New England Co. had net cash provided by operating activities of $351,000; net cash used by investing activities of $420,000; and cash provided by financing activities of $250,000. New England's cash balance was $27,000 on January 1. During the year, there was a sale of land that resulted in a gain of $25,000 and proceeds of $40,000 were received from the sale. What was New England's cash balance at the end of the year?
Not feeling great, but that's usual 10 days before a test for me. Gearing up for a power weekend, reviewing all notes and going through as many MCQs as I can.
They aren't bad. The JEs are important and the 4 ways to determine that it is a capital lease versus an operating lease is important. Be able to do JEs from both the lessor and lessee perspective.
I'm panicking just a little here. I've been lurking here for the past few weeks, posting erratically. I appreciate everyone's contributions. Your “quizzes” have helped me stay fresh on topics.
Back to my original statement. I have my test on 4/19 and I've been through all of the material. My focus now is MCQs and SIMS. I'm not planning on doing a second pass at the material or anything like that. Would that be a mistake? With so much material I know I wouldn't fit it all in. Most people I've seen here are doing all of the WTB MCQs twice and working out AICPA released questions, in conjunction with re-doing the questions from their material and reviewing the material again. Seems like a bit of overkill, but I've never taken the exam which is why I'm getting a little nervous about my preparation.
Any feedback is much appreciated. I know this type question is asked all the time, but I couldn't help myself.
Second pass is a good move, of course along with MCQ's and SIMS. When you do your second pass read the chapters in the order from easiest to hardest. That way you can take advantage of your short term memory.
I agree with JRo. Overkill is what I would aim for, especially for FAR. If you do as much as you possibly can in the time you have left then you won't have regrets regardless of the outcome. BUT if you don't do as much as you can and you fail, you will kick yourself in the A$$ while you are studying for a retake. Been there, done that. Don't want to repeat that mistake. You have 18 days. Make em count!
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