[Q1] FAR Study Group 2014 - Page 213

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  • February 25, 2014 at 4:19 pm #528599
    teeteenounouche
    Member

    Thanks NYCaccountant! I am here at work trying to fit in some studying…ugh…I was ready to cry yesterday but today I am just pissed at FAR…

    Going to stay positive and beat the beast!!

    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

    February 25, 2014 at 4:19 pm #528631
    teeteenounouche
    Member

    Thanks NYCaccountant! I am here at work trying to fit in some studying…ugh…I was ready to cry yesterday but today I am just pissed at FAR…

    Going to stay positive and beat the beast!!

    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

    February 25, 2014 at 4:20 pm #528601
    smsingla
    Member

    @jrosen, I was wondering if u were taking some accounting classes in chobot college last year. I had a class mate who looked just like you.

    REG 81
    BEC 74,65,78
    FAR 79
    AUD 85 DONE!!!

    February 25, 2014 at 4:20 pm #528633
    smsingla
    Member

    @jrosen, I was wondering if u were taking some accounting classes in chobot college last year. I had a class mate who looked just like you.

    REG 81
    BEC 74,65,78
    FAR 79
    AUD 85 DONE!!!

    February 25, 2014 at 4:27 pm #528602
    teeteenounouche
    Member

    OMG, jrosen looks familiar to me also…lol but I can't pin point where…

    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

    February 25, 2014 at 4:27 pm #528635
    teeteenounouche
    Member

    OMG, jrosen looks familiar to me also…lol but I can't pin point where…

    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

    February 25, 2014 at 4:47 pm #528604
    smsingla
    Member

    The following information pertains to the current year annual report to the shareholders of Texas Corporation.

    Net Income $ 460,000

    Effective portion of unrealized losses on cash flows hedge derivatives (120,000)

    Unrealized losses on marketable securities classified as AFS (26,000)

    Foreign currency translation gain 40,000

    Pension funded status adjustment (4,000)

    Assuming a tax rate of 30%, calculate the following by entering the appropriate values in the shaded cells.

    1.Other comprehensive income

    2.Comprehensive income

    Answer is

    1. $77,000

    2. $383,000

    I get it how they are getting 77,000 [120,000+26,000-40,000+4,000x(1-.30)]

    but shouldn't we present it as a negative number or in parenthesis as it is a loss.

    REG 81
    BEC 74,65,78
    FAR 79
    AUD 85 DONE!!!

    February 25, 2014 at 4:47 pm #528637
    smsingla
    Member

    The following information pertains to the current year annual report to the shareholders of Texas Corporation.

    Net Income $ 460,000

    Effective portion of unrealized losses on cash flows hedge derivatives (120,000)

    Unrealized losses on marketable securities classified as AFS (26,000)

    Foreign currency translation gain 40,000

    Pension funded status adjustment (4,000)

    Assuming a tax rate of 30%, calculate the following by entering the appropriate values in the shaded cells.

    1.Other comprehensive income

    2.Comprehensive income

    Answer is

    1. $77,000

    2. $383,000

    I get it how they are getting 77,000 [120,000+26,000-40,000+4,000x(1-.30)]

    but shouldn't we present it as a negative number or in parenthesis as it is a loss.

    REG 81
    BEC 74,65,78
    FAR 79
    AUD 85 DONE!!!

    February 25, 2014 at 5:09 pm #528606
    teeteenounouche
    Member

    Does the question give more information? Maybe they left that part out as a trick…

    Thanks for posting this question…I found this list online…

    Items included in OCI:

     Available-for-sale securities fair value changes that were previously written down as impaired

     Available-for-sale securities unrealized gains and losses

     Cash flow hedge derivative instrument gains and losses

     Debt security unrealized gains and losses arising from a transfer from the available-for-sale category to the held-to-maturity category

     Foreign currency gains and losses on intra-entity currency transactions where settlement is not planned or anticipated in the foreseeable future

     Foreign currency transaction gains and losses that are hedges of an investment in a foreign entity

     Foreign currency translation adjustments

     Pension or post-retirement benefit plan gains or losses

     Pension or post-retirement benefit plan prior service costs or credits

     Pension or post-retirement benefit plan transition assets or obligations that are not recognized as a component of the net periodic benefit or cost

    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

    February 25, 2014 at 5:09 pm #528639
    teeteenounouche
    Member

    Does the question give more information? Maybe they left that part out as a trick…

    Thanks for posting this question…I found this list online…

    Items included in OCI:

     Available-for-sale securities fair value changes that were previously written down as impaired

     Available-for-sale securities unrealized gains and losses

     Cash flow hedge derivative instrument gains and losses

     Debt security unrealized gains and losses arising from a transfer from the available-for-sale category to the held-to-maturity category

     Foreign currency gains and losses on intra-entity currency transactions where settlement is not planned or anticipated in the foreseeable future

     Foreign currency transaction gains and losses that are hedges of an investment in a foreign entity

     Foreign currency translation adjustments

     Pension or post-retirement benefit plan gains or losses

     Pension or post-retirement benefit plan prior service costs or credits

     Pension or post-retirement benefit plan transition assets or obligations that are not recognized as a component of the net periodic benefit or cost

    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

    February 25, 2014 at 5:11 pm #528608
    jasonrobbins
    Member

    Why isn't the answer $75,000? I thought you remeasure the land and then compare the FV of the land to the carrying amount of the note forgiven??

    ******

    Ace Corp. entered into a troubled debt restructuring agreement with National Bank. National agreed to accept land with a carrying amount of $75,000 and a fair value of $100,000 in exchange for a note with a carrying amount of $150,000. Disregarding income taxes, what amount should Ace report as a gain on restructuring the debt?

    Ans: $25,000

    AUD- 97 1x
    REG- 81 1x
    BEC- 79 1x
    FAR- 88 1x

    DONE!

    10/1/12 to 2/28/14

    February 25, 2014 at 5:11 pm #528641
    jasonrobbins
    Member

    Why isn't the answer $75,000? I thought you remeasure the land and then compare the FV of the land to the carrying amount of the note forgiven??

    ******

    Ace Corp. entered into a troubled debt restructuring agreement with National Bank. National agreed to accept land with a carrying amount of $75,000 and a fair value of $100,000 in exchange for a note with a carrying amount of $150,000. Disregarding income taxes, what amount should Ace report as a gain on restructuring the debt?

    Ans: $25,000

    AUD- 97 1x
    REG- 81 1x
    BEC- 79 1x
    FAR- 88 1x

    DONE!

    10/1/12 to 2/28/14

    February 25, 2014 at 5:51 pm #528610
    Amay
    Member

    @ jason why is the answer 25?

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    February 25, 2014 at 5:51 pm #528643
    Amay
    Member

    @ jason why is the answer 25?

    BEC: 73, 81
    AUD: 85
    FAR: 71, 77
    REG: 74, 75...finally DONE! 😀

    *This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

    February 25, 2014 at 6:05 pm #528612
    Zackrampage
    Member

    @Svitlana85 how was the test?

    @TaRenee you are lucky you knew ur sims, I knew like one :/

    FAR - 62 , End of aug 2015
    BEC - 67, 67
    AUD - TBD
    REG - TBD

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