[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]

@Hopeful–The entries to record the recover are:

To put the A/R back on the books:

DR AR

CR Allowance

To record the cash receipt and book against the A/R:

DR Cash

CR A/R

You could do it in one step and just DR Cash and CR Allowance, but I think it makes more sense to do it in steps so you can see the process.

[Anonymous]

When receivables deem to be totally uncollectible, we write them off, right?

DR: ADA [Allow. for Doubtful Account] XX

CR: AR XX

Then later we realize, we will be able to recover. So then we are going to debit AR back to reverse the account previously written off.

DR: AR xx

CR: ADA xx

We recover/collect cash.

DR: Cash xx

CR: AR xx

Recoveries neither effect AR nor NI. They only increase ADA.

[HopefulCPA0601]

oh right!! thank you so much!

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

[HopefulCPA0601]

@spartanCPA – im going with A $240K

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

[NJPRU]

Silly question – for JRO's problem and Spartan's problem above, what section in your studies did you learn these in? I ask because I have yet to review any of that and want to know if I missed something. Thanks!

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

@Spartan–C $258K

[pia ach]

@hopefulcpa what is the answer to the Allowance for uncollectibles question you posted above?

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

[HopefulCPA0601]

@pia ach: answer is $75,000 AR before allowance for uncollectible accounts

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

[pia ach]

@hopeful can you tell me why you did not take into account the below two

The allowance for uncollectible accounts of 10k and the 15k AR estimated to be uncollectible at dec 31 year 2?

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

[HopefulCPA0601]

@pia cha – the questions asks for AR before allowance for doubtful accounts, so you leave those out. It if were askign for net AR, then you would reduce beginning and ending AR by the allowance for doubtful accounts.

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

[NJPRU]

@pia the questions specifically asked: “what amount should fleet report as

AR

before

allowance for uncollectibles?”

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

IM GOING TO BE A CPA!!!!!

[jrosen92770]

NJ – It's F2-54 in Becker. Note this formula is not there. I created it based on a few questions I came across.

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

[pia ach]

Thanks Hopeful and NJPRU! i still am not reading the question carefully ..

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

[stoleway]

SpartanCPA

$300,000?

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

Mass-CPA

[LStevens225]

I don't understand this:

“The remaining 25% to the non controlling interest is likewise not included in the consolidated dividends declared because, from the parent company's point of view, subsidiary dividends do not represent dividends of the consolidated entity.”

Why doesn't ir reprsent dividends of the consolidated entity? Aren't they supposed to be one in the same? Why would you not include the sub's dividends paid?

[Author]

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