[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

[stoleway]

@notaquitter

I knew my journal entry wasnt right….thanks for providing the explanation

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

Mass-CPA

[NJPRU]

Rapp Co. leased a new machine to Lake Co. on January 1, Year 4. The lease expires on January 1, Year 9. The annual rental is $90,000. Additionally, on January 1, Year 4, Lake paid $50,000 to Rapp as a lease bonus and $25,000 as a security deposit to be refunded upon expiration of the lease. In Rapp’s Year 4 income statement, the amount of rental revenue should be

a. 140,000

b. 125,000

c. 100,000

d. 90,000

brainfarts – use this one as an example, it should answer both of your questions.

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

IM GOING TO BE A CPA!!!!!

[stoleway]

@kenada….I think you're confusing the bonus concept with sales leaseback.

These things happen when you too much information to process…lol

With sales lease back some profit and losses are deffered and amortized.

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

Mass-CPA

[Anonymous]

Hehheeheh – tell me about I think my head it going to explode!

[Anonymous]

NJPRU – C 100,000

the 25,000 is a refundable deposit so it does not get recognized as revenue

[stoleway]

I chose 100000 too

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

Mass-CPA

[NJPRU]

Correct.

See how the 90,000 Rental Income plus the amortization of the lease bonus equate to the Revenue for the year? 🙂

Hope i helped with your question on the bonus concept side of things.

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

IM GOING TO BE A CPA!!!!!

[Guti]

There is a thread very active right now about some individuals claiming to be able to cover all 10 chapters of FAR in 2 weeks and passing or being very close to passing. Im just glad the majority of the population is not like that because I would have given up long time ago. I have been struggling with this section of the CPA exam for 4 months now, I couldn’t imagine just studying for two weeks and passing.

FAR-84
AUD-
REG-
BEC-

[Anonymous]

I call them Robots 😀

* In the nice way !

[stoleway]

@Gian

10 chapters in 2 weeks ? heck, I have been on this horse for 4 months. it took me two weeks to finish 3 chapters.

Some folks here are super-genius I may say. I really don't concentrate on somebody's performance, I focus on my strength and do what I can do.

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

Mass-CPA

[Anonymous]

This is when I over think things.

In my head i am like are they asking me about the person transferring the asset or the person that is getting the asset.

When the fair value is determinable, a nonreciprocal transfer of a non-monetary asset to another entity should be recorded at the

Recorded amount of the asset transferred.

Fair value of the asset transferred, and a gain or loss should be recognized on the disposition of the asset.

Fair value of the asset received, but no gain or loss should be recognized on the disposition of the asset.

Recorded amount of the asset received.

PS – English is my 3rd Language so trust me when I say I get confused with words – I get confused !! 🙂

[Anonymous]

Starting to panic, I have been kind of lurking the past few weeks. I am taking the test Tuesday, and it is just impossible to know everything!! I have gone through all of Becker's multiple choice twice, all the simulations, all the WIley Test Bank Questions, and I am still forgetting little details! I don't know what else I can do but keep doing MC's

ughhh it is just SO MUCH information. It can't be possible to be 100% comfortable with all topics before the test can it?!?

[Anonymous]

So far from what i have seen from the others – no its not possible to be 100% comfortable with all the topics. Unless you are one of those Geniuses with a huge memory bank!

[Anonymous]

Definitely not a genius haha. What is everyone else doing in these last few days of studying?

[Anonymous]

For me doing batches of progress tests… Its getting worse with each batch.. 🙁

Also aim to finish the Gleim SIM's today

I am so clueless right now with this..

In Soan County’s general fund statement of revenues, expenditures, and changes in fund balances, which of the following has an effect on the excess of revenues over expenditures?

Proceeds from the sale of capital assets.

Purchase of fixed assets.

Payment to a debt-service fund.

Special items.

[Author]

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