[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

[Anonymous]

@ JRosen–Is it $53,683?

[stoleway]

@ JRO…..$52,850

$54,200

(1,500)

350

= 52,850

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

Mass-CPA

[samdiegoCPA]

@jrosen92770 I just did that one 😉

For bank balance, all you use is outstanding checks & deposits in transit. So $54,200 + 350 – $1500 = $53,050

AUD: 84
REG: 84
BEC: 79
FAR: 83

[ChristieF]

@JRosen, $53,023.00?

[jrosen92770]

Is it $65?

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

[rvcpa]

sam- b.

[Anonymous]

65?

[Anonymous]

@Sam–$0?

[rvcpa]

jrosen. 53050?

[jrosen92770]

It's $53,050.

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]

@samdiegoCPA

Answer is $0

I guess we dont record a liability for operating lease, Rent is expensed

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

Mass-CPA

[jrosen92770]

There is no need to adjust the $27 since the amount in the bank was correct.

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

[Anonymous]

Oh geez. I missed a bank question. Boooooo!

[stoleway]

ugh, my stupid calculator gave me wrong answer

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

Mass-CPA

[samdiegoCPA]

Answer is $5000.

Must be recorded equally over lease term so total is $90,000/3 = $30,000 per year/12 = $2,500 per month.

Adj JE for the first 10 months, and the last two months will be: Dr Rent Expense $2500, Cr Rent Payable $2500, because you ran out of the $25,000.

However, WHY isn't it $65,000 then? The $5000 plus the remaining $60,000?

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Author]

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