[jeff]

Resources:

Free Study Planner + FAR NINJA Notes (Governmental Accounting): https://www.another71.com/cpa-exam-study-plan/

FAR Exam Experience: https://www.another71.com/cpa-exam-forum/topic/far-exam-experience-official-thread

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

[Anonymous]

awww sorry peetree 😀

And I know i know i know the answer lol ,'ll wait & c'mon MCLKT :/

@chapter 7 : here i comeee!! x-(

[MrsBing]

Finishing up F5. Bonds suck. This week, I went back to semi-review the previous chapters and I'm forgetting half the stuff. How are you guys remembering the previous chapters? Do you try to review previous chapters/mcq's each week or do you just wait until after you finished all chapters, then concentrate on reviewing the previous material?

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

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

Licensed Arizona CPA

[MCLKT]

@peetree/Nam, omg, omg, I don't know!?

So, 60k is permanent difference.

40k is temporary and should be deferred liability, right? So not current.

Is the only current tax expense 30% of 300,000 = $90,000

then book deferred liability of 30% x 40,000 = $12,000

crap. When you answer, please “write it out, write it out” I need to see the J/E 🙂

ETA: OK, wait is the permanent difference expensed immediately?

So Current Tax Expense is $18k + 90k = 108K

But still defer the $12 from rental income?

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

[peetree]

@MCLKT liability or asset?

Remember Current tax expense is always taxable multiplied by enacted! I think your mind is on the track. No solution yet!

Keep tryin, yo!

*walk it out /NOW WALK IT OUT/

https://25.media.tumblr.com/tumblr_m8uy285Eik1r9sdeho1_500.gif

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

[MCLKT]

ugh…

ok

Taxable 400k enacted .30

Current tax payable = 120k

DR Tax Exp. 108,000

DR Def. Tax Asset 12,000

---

>CR Tax payable 120,000

OMG, woah, is that right?

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

[peetree]

HIYA! 😀

https://25.media.tumblr.com/tumblr_m8uy285Eik1r9sdeho1_500.gif

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

[MCLKT]

That's it!!!!

All of you readers in Ninjaland just witnessed learning.

LOL love the gif!

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

[Anonymous]

thisis freaking hilarious, i laughed so hardddddddddddddd

c'mon MCKLT https://25.media.tumblr.com/tumblr_m8uy285Eik1r9sdeho1_500.gif

[Anonymous]

MCLKT: hint peetree is asking current portion LOL

[MCLKT]

$108K that's the current part.

OMG I hate this, it's torture!!!!

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

[MCLKT]

Now I'm falling down a rabbit's hole looking for funny gifs, lol.

Must stop myself… okay. logging off to get food. BBL.

I'm baby free this weekend nothing but me, Wiley, and A71 🙂

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

[Anonymous]

MCKLT https://25.media.tumblr.com/tumblr_m555r764Or1qh7u32o1_250.gif

[MCLKT]

https://s3-ec.buzzfed.com/static/enhanced/webdr01/2013/2/15/16/anigif_enhanced-buzz-12232-1360965213-1.gif

I want to go back to bonds, lol

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

[Anonymous]

MCLKT – you bond girll!! x-( <3

heres another quiz from Stockholder equity ( dont worry its not about par value & cost method )

Company B (100,000 O/S shares ) declared stock dividend of 5,000 shares @10 par value and @$15 FV

whats the adjustment in APIC and whats the JE??

[lbi18]

@Nam – I hope I'm not butting in on your quiz with MCLKT, but I figured I'd give your question a shot!

Since its a stock dividend of 5,000 shares (with 100,000 outstanding), it's a 5% stock dividend. Thus, a small stock dividend. This is recorded as a reduction of Retained Earnings by the fair value of the stock.

DR: Retained Earnings 75,000

CR: Common Stock 50,000

CR: APIC 25,000

RE = 5,000 shares x $15

CS = 5,000 shares x $10 par

APIC = plug

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

Using Becker Self-Study

[Author]

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