[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]

Stoleway – C ?

[stoleway]

@Kenada…

C is correct

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

Mass-CPA

[WANNABE_CPA]

@Amanda Was that one of the fInal tests in becker, i have heard its difficult as compared to the original test, i am scared i havnt attempted until now ..what you suggest, should i?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[MustPass1988]

@wannabe yeah it was one of the final practice tests….supposed to be just like the real thing. I would recommend doing one…not everyone does but they help me at least figure out timing and all that.

AUD: PASSED [81]; Expired, retaking August 23rd
BEC: PASSED [83]; Expired, retaking July 11th
REG: PASSED [83]
FAR: FAILED [64]; Retaking May 23rd

[WANNABE_CPA]

@amanda, thanks i will sure make time for it and see where i stand.. GOOD LUCK..YOU WILL DO GREAT 🙂

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Anonymous]

MustPass1988, good luck!

[WANNABE_CPA]

Marr Corp. reported rental revenue of $2,210,000 in

its cash basis federal income tax return for the year ended

November 30, year 2. Additional information is as follows:

Rents receivable—November 30, year 2 $1,060,000

Rents receivable—November 30, year 1 800,000

Uncollectible rents written off during the

fi scal year 30,000

Under the accrual basis, Marr should report rental revenue of

a. $1,920,000

b. $1,980,000

c. $2,440,000

d. $2,500,000

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[NJPRU]

D = 2,500,000

2,210,000 received – 800,000 which should have been accrued (already recognized in sales last year) + 1,060,000 received in YR2 (accrued this year, increases sales) + 30,000 uncollectable rents (decreased AR YR2, should be added to sales).

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

IM GOING TO BE A CPA!!!!!

[stoleway]

D

Beg receivable…….800,000

Accrual revenue…..x

(Writeoff…)………….(..30,000)

(Ending receivable)….(1060,000)

= cash received………..2210,000

X= 2500,000

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

Mass-CPA

[Anonymous]

The balance in Bart Corp.’s foreign exchange loss account was $13,000 at December 31, year 1, before any necessary year-end adjustment relating to the following:

•

Bart had a $20,000 loss resulting from the translation of the accounts of its wholly owned foreign subsidiary for the year ended December 31, year 1.

•

Bart had an account payable due to an unrelated foreign supplier payable in the local currency of the foreign supplier on January 27, year 2. The US dollar equivalent of the payable was $100,000 on the November 28, year 1 invoice date, and it was $106,000 on December 31, year 1.

In Bart’s year 1 consolidated income statement, what amount should be included as foreign exchange loss?

$19,000

$33,000

$13,000

$27,000

Help please 🙁

[Anonymous]

The following data relates to Nola Co.'s defined benefit pension plan as of December 31, 20X3:

Unfunded projected benefit obligation $140,000

Unrecognized prior service cost 45,000

Accrued pension cost 80,000

What amount should Nola report as excess of additional pension liability over unrecognized prior service cost in its statement of stockholders' equity?

a

$15,000

b

$35,000

c

$95,000

d

$175,000

[stoleway]

@kenada…

$19000?

$20,000 will go into OCI

The other item is a foreign currency transaction loss (reported in Earnings) because AP increased by $6000 at year end.

nov 28

Purchase……………100,000dr

AP…………………………………………………100,000cr

Dec 31st

loss………………….6000dr

AP…………………………………………………6000cr

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

Mass-CPA

[Anonymous]

The following data relates to Nola Co.’s defined benefit pension plan as of December 31, year 3:

Unfunded accumulated benefit obligation $140,000

Unrecognized prior service cost 45,000

Pension asset (liability) (80,000)

What amount should Nola report as excess of additional pension liability over unrecognized prior service cost in its statement of stockholders’ equity?

$ 15,000

$ 35,000

$ 95,000

$0

ASC Topic 715 outlines the reporting requirements for pension liabilities, and a pension liability is recognized on the balance sheet when the projected benefit obligation exceeds the fair value of plan assets. There is no longer an additional pension liability reported as part of stockholders’ equity.

The previous question if from roger, the answer is A

This one is from Wiley, the answer is D, what am I missing?

Thoughts?

[Anonymous]

Yes that is correct ! Ok makes sense .. thank you

[stoleway]

@anjanja

Is it $95,000

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

Mass-CPA

[Author]

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