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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John Writes A Check To Kay As Payment For A Cd Player But Soon Discovers The Pla
/in Uncategorized /by developerJohn writes a check to Kay as payment for a CD player but soon discovers the player is broken. He goes to the drawee bank and orally authorizes Larry, a bank officer, to stop payment on the check. This order is a)fourteen days. b)fourteen months. c)six days d)six months.
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Johnny Appleseed Inc Recently Purchased A Fruit Picking Machine For 88 000 That
/in Uncategorized /by developer4.Book depreciation is defined by IRS rules, while tax depreciation is defined by GAAP rules.
A.True B.False
A.$11,000 B.$10,000 C$10,500 D$10,300
10.A sole proprietorship can deduct 100% of the depreciation related to a company car even when he or she uses the car for personal purposes.
A True b false
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Johnny B Goode Is 21 Years Old When He Was 16 Johnny Experienced A Complete Ment
/in Uncategorized /by developerJohnny B. Goode is 21 years old. When he was 16, Johnny experienced a complete mental breakdown. While he has since recovered, Johnny suffers with bouts of depression and severe anxiety. Johnny lives at home with his family in Bellingham. As part of his ongoing therapy, Johnny plays the piano with several friends. Johnny recently purchased a used piano at a local thrift store for $188.45. The piano is ten years old and is in poor, but usable condition. Based on his knowledge of the used piano market, Johnny believes the piano is actually worth around $300. Chuck, a 31-year old busy music executive, lives down the street from Johnny’s family in Bellingham.
As a hobby, Chuck collects old pianos. One day, Chuck saw Johnny playing his piano. He asked Johnny how old the piano was and what condition it was in. Johnny said, “It’s kind of old, but it works great.” Chuck said, “I love the look of that piano – it gives off a cool vibe. I’ll give you $250 for your piano.” Johnny replied, “I recently purchased the piano, and I’m not sure I want to part with it.” Chuck pleaded, “OK, I’ll give you $500 for the piano, but that’s my final offer.” Johnny, who wasn’t feeling well, said “Whatever”. Chuck gave Johnny a check for $500 and took the piano. Johnny put the check into a box under his bed.
Johnny later regretted selling the Piano to Chuck and asked him to return it. Chuck said “no”. Johnny isn’t sure what to do, so hires you as his lawyer. He wants to know if a legally binding contract exists between him and Chuck. You remember from your Business Law class that the necessary elements of a contract are mutual assent (offer and acceptance), consideration, capacity, and legality. You decide to analyze each of those elements with respect to the facts of this case and to determine Johnny’s strongest argument that a contract does not exist and Chuck’s strongest argument that a contract does exist. You should also determine who will likely win and why. Your analysis should be as detailed as you can make it.
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Johnny Just Set Up A Tcp Connection With A Web Server In Chicago Illinois Claimi
/in Uncategorized /by developer1. 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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Johnny Rockabilly Has Just Finished Recording His Latest Cd
/in Uncategorized /by developerJohnny Rockabilly has just finished recording his latest CD.? His record company’s marketing department determines that the demand for the CD is as follows: Price____________________Number of CDs $24_____________________10,000 $22_____________________20,000 $20_____________________30,000 $18_____________________40,000 $16_____________________50,000 $14_____________________60,000 The company can produce the CD with no fixed cost and a variable cost of $5 per CD. a) Find the total revenue for quanitity equal to 10,000, 20,000, and so on. What is the marginal revenue for each 10,000 increase in the quanitity sold? b) What quanitity of CDs would maximize profit? What would the price be? What would the profit be? c) If you were Johnny’s agent, what recording fee would you advise Johnny to demand from the record company? Why?
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Johnnycake Wrote Off 5 000 Of Acccounts Receivable Against The Reserve In 2018 2
/in Uncategorized /by developer1. 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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Johns River Shipyards Is Considering The Replacement Of An 8 Year Old Riveting M
/in Uncategorized /by developerSt.Johns River Shipyards is considering the replacement of an 8-year-old riveting machine with a new one that will increase earnings before depreciation from $22,000 to $56,000 per year. The new machine will cost $100,500, and it will have an estimated life of 8 years and no salvage value. The new machine will be depreciated over its 5-year MACRS recovery period; so the applicable depreciation rates are 20%, 32%, 19%, 12%, 11%, and 6%. The applicable corporate tax rate is 35%, and the firm’s WACC is 15%. The old machine has been fully depreciated and has no salvage value. what is the replacement projects NPV ?
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Johnson And Hackman Chapter 10 11 1 What Are The Ethical Challenges That A Leade
/in Uncategorized /by developerJohnson 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 Battery Systems Metals Recently Reported Ebit Of 1 500 Depreciation Of 1
/in Uncategorized /by developerJohnson Battery Systems Metals recently reported EBIT of $1,500, depreciation of $1,500 as well, and its federal-plus-state income tax rate was 40%. In order to sustain its operations and thus generate sales and cash flows in the future, the firm was required to make $800 of capital expenditures on new fixed assets and to invest $500 in net operating working capital. What was its free cash flow?
A.$1,000
B.$1,300
C.$1,200
D.$1,100
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Johnson Corporation S Unadjusted Trial Balance At Year End Included The Followin
/in Uncategorized /by developerJohnson 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:
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