I'm basically saying the same thing he is except i'm taking one extra step and showing you how they net between the years. To me, it's easier to see the steps, rather than skipping it and becoming confused all together. Yes, you can do 150-130 which incorporates the unrealized gain and loss at the same time (net). I guess it all comes down to how comfortable you are with the material.
A little late to the party, but the for the last two questions posted:
@teetee–the problem said the loan was interest free so you don't book any interest revenue.
@pia ach–The issue with those problems is that they asked for accumulated OCI, not OCI. If they had only asked for OCI then they would have wanted the difference between year 1 FMV and year 2 FMV, but because they asked for AOCI you just need to calculate the difference between the current FMV (Year 2 balance sheet date) and the original cost. Also, if they had asked for OCI then the answer for what unrealized loss would you book in year 2 would have had to be $0 since you actually had an unrealized gain from year 1 to year 2.
@pia ach–don't worry. 2-3 weeks before every test I have taken I start missing things that I really do know because I'm 1. burnt out and 2. psyching myself out as it gets closer to the exam. I couldn't answer hardly any of the questions in that FAR study game Tootsie created, but we still have 2 weeks to focus on our problem areas. You can do it. Don't let the time frame get to you. I have to remind myself of that every day.
Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!
CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree
According to Wiley, a revenue on franchise agreement should be recognized when the franchisor has substantially performed all material services and conditions and collectability is reasonably assured. All services are performed and the refund period has expired.
Since the service has not been performed yet. Moon will recognized as unearned revenue the down payment of $40,000 and the present value of the discounted note of $48,000. The 48,000 is the present value of annuity.
I took off early today to study, studied for 3 hours, got a headache from being up late last night, laid down to take an hour and a half nap, and wound up sleeping 4.5 hours. 🙁 Just woke up and have a lot of catch up to do to make the time off work count. Anyone taken a test in the WTB to simulate a real exam? I'm thinking about doing that, but don't know if it will demotivate me or help me really establish my weak areas after doing a review of all my notes. Does the Test option even break down the score based on topic like the quizzes do? Will it help at all to do this? I didn't do it for any of my other exams.
I decided to take the test and OMG–Don't do it people! On question 23 and I've only KNOWN 100% positively about 5 of these questions. Confidence killer for sure. I wasn't ready.
Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!
CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree
I love T accounts!! The more I do them, the more I answer questions correctly 🙂
Florida:
AUD: 73, 81! Thank you Lord!
BEC: 73, 77! Thank you Lord! and WTB
REG: 71, 82! Thank you Lord! and A71
FAR: 72, 78! Thank you God and my Mommy in Heaven!
CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree
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