[Q2] FAR Study Group 2014 - Page 37

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    Topic
  • February 6, 2014 at 9:58 pm #183478
    jeff
    Keymaster

    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

Viewing 15 replies - 541 through 555 (of 6,668 total)
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  • March 9, 2014 at 3:30 am #561037
    oilgaslb
    Member

    Welcome Amay – I say start from scratch, but skip the lectures unless you feel you need them.

    March 9, 2014 at 3:32 am #561038
    Wanna_B_TXCPA2014
    Participant

    To all my Wiley Book readers out there. Pg 502 #29. Can anyone explain to me why the $8,000 for depreciation is added back to the pretax income? My understanding of how the reconciliation of pretax income to taxable income is that the pretax income has to be adjusted to “match” the tax return. So since there's more book depreciation than tax depreciation I subtracted the $8,000 because there was to much depreciation.

    March 9, 2014 at 3:33 am #561039
    hopeimnottoolatetobeacpa
    Member

    @CPAMom and @Wanna_B_TXCPA, thanks! i decided to go to nearest wine bar with my sister, we had fun and stayed with one glass and dessert! now back to EPS, going to just do 4 last questions in EPS and going to call it a day, and will start early tomorrow, planning on tackling Statement of Cash Flow and re-review FAR 7! Night everyone and Happy Studying! 🙂

    March 9, 2014 at 3:38 am #561040
    Anonymous
    Inactive

    @wanna–I have to go back to basic accounting to understand these types of questions so please excuse my overexplanation.

    Revenue-Expenses=Pretax Income (GAAP)

    Because $8000 of the depreciation expense is not included in taxable depreciation you have to add it to Pretax Income to get the taxable income per the IRS.

    March 9, 2014 at 3:39 am #561041
    NYCaccountant
    Participant

    When there is more book depreciation than tax depreciation that means that more of your income s taxable, so you add it back. If you had net income of 10,000, your depreciation per book was 18,000, depreciation per tax is 10,000, that 8k difference needs to be added back to book income.

    Assuming a 25% Marginal Rate.

    Book income 10,000 *25% 2,500

    Tax income 18,000 * 25% = 4,500

    2,000 DTA

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    March 9, 2014 at 3:40 am #561042
    Anonymous
    Inactive

    Just read my explanation and I understand it, but I think it may not have helped. Sorry. I'll try to think of another way to explain it. I'm actually watching the Blitz for Deferred Taxes right now.

    March 9, 2014 at 3:45 am #561043
    oilgaslb
    Member

    I'm back from dinner/putting little man to bed. Time to knock out the rest of my homework…

    March 9, 2014 at 3:50 am #561044
    Amay
    Member

    Thanks Oilgas. I am not sure if I should give myself less time since I am so close or just give myself an extra week?

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    March 9, 2014 at 3:57 am #561045
    Anonymous
    Inactive

    @Amay–Back it a couple of days to get in on the first score release. I think the 20th is the cutoff date. You are so close and if you feel good about it and focus on your weak areas heavily and JEs, I think you'll be good to go!

    March 9, 2014 at 4:01 am #561046
    Amay
    Member

    Thanks CPAMommy. Where can I find those cutoff dates?

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    March 9, 2014 at 4:05 am #561047
    Anonymous
    Inactive

    https://blog.aicpa.org/2013/12/cpa-exam-q1q2-2014-score-release-timelines.html#sthash.oA9cU3Qf.dpbs

    March 9, 2014 at 4:05 am #561048
    jrosen92770
    Participant

    how much are you all putting in on weekends?

    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

    March 9, 2014 at 4:08 am #561049
    Amay
    Member

    Thanks so much for telling me! Once I get my new NTS I will make sure I schedule for before the 20th.

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    March 9, 2014 at 4:08 am #561050
    Anonymous
    Inactive

    This weekend I put in 4 hours on Friday, 12 hours so far today. Shooting for at least 2 more hours tonight and probably 3 hours tomorrow morning before I go scoop up my kids from their sleepover weekend. Normally I just get 12 hours in the weekend.

    March 9, 2014 at 4:10 am #561051
    Amay
    Member

    Good job! That is awesome 🙂

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

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