[Q2] FAR Study Group 2014 - Page 400

  • Creator
    Topic
  • #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 - 5,986 through 6,000 (of 6,668 total)
  • Author
    Replies
  • #566553
    NJPRU
    Member

    Kenada –

    There are two types of questions going on in the one question you asked. For the first, you asked what the common stock shares outstanding where. In the second, you are asking what the weighted average shares outstanding are.

    In the first sequence, you have the following:

    (100,000 outstanding + 15,000 issued + 2,500 treasury resold) x 2 for 1 stock split which comes out to 235,000.

    In the second sequence, you have the following:

    1/1 100,000 x 2 x 2/12 = ~33,333.33

    3/1 100,000 +15,000 —-> 115,000 x 2 x 3/12 = 57,500.00

    6/1 115,000 + 2,500 —-> 117,500 x 2 x 7/12 = 137,083

    which equals: ~ 227,916

    So to summarize, one asked for “straight” outstanding, the other asked for “weighted average” outstanding.

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

    IM GOING TO BE A CPA!!!!!

    #566554
    Anonymous
    Inactive

    Awesome Sauce 🙂 – Just wanted to make sure that 2,500 was treated in the way I think it was treated 🙂

    Your method is different from the way Rogers does it but we get the same exact answer 😀

    #566555
    NJPRU
    Member

    Thank goodness! lol

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

    IM GOING TO BE A CPA!!!!!

    #566556
    jrosen92770
    Participant

    Hi Willpass – I think 45 should work.

    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

    #566557
    stoleway
    Participant

    Happy holiday to y'all….lets get busy lol…

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

    Mass-CPA

    #566558

    Kenada, This is how i did

    100,000 *12/12= 100,000

    15000*10/12=12500

    2500*7/12=1458.33

    Total=113958.33

    Spilt is considered from beg= 113958.33*2=227916.67

    BEC Passed
    FAR Passed
    AUD Passed
    REG Passed

    #566559
    Anonymous
    Inactive

    Yes Willpass – thats my method too 🙂

    #566560
    Anonymous
    Inactive

    FAR 05/28/2013

    #566561
    Anonymous
    Inactive

    PS Hope we get some “motivational Qs” started off today before we get those meanie ones eheheheh

    #566562
    jeff
    Keymaster

    Stoleway – you are correct – it should be Operating if the assumption is GAAP on Sim #1.

    I am going to fix this once my programming ninja is back this week.

    Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

    #566563
    stoleway
    Participant

    Ending inventory was overstated at year end, what will be the effect on the following items presented in the f/s.

    a) cogs

    b) assets

    c)working capital

    d) RE

    e) Net income

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

    Mass-CPA

    #566564
    stoleway
    Participant

    @Jeff – another71.com

    Thanks for looking into this:)

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

    Mass-CPA

    #566565
    Anonymous
    Inactive

    Overstated Inventory

    a) cogs – Understated

    b) assets – overstated

    c)working capital – Overstated

    d) RE – over stated

    e) Net income – Over stated

    #566566
    Anonymous
    Inactive

    Ending inventory was overstated at year end, what will be the effect on the following items presented in the f/s.

    a) cogs UNDERSTATED

    b) assets OVERSTATED

    c)working capital OVERSTATED

    d)ENDING RE OVERSTATED ENDING

    e) Net income OVERSTATED

    #566567
    stoleway
    Participant

    you're all correct.

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

    Mass-CPA

Viewing 15 replies - 5,986 through 6,000 (of 6,668 total)
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