[jeff]

I’ve had a few requests for April/May Study Groups…March will be here before you know it.

In order to take an early April exam, you should begin studying…now. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[NJPRU]

RV: 154,125

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[ChristieF]

@NJPRU, I'm gonna go with D.

[rvcpa]

nj you are correct

[NJPRU]

Choice “b” is correct. Palmyra's comprehensive income is $10,000, which is calculated as net income of $11,000 less the $3,000 unrealized loss on available-for-sale securities plus the positive $2,000 foreign currency translation adjustment.

Choice “a” is incorrect. Items not included in the calculation of Palmyra's comprehensive income will be the $1,000 net cumulative effect of a change in accounting principle and the $6,000 increase in common stock. These are not recognized as adjustments to net income in the calculation of comprehensive income.

Choice “c” is incorrect. Palymyra's comprehensive income will not be the same as net income because Palymra has other gains and losses that impact shareholder's equity but are not included in traditional net income such as the company's unrealized loss on available-for-sale securities and the foreign currency translation adjustment. These items will be adjustments to net income to calculate Palymyra's comprehensive income.

Choice “d” is incorrect. Increase in common stock is not an adjustment to net income for the calculation of comprehensive income. This is an equity item.

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[Kenada]

D – 172,625

Oh buggers – I didn't read it was just asking about the land not land and building… oh dear.

CA Candidate. 05/27/2014 ~ 786/110
I am done!!

[NJPRU]

Good Job Frosty!

Tootles Guys – I'll be back on around 7 tonight. Hope some of you can join. Tonight is Computer Software and Special Intagibles issues.

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[rvcpa]

Jane Co. owns 90% of the common stock of Dun Corp. and 100% of the common stock of Beech Corp. On December 30, Dun and Beech each declared a cash dividend of $100,000 for the current year. What is the total amount of dividends that should be reported in the December 31 consolidated financial statements of Jane and its subsidiaries, Dun and Beech?

a. $10,000

b. $100,000

c. $190,000

d. $200,000

[jrosen92770]

CPAmommy – I pulled a RTMFA with Kenada's response, It sounded very similar to the logic behind the answer.

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[stoleway]

@rvcpa

C is the answer

Land cost is $154,125

County assessment for sewer lines $ 2,500

Title search fees 625

Cash paid for land with a building to be demolished 135,000

Removal of old building $21,000 less salvage of $5,000 16,000

Building cost

Excavation for construction of basement 21,000

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Kenada]

LOL – 🙂 I haven't studied that chapter as yet so was making an educated guess 🙂

CA Candidate. 05/27/2014 ~ 786/110
I am done!!

[jrosen92770]

Cook Co. had the following balances at December 31, 1992:

Cash in checking account $ 350,000

Cash in money-market account 250,000

U.S. Treasury bill, purchased 12/1/92, maturing 2/28/93 800,000

U.S. Treasury bond, purchased 3/1/92, maturing 2/28/93 500,000

Cook's policy is to treat as cash equivalents all highly liquid investments with a maturity of three months or less when purchased. What amount should Cook report as cash and cash equivalents in its December 31, 1992, balance sheet?

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[stoleway]

what is RTMFA, RTMFQ?…you guys use it a lot.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[Anonymous]

Read the MF Question and Read the MF Answers

[Anonymous]

And MF is Monetary Funds

[Anonymous]

It's going so fast!

@RVCPA–Is the answer to the stock question $190,000?

[Author]

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