bonds is 3% annually. Some of the original convertible bonds have been converted into Johnson & Johnson shares of stock. The $179 million is the present value of the bonds not converted and thus reported in the financial statements. Each individual bond has a maturity value (face amount) of $1,000. The maturity value indicates the amount that Johnson & Johnson will pay bondholders at the beginning of 2020. Zero-coupon bonds pay no cash interest during the term to maturity. The company is “accreting” (gradually increasing) the issue price to maturity value using the bonds’ effective interest rate computed on a semiannual basis.

Required:

1. Determine the maturity value of the zero-coupon bonds      that Johnson & Johnson will pay bondholders at the beginning of 2020.
2.     Determine the issue price at the beginning of 2000 of a single, $1,000 maturity-value bond.

 

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