FAR Study Group January/February 2013 - Page 42

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  • February 1, 2013 at 5:14 am #399904
    MrsBing
    Member

    @ Nam, Try washing your face. Sometimes that works for me. Also, if it's cold outside, going outside for 5 minutes for a short walk can help.

    Becker, Wiley Test Bank, and Ninja 10 Point Combo!

    FAR: 89
    REG: 87
    AUD: 92
    BEC: 75
    Ethics: 90

    Licensed Arizona CPA

    February 1, 2013 at 5:15 am #399905
    Anonymous
    Inactive

    MCLKT: you are the best! i gotto finish financial instruments- 1 more hour!!

    xxxxx

    February 1, 2013 at 5:16 am #399906
    Anonymous
    Inactive

    Thanks Mrs bing 🙂 xxxxx

    February 1, 2013 at 4:05 pm #399907
    Anonymous
    Inactive

    I couldn’t believe , I slept while studying – I was os tiered..

    I have to finish chp 10 )(Financial instrument) by today and start gov accounting and finish it by weekend. Surprisingly I spend so much time on govt. accounting in my last attempt and didn’t even get a single mcq – urghhhhhhhhhhhh

    Happy studying FAR Soldiers LOL

    February 1, 2013 at 4:23 pm #399908
    lauryate
    Member

    Yesterday I started doing a “deck of card” workout while I study. Each suit is a different exercise and you draw a card and do the number on the card (like 7 lunges or 8 jumping jacks). It gets my heart going and gives me some energy, and serves as a quick break that definitely won't go on too long (like if I check facebook for a break).

    AUD - 85
    BEC - 88
    FAR - 88
    REG - 5/10/2013

    February 1, 2013 at 4:28 pm #399909
    peetree
    Member

    Exercise is so important to a functioning mind. When you get your blood moving, it helps in two different ways.

    1) it allows you to stop thinking for a brief period of time and allows your brain to catch up.

    2) it makes you become more alert due to the, ya know, exertion 😀

    Always find time for at least 30 minutes of cardio every day. Your brain AND heart will thank you!

    FAR 02/21/13 - 95
    REG 07/02/13 - 87
    AUD 08/02/13 - 94
    BEC 08/30/13 - 85
    Ethics Exam - 90

    Illinois candidate awaiting his license

    Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

    February 1, 2013 at 5:36 pm #399910
    lbi18
    Member

    Good afternoon FAR family!

    Okay, so I have a question regrading sales-type leases. In Becker, it states that the profit on the sale is the cash selling price minus the cost of the equipment. Seems simple enough. On one of the multiple choice questions, it computes the profit on the sale as the PV of minimum lease payments minus the cost of the equipment. It completely disregarded the selling price given (Becker even says in its explanation that the selling price is a distractor).

    The only reasoning I can find behind this is because in Becker's book, it states that the CASH selling price minus the cost of the equipment is the profit on sale. In the MCQ, it provided the LIST selling price, not the cash selling price.

    Am I missing something here? I'm just a little confused by this question. Hope someone can help out!

    FAR - 85
    AUD - 99
    REG - 85
    BEC - 10/4/13 (Waiting)

    Using Becker Self-Study

    February 1, 2013 at 6:08 pm #399911
    Anonymous
    Inactive

    @lbi18: I think in one of tim gearty's lecture — he mentioned to use FV if PV is not given.. so if present value is not given use the sales price (Market price ) .. Not sure it's long i have not revised the lease. (Sorry)

    February 1, 2013 at 6:18 pm #399912
    peetree
    Member

    @lbi was it a sale leaseback type transaction?

    FAR 02/21/13 - 95
    REG 07/02/13 - 87
    AUD 08/02/13 - 94
    BEC 08/30/13 - 85
    Ethics Exam - 90

    Illinois candidate awaiting his license

    Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

    February 1, 2013 at 6:38 pm #399913
    lbi18
    Member

    It was not a sale-leaseback transaction, just a regular capital lease question. It was asking about the lessor's profit on a sales-type lease.

    FAR - 85
    AUD - 99
    REG - 85
    BEC - 10/4/13 (Waiting)

    Using Becker Self-Study

    February 1, 2013 at 6:50 pm #399914
    MCLKT
    Participant

    Sales-Type leases book the PV of lease payments as a sale immediately.

    Also take the assets off of your books with a Debit to COGS. (The difference will be the immediate profit recognized)

    Ignore list price. The difference between total cash recieved and the PV of lease payments will be interest income that is recognized over the life of the lease using an amortization schedule. (kind of like everyone's favorite 🙂 the bonds!)

    Example:

    Book value of car is $20k

    Sales-type lease for 4 years $7k year

    Let's just say the PV of lease payments is $23

    Lessor entry:

    1. write off asset against COGS

    COGS 20k

    > Asset 20k

    2. Recognize Sales-Lease

    DR Lease Receivable 23k

    > CR Sale 23k

    ***Profit of 3K***

    3. first payment received you have to use ammortization schedule to get the principal (lease rec.) and interest split.

    I won't go that far into detail. But basically, using the interest rate they give calc. the payment split. The interest income should decrease with each payment recieved because the receivable balance decreases.

    DR Cash $7k

    > Interest income

    > Lease Receivable

    A:[73]97 F:[74]85 R:86 B:[74]82
    *NINJA 10 Pt. COMBO & Yaeger*

    February 1, 2013 at 7:12 pm #399915
    MCLKT
    Participant

    MCQ marathon today before I dive into Earnings Per Share, Business Combinations, Financial Instruments, and SCF!!!

    Wrapping it up this weekend. I need to get a power weekend in, just in case score release does not bring good news.

    :/

    A:[73]97 F:[74]85 R:86 B:[74]82
    *NINJA 10 Pt. COMBO & Yaeger*

    February 1, 2013 at 9:54 pm #399916
    peetree
    Member

    I'm right there with you @MCLKT

    Reworked all F1 multiple choice and simulations yesterday and will be reworking all of F2 multiple choice (we'll see how far I get tonight).

    Luckily I was getting above 90% yesterday but I'm pretty tired.

    Luckily the final review is proving at least some stuff stuck, I'm keeping a list of things that I blatantly learned wrong and am re-watching lectures when I'm completely baffled why I got a question wrong.

    Whats everyones weekend study plans? I'm gonna try to get through F2, F3, and F4 reworks of the homeworks and simulations so I can start fresh on F5 come monday.

    FAR 02/21/13 - 95
    REG 07/02/13 - 87
    AUD 08/02/13 - 94
    BEC 08/30/13 - 85
    Ethics Exam - 90

    Illinois candidate awaiting his license

    Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

    February 1, 2013 at 11:02 pm #399917
    lbi18
    Member

    Do you guys think I'm a little too far ahead in my studying? I don't test for another 2 months exactly (4/1) and I just finished up F5 in Becker today.

    I just feel guilty when I'm not studying because it's ALWAYS hanging over my head. Thoughts anyone?

    FAR - 85
    AUD - 99
    REG - 85
    BEC - 10/4/13 (Waiting)

    Using Becker Self-Study

    February 2, 2013 at 12:30 am #399918
    peetree
    Member

    @lbi There just is a lot to FAR in my opinion. If you have time now, why not start making yourself aware of the questioning and concepts that are covered.

    I say it couldn't hurt as long as you have the personal time to do so.

    FAR 02/21/13 - 95
    REG 07/02/13 - 87
    AUD 08/02/13 - 94
    BEC 08/30/13 - 85
    Ethics Exam - 90

    Illinois candidate awaiting his license

    Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

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