FAR Study Group – Q1 2018 - Page 24

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  • March 8, 2018 at 7:43 am #1728357
    Pam
    Participant

    @SONA, My NTS actually expires 4/1 but I need to pass FAR by 4/20 to keep REG and be a CPA – so I'm going for it tomorrow – absolute worse case, I fail and I can go back in April (before the 20th) and retake in the Q2 testing period, since this is still Q1, right?
    I'm going to just hit hard today and tomorrow morning and do a lot of talking to myself to pump myself up!



    @shawn0216     – go for it, get the feel and hopefully a pleasant surprise. I've passed 3 and only 1 I've feel pretty “Prepared” for and I still only came out with an 80- I don't know anyone that walks in feeling prepared for FAR (or really any other section). I'll be right there with you tomorrow, we can do it!

    March 8, 2018 at 7:48 am #1728363
    MeanJoe
    Participant

    @Pam

    You got this… Good luck!!

    March 8, 2018 at 8:20 am #1728459
    Pam
    Participant

    @meajoe thanks!

    All – I'm just missing something with this NINJA MCQ… I know stock splits are retro, but the question asked for the WA shares as of 12/31/x1 to be used to calc EPS on 3/1/x2. Why am I including the February x2 split if it's as of 12/31/x1?

    Question:
    Based on the stock transactions below, what is the weighted-average number of shares outstanding as of December 31, year 1, that should be used in the calculation of basic earnings per share in financial statements issued on March 1, year 2?
    Date Transactions
    January 1, year 1 Beginning balance 100,000
    April 1, year 1 Issued 30,000 shares for cash
    June 1, year 1 50% stock dividend
    February 15, year 2 2-for-1 stock split
    March 15, year 2 Issued 40,000 shares for cash

    I got 183,750 but its 2x that amount b/c of the 2/15/x2 transaction.

    March 8, 2018 at 11:55 am #1729103
    Anonymous
    Inactive

    Can someone compute for the diluted EPS of this problem? Thanks.

    March 8, 2018 at 1:03 pm #1729230
    Apii
    Participant

    Hi guys , I so disappointed with me..I did not clear my Reg ..gone @ 71 and rescheduled my FAR which was scheduled for today because of lack of preparation. I am back to my studies. I am missing the focus and motivation. I know I can do it. I have to give to my best!! Done 1 more chapters today !

    March 8, 2018 at 1:20 pm #1729301
    shawn0216
    Participant

    @Amor – This is how Becker explained it.

    Basic EPS = $4.50, so we can eliminate answer choice 1 because the diluted EPS will have to be less.

    Numerator for Diluted EPS:
    NI + Preferred Dividend – Saved Preferred Dividend + Saved Interest Expense, net of tax
    1,000,000 – 200,000 + 200,000 + [(2,000,000/1,000)*(1-30%)]
    = 1,140,000

    Denominator for Diluted EPS:
    Weighted average common shares outstanding + # of common shares issued on convertible preferred stocks + Common shares on convertible bonds
    200,000 + 40,000 + [(2,000,000/1000)*50 shares per bond]
    = 340,000

    1,140,000/340,000 = $3.35

    March 8, 2018 at 1:54 pm #1729422
    Pam
    Participant

    @apii, I've been there! REG was my first exam, I failed it. I passed the next session, then took FOUR times to pass BEC (2x with a 73!). I did pass AUD first shot in that period but also failed FAR last summer.
    I'm taking FAR (round 2) tomorrow and I'm so far behind and becoming severely unmotivated, even though if I can do it, this is IT! REG expires 4/20 -which I don't want to fall back on but I know subconsciously I am thinking ‘well if it doesn't happen tomorrow I still have one more shot'.

    You can do it. FAR encompasses a lot of other sections so you may find yourself stronger from it for other sections.

    March 8, 2018 at 2:02 pm #1729451
    Anonymous
    Inactive

    Thanks Shawn0216. You're right!

    The computation looks familiar to me. I think there’s exactly the same problem somewhere on Becker’s lecture or practice test. The saved interest expense is calculated by multiplying the maturity value to the interest rate of the bond.
    NI + Preferred Dividend – Saved Preferred Dividend + Saved Interest Expense, net of tax
    1,000,000 – 200,000 + 200,000 + [(2,000,000 x 10%)*(1-30%)]
    = 1,140,000

    When are you testing? I’m going back to the testing center within 48 hours. I just don’t feel prepared as always.

    March 8, 2018 at 2:36 pm #1729542
    Pam
    Participant

    @anyatver how did you do with FAR? If I remember correctly, was that your last one? I can't keep my posts straight and I need to stop MCQ's b/c my eyes feel like they are bleeding and I'm about to start crying…. Someone assure me that giving this a month to refresh after getting a 67 in July 2017 can still result in a 75 tomorrow?
    I'm averaging just over 53% overall and my 2 lowest are the dreaded NFP and governmental accounting (not overly low, just lower than the others). I'm so frustrated and I haven't reviewed any SIMs (so I guess that's tomorrow morning). I'm giving myself about 3-4 hours to review before the exam.

    this is the last one I need to pass… this is the last one… I need to pass!

    March 8, 2018 at 2:53 pm #1729580
    Anonymous
    Inactive

    @Pam-yes, my last one, thankfully found out I passed with an 81-if you binge on SIMS it will be great! pay attention to the JEs and for gov't and NFP it sometime helps to just read the entire chapter through and through to put the things together-good luck!!!!!

    @Amor-good luck!!!

    March 8, 2018 at 6:35 pm #1730121
    Anonymous
    Inactive

    Hi team. Just checking in. I somehow pulled off a 77 on FAR. I'm beyond thrilled, but still not sure how that happened.

    March 8, 2018 at 9:34 pm #1730265
    Apii
    Participant

    @Pam , thanks for motivation ..your approach seems to be realistic. Even I would have tried to give it …nways I will give it next month
    @cruz- congratulations on far score

    March 8, 2018 at 9:35 pm #1730273
    Apii
    Participant

    All the best Pam for ur exam !

    March 8, 2018 at 10:58 pm #1730394
    Anonymous
    Inactive

    @Anyatver, thanks.
    And congratulations on passing your last test. I’m so jealous!

    March 9, 2018 at 7:55 am #1730621
    Pam
    Participant

    @anyatver congrats! Hopefully I can pass this last one as well!

    I'm working SIMS today! I don't like the research ones, I can't figure out how to use multiple words.

    I'm going to re-read the notes/chapter(s) again before going in. I have about 3 hours until go time.

    Good luck to everyone!

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