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Presentation/PPT
27/08/2022
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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