[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

[NJPRU]

Yeah, definitely thinking about moving my exam to the end of july. I feel like i have more sections that i know nothing about than sections that i do know some things. this sucks.

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

IM GOING TO BE A CPA!!!!!

[stoleway]

@kenada

Purchase of fixed asset……assets are recorded as expenditure in governmental fund, so purchase will have an effect by reducing revenue.

Proceeds from the sale of capital assets- increases fund ballance

Payment to a debt-service fund- recorded as uses of resources

Special items- don't know about this:(

In a nutshell, I hate govt

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

Mass-CPA

[Anonymous]

Here is another one..

On April 1, year 1, Girard Corporation issued at 98 plus accrued interest, 200 of its 10%, $1,000 bonds. The bonds are dated January 1, year 1, and mature on January 1, year 11. Interest is payable semiannually on January 1 and July 1. From the bond issuance Girard would realize net cash receipts of

$191,000

$196,000

$201,000

$198,500

I am going for it on Wed – as BEC is on the line in Aug, so If by some miracle my brain stops being so “daft” and I can pass then Yeppy.. If not then at least when i go in July I will have a better feeling for the FAR exam.

[Anonymous]

Correct Stoleway .

I was thinking — i don't like any of this answers — which one looks least insane to me and then it was inky pinky ponky father had a donkey…… 🙂

[lauren725]

NJPRU – don't say that! You got this. And if it doesn't work out, you will know what you need to work on next time. I definitely don't feel prepared at this moment, but I am kind of anxious to see if how I have been studying this stuff is effective. I think taking the test this week will help me figure that out and make a change if I need to. Trying to look at this “glass half full” today LOL

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[NJPRU]

Kenada – I'm thinking the answer to your question is 191,000.

Lauren – I think I'm just tired. there are sections on here that no matter how hard i study or review them, it won't sink in, but other sections that i know like the back of my hand. What makes me aggravated is that I can do ANY Cash Flow or Pension question but struggle on CASH and Notes Receivable.. it's like, brain, wtf. lol

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

IM GOING TO BE A CPA!!!!!

[stoleway]

@kenada

Answer is 201,000

When bond are issued between interest date, the issuer received a portion of the accrued interest + other cash received from the bond issuance. Jan 1 to April 1 is 3 months and interest accrued is $5000 (200,000 * 10% * 3/12)

Journal entry for the bond only will be

Cash……………….196000dr

Discount……………4000dr

Bond Payable………………………………200,000cr

Journal entry for the cash received from interest accrued.

Cash……………….5000dr

Interest payable………………….5000cr

Net proceeds from the bond issuance will be (196000 + 5000)= 201,000

@NPJRU

I think you should try and sit for this qtr and see how it goes.

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

Mass-CPA

[lauren725]

I totally understand!! Some material I read, think I understand and then get questions wrong. Other material, I can't seem to understand the concept at all but then I understand the math, etc. Who knows at this point.

AUD - 73,91
FAR - 79 - Thank you God!
BEC - 73,79!!!!
REG - 92 whatttt??!

I used Becker review + flashcards, Ninja Audio, Ninja MCQ supplement on BEC and REG.

Done! Praise God!

[NJPRU]

damnit stoleway – why did I do it the other way around??? ughhh. 🙁

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

Yes Stoleway got it.

I forgot about the accrued interest part that i need to add it in! LOL

[NJPRU]

I had the 5k and didn't read, for whatever reason: 98 PLUS accrued interest. fml lol

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

Lauren I am exactly the same way – and when I get it wrong, I understand why and am like “duh!”. But then I keep getting things wrong! ughahfjksdhajkl

[stoleway]

Maga Corp.’s equity at December 31, Year 4, included the following:

6% cumulative preferred stock, $100 par; liquidating

value $110 per share; authorized, issued, and

outstanding 50,000 shares

$5,000,000

Common stock, $5 par; 1,000,000 shares authorized;

issued and outstanding 400,000 shares

2,000,000

Retained earnings

1,000,000

Dividends on preferred stock have been paid through Year 3 but have not been declared for Year 4. At December 31, Year 4, Maga’s book value per common share was

A. $7.50

B. $6.25

C. $6.75

D. $5.50

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

Mass-CPA

[NJPRU]

D. 5.50

*prays*

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

IM GOING TO BE A CPA!!!!!

[Anonymous]

I think its $5.50 too,

(8,000,000 – 5,500,000 – 300,000) / 400,000

[Author]

Replies