November 24, 2018 at 12:00 pm #2069546Jeff Elliott, CPAKeymasterNovember 26, 2018 at 2:26 am #2071211CPA2beParticipant
Hi guys, I took REG this month and plan to test for FAR in January end. I am studying with Gleim.November 26, 2018 at 9:02 am #2071310AnonymousParticipant
Can someone please chime in and help me understand the flow and calculations behind this problem?
Pine Corp. is required to contribute, to an employee stock ownership plan (ESOP), 10% of its income after deduction for this contribution but before income tax. Pine’s income before charges for the contribution and income tax was $75,000. The income tax rate is 30%. What amount should be accrued as a contribution to the ESOP?
Correct B. $6,818
The solution per NINJA is provided below.
The contribution has to be 10% of the income after deducting the contribution amount. The income prior to the contribution is $75,000. Thus, the contribution amount, C, is:
0.1 (10%) × $75,000 – C
Solving the equation for C:
C = $7,500 – 0.1C
1.1C = $7,500
C = $7,500 ÷ 1.1 = $6,818November 26, 2018 at 9:28 am #2071370AnonymousParticipant
Can someone please help me? According to Becker's pass key, NFP organizations do not present funds. However, within the text it states, “fund accounting is not used for external financial reporting, although separate funds may be maintained for internal purposes”. How would I know which funds are allowed? This is confusing.
A not-for-profit hospital issued long-term tax-exempt bonds for the hospital’s benefit. The hospital is responsible for the liability. Which fund may the hospital use to account for this liability?
B. Specific purpose
D. General long-term debt account groupNovember 26, 2018 at 11:30 pm #2072498LiliParticipant
This is my 1st try and my 1st exam of the all 4, I'm using Ninja only, and my exam date is Feb 23rd, 2019
Good luck everyone! 🙂November 27, 2018 at 4:31 am #2072651drcpaParticipant
Lili Good luckDecember 6, 2018 at 7:00 pm #2102889
My hope is that this is a simple answer and I am overlooking the obvious. How many stocks were issued at what price?
Common stock (.10 par) $15,000
I am to understand that it is 50,000 shares at .30 per. Please help me understand how I would discern this with the info given? Much thanks and many nummy holiday cookies wished upon you.December 6, 2018 at 7:58 pm #2102940
I believe I've figured it out. The info was found in comparing last years stock issue and APIC to the following year. ;0)December 6, 2018 at 8:54 pm #2102994ReneeParticipant
Hello everyone! I just got approved and my notice to sit. Exam date is scheduled for January 3, 2019. I'm using Wiley CPAExcel and will probably use additional material on here. This is my first CPA Exam Section and I decided to go for FAR first ^_^.December 7, 2018 at 8:09 am #2103195
Hi Bunny! I am sitting Aud now but looks like we will be climbing that FAR mountain together. I hope to sit beginning of Feb as I cannot study through holidays.December 7, 2018 at 9:48 pm #2104545SeanWParticipant
Taking FAR in Jan-Q1. Last exam!!! I've used Becker for all 3 exams to date and will use for FAR.
BEC – 89
REG – 89
AUD – TBA (12/10)
FARDecember 8, 2018 at 10:26 am #2104797Jazzy87ParticipantDecember 10, 2018 at 7:39 pm #2107959MelParticipant
Sitting for FAR on Feb 2.SwanParticipant
I am sitting for FAR on January 5th. This will be my 4th time! I made a 74 on all 3 tries. I am currently using Becker. I am not sure what the problem is, any suggestions on how to study and get over this hump? I watch all the lectures, read the text, do the mcq, and even make my own flash cards. I study all weekend and about 3 hours every weeknight. :/December 11, 2018 at 10:43 am #2109402SeanWParticipant
I've used Becker for all three of my exams and while I can't tell you this will work for you, I can tell you it worked for me.
1. I read every chapter 1st, making notes and highlighting major points.
2. Second, I listen to the lecture, adding additional notes.
3. For areas that are new, meaning, I've never seen it before; I will make hand written notes.
4. I take the practice exam.
When I've done this for every section, I will go back to section 1, module 1 and retake every single test and track the score for each exam in a spreadsheet. This gives me an idea of where I'm strong and where I'm weak. I'll take them all again and average the two grades. For every section that is still below 75, I run back through my notes again. If I'm really doing bad, I'll re-read the whole section again. Again, this is just what has helped for me. That being said, there have been quite a few questions on the CPA Exam that were not in my notes, lectures or practice tests. I know some questions on the exam are experimental and won't count too.
Also, I know that I am a visual learner and I have to remove all distractions from my personal space. I usually study after work, in a quiet place where the only light source is my computer and desk lamp. This removes all other distractions and allows me to focus solely on what's in front of me. It may be useful to determine what kind of learner you are and study accordingly. It helped me in College and now on the CPA. Good Luck. You're almost there.
BEC – 89
REG – 89
AUD – 87
First tries, using Becker CPA Review.AuthorPostsViewing 15 posts - 1 through 15 (of 380 total)
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