[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

[jrosen92770]

Pia – Not sure this is so much a rule but a guide. Application of course will depend on the details of the question.

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]

Good tips on how to study for FAR for those of you just starting out. It took me 3 exams to learn to utilize some of these tips. 🙁

https://www.wiley.com/WileyCDA/Section/id-404805.html

[Kenada]

Thanks CPA mom 🙂

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

[Anonymous]

No problem.

Hey Zubairs and Oilgas–How are you guys doing? Long time, no type. Just checking on you!

[teeteenounouche]

Thanks CPAMommy, the tip below is the best one for me:

JUST KEEP GOING

Don't give up. Expect ups and downs in the study process. You may think the road to the CPA exam is linear. In actuality, it is full of bumps, hurdles, and ups and downs. The quickest method to dig out of a rut is to sit down and study.

Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!

CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

[NJPRU]

“BOND WITH A STUDY BUDDY”

^ that should be plural! 🙂

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

IM GOING TO BE A CPA!!!!!

[SpartanCPA]

On September 1, Canary Co. sold used equipment for a cash amount equaling its carrying amount for both book and tax purposes. On September 15, Canary replaced the equipment by paying cash and signing a note payable for new equipment. The cash paid for the new equipment exceeded the cash received for the old equipment. How should these equipment transactions be reported in Canary's statement of cash flows?

a. Cash outflow equal to the cash paid less the cash received.

b. Cash inflow equal to the cash received and a cash outflow equal to the cash paid and noted payable.

c. Cash outflow equal to the cash paid and note payable less the cash received.

d. Cash inflow equal to the cash received and a cash outflow equal to the cash paid.

AUD - 01/18/14 - 81
BEC - 05/29/14 - 85
FAR - 07/18/14 - 81
REG - 11/18/14 - 80

Becker CPA Review
NINJA Audio
Michigan State University

[Anonymous]

D

[jrosen92770]

D as well.

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

[SpartanCPA]

D is correct. Great job!

AUD - 01/18/14 - 81
BEC - 05/29/14 - 85
FAR - 07/18/14 - 81
REG - 11/18/14 - 80

Becker CPA Review
NINJA Audio
Michigan State University

[Anonymous]

@PiaAch, what's the correct answer for your case problem about cash/accrual operating expenses?

Would JRo's answer of $165,000 be correct?

I'm getting $135,000.

Please reply. Thanks.

[HopefulCPA0601]

10 days to go!! powering through multiple choice.. i have been MIA because of work, etc. how is everyone feeling? CPAMommy we are both testing the same day I think right! 4/12 here we go!

Question:

In its december 31, year 1 balance sheet, Fleet reported AR of $100K before allowance for uncollectible accounts of $10K. Credit sales during year 2 were $611K, and collections from customers, excluding recoveries, totaled $591K. During year 2, AR of $45K were written off and $17K were recovered. Fleet estimated that $15K of AR at december 31, year 2, were uncollectible. In its december 31, year 2 balance sheet, what amount should fleet report as AR before allowance for uncollectibles?

My T Chart:

Debit: 100K beginning AR, 611K sales, 17K recoveries

Credit: 591K collections, 45K write offs

The answer is telling me to also credit 17K again for collections (recoveries) – can someone explain why i debit AND credit the 17k?

BEC: 65 - 79* - 84 DONE
AUD: 65 - 76 DONE
REG: 63 - 77 DONE
FAR: 65 - 63 - 67 - 69 - 73 - 71 - 83 DONE

Becker Notes & Flashcards, Wiley Test Bank, Ninja MCQ

[SpartanCPA]

Dyna Corporation had cost of goods sold of $300,000 for the current year ended December 31 and an ending inventory balance of $50,000. The beginning balances in inventory and accounts payable were $20,000 and $16,000, respectively. Dyna finances 80 percent of its inventory purchases with trade accounts payable, incurs purchases ratably throughout the year, and consistently pays for its purchases 30 days after acquisition. What was the amount of cash paid on accounts payable during the year ended December 31?

a. $240,000

b. $264,000

c. $258,000

d. $300,000

AUD - 01/18/14 - 81
BEC - 05/29/14 - 85
FAR - 07/18/14 - 81
REG - 11/18/14 - 80

Becker CPA Review
NINJA Audio
Michigan State University

[Anonymous]

@Amor D–It's $165K. You take the amount PAID of $150,00 and you have to subtract the increase in prepaids because you paid $5K, but don't recognize it yet and you have to add the $20K increase in accrued expenses because you haven't paid for it, but you are recognizing it as an expense.

[pia ach]

@amor it is 165000. Jrosen explanation is correct.

Finally done!!! Experience-pending. Ethics- Pending.
Reg 78 / 73/82.
Aud 74/89.
BEC 72 /78.
FAR 74/ 73/ 82.

[Author]

Replies