[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

[missbehaved8907]

Thanks for the tips, i'm looking at my progress charts now, i've got a long way to go! I've only done questions in about three of the topics on here.

REG (08/2011 - 73)
AUD (01/2013 - 63) (04/2013 - 72)
FAR (11/2013 - 61) (02/2014)- 71)
BEC - No attempt

[missbehaved8907]

@NJPRU – I am now training myself to do this tactic, read last sentence or as Becker likes to put it, ‘the call of the question', then i will go back to the beginning of the paragraph. Its hard to get into the habit though.

REG (08/2011 - 73)
AUD (01/2013 - 63) (04/2013 - 72)
FAR (11/2013 - 61) (02/2014)- 71)
BEC - No attempt

[Anonymous]

Loft Co reviewed its inventory values for proper pricing at year end. The following summarizes 2 inventory items examined for the LCM.

Item #1

Original Cost = $210,000

Replacement Cost = $150,000

NRV = $240,000

Less Profit Margin = $208,000

Item #2

Original Cost = $400,000

Replacement Cost = $370,000

NRV = $410,000

Less Profit Margin = $405,000

What amount should Loft include in inventory at year end, if it uses the total of the inventory to apply the LCM?

[jrosen92770]

What is the impact of a liquidating dividend under the cost method?

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

[NJPRU]

Mamma – 610k

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

IM GOING TO BE A CPA!!!!!

[missbehaved8907]

@CPAMom – $613K

REG (08/2011 - 73)
AUD (01/2013 - 63) (04/2013 - 72)
FAR (11/2013 - 61) (02/2014)- 71)
BEC - No attempt

[jrosen92770]

I am starting inventory tomorrow….ugh.

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]

It's $610,000. $613K would be the market value and $610K would be the cost. Use the lower amount.

[NJPRU]

@missbehaved – if you do it consistently with all of the questions you should have no problem getting into the habit. i think these study groups we have been having have helped me reinforce it (even if i don't get the answer right – i am still practicing). you'll be fine once you rinse and repeat! 🙂

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

I'll take inventory over dividends. Yucky.

[NJPRU]

mamma – now ask that question using IFRS 😉

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

IM GOING TO BE A CPA!!!!!

[jrosen92770]

Good approach NJ

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

[missbehaved8907]

Which method uses Replacement cost, vs ceiling, vs floor and chooses the middle?

I keep memorizing rules and never know when to apply them.

REG (08/2011 - 73)
AUD (01/2013 - 63) (04/2013 - 72)
FAR (11/2013 - 61) (02/2014)- 71)
BEC - No attempt

[NJPRU]

On October 31, Year 1, a company with a calendar year end paid $90,000 for services that will be performed evenly over a 6-month period from November 1, Year 1, through April 30, Year 2. The company expensed the $90,000 cash payment in October, Year 1, to its services expense general ledger account. The company did not record any additional journal entries in Year 1 related to the payment. What is the adjusting journal entry that the company should record to properly report the prepayment in its Year 1 financial statements?

A. Debit services expense and credit prepaid services for $30,000.

B. Debit prepaid services and credit services expense for $60,000.

C. Debit prepaid services and credit services expense for $30,000.

D. Debit services expense and credit prepaid services for $60,000.

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

I always work better in a study group. I think I learned that in the MBA program because I had no choice with the ridiculous amount of group projects. Unfortunately the only other person I know in real life going through this right now prefers to work alone. We tried studying together and as it got closer to the test, the panic set in and he went into hibernation mode. Ha.

[Author]

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