[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

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

[Tncincy]

Go crazy on mcq's. Do them till you are dreaming about them. That's what I read anyway. :-))

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Anonymous]

Hello to any FAR re-do folks. I have finished crying over the 60 I got and am ready to get back in the ring.

Studying everything is going to be challenging but I was wondering if anyone has any tips for a 15 point increase. I feel like I'm all over the place when studying for this thing vs a strategy of some sort. Any tips to somehow systematically conquer this thing would be great. Merry Christmas to all to all a good night!

[Anonymous]

Hello to any FAR re-do folks. I have finished crying over the 60 I got and am ready to get back in the ring.

Studying everything is going to be challenging but I was wondering if anyone has any tips for a 15 point increase. I feel like I'm all over the place when studying for this thing vs a strategy of some sort. Any tips to somehow systematically conquer this thing would be great. Merry Christmas to all to all a good night!

[Kls238]

First, Merry Christmas to everyone. 🙂 ..

Can anyone help me with this partnership becker problem. I'm not sure where they get the $40,000 GW to Eng from:

Cor-Eng Partnership was formed on January 2. Under the partnership agreement, each partner has an equal initial capital balance accounted for under the goodwill method. Partnership net income or loss is allocated 60% to Cor and 40% to Eng. To form the partnership, Cor originally contributed assets costing $30,000 with a fair value of $60,000 on January 2, while Eng contributed $20,000 in cash. Drawings by the partners during the year totaled $3,000 by Cor and $9,000 by Eng. Cor-Eng's year-end net income was $25,000.

Eng's initial capital balance in Cor-Eng is closest to:

The answer is the 20k he put in plus 40k of goodwill.

Thanks

Passed all sections.

[Kls238]

First, Merry Christmas to everyone. 🙂 ..

Can anyone help me with this partnership becker problem. I'm not sure where they get the $40,000 GW to Eng from:

Cor-Eng Partnership was formed on January 2. Under the partnership agreement, each partner has an equal initial capital balance accounted for under the goodwill method. Partnership net income or loss is allocated 60% to Cor and 40% to Eng. To form the partnership, Cor originally contributed assets costing $30,000 with a fair value of $60,000 on January 2, while Eng contributed $20,000 in cash. Drawings by the partners during the year totaled $3,000 by Cor and $9,000 by Eng. Cor-Eng's year-end net income was $25,000.

Eng's initial capital balance in Cor-Eng is closest to:

The answer is the 20k he put in plus 40k of goodwill.

Thanks

Passed all sections.

[Anonymous]

First, Merry Christmas to everyone. 🙂 ..

Can anyone help me with this partnership becker problem. I'm not sure where they get the $40,000 GW to Eng from:

The FMV of their contributions are $60k and $20k. The partnership agreement states that their intitial capital balance needs to be equal so we need to recognize goodwill of $40k and add it to Eng's balance to get him to $60k.

Another way to look at it is by creating the journal entries with the goodwill being the plug:

Cash_______________________________$20,000

Assets______________________________$60,000

Goodwill_______________________________?

Partner C Capital Balance________________________$60,000

Partner E Captial Balance________________________$60,000

[Anonymous]

First, Merry Christmas to everyone. 🙂 ..

Can anyone help me with this partnership becker problem. I'm not sure where they get the $40,000 GW to Eng from:

The FMV of their contributions are $60k and $20k. The partnership agreement states that their intitial capital balance needs to be equal so we need to recognize goodwill of $40k and add it to Eng's balance to get him to $60k.

Another way to look at it is by creating the journal entries with the goodwill being the plug:

Cash_______________________________$20,000

Assets______________________________$60,000

Goodwill_______________________________?

Partner C Capital Balance________________________$60,000

Partner E Captial Balance________________________$60,000

[LStevens225]

@Cricket I know how you feel. I also got a 60. I did my share of crying as well. I don't know how to do the 15 point increase but I do know that I'm doing Jeff's method of studying. I do all the videos then I'll probably be in final review by then. I think last time I studied I think I studied TOO long. I studied from like June to October so like 4 months-ish. This time I'm sticking to 6 weeks. Review. review, review during the video period then multiple choice and sims like crazy! That's my plan…. I feel like I'm absorbing SO much more this time around as well…

[LStevens225]

@Cricket I know how you feel. I also got a 60. I did my share of crying as well. I don't know how to do the 15 point increase but I do know that I'm doing Jeff's method of studying. I do all the videos then I'll probably be in final review by then. I think last time I studied I think I studied TOO long. I studied from like June to October so like 4 months-ish. This time I'm sticking to 6 weeks. Review. review, review during the video period then multiple choice and sims like crazy! That's my plan…. I feel like I'm absorbing SO much more this time around as well…

[Kls238]

Thanks for the explanation, @beardown!

Passed all sections.

[Kls238]

Thanks for the explanation, @beardown!

Passed all sections.

[kels417]

@tncincy – yeah, i've heard that too, but I don't struggle as much with mcq as i do with simulations which is why I was thinking about focusing more on them. I think I've done a fair amount of mcq already in the last couple weeks. Did all the Becker chapter end questions (i've memorized most of the hw questions, unfortunately), redid all of the WTB questions until I got at least a 70% on each section, AND did all of the Gleim questions in each study unit until I got at least a 70% also. Feel pretty good with mcq. During this week I have redone almost all of the Wiley simulations (which give me a false sense of knowledge because they are so easy!) and am in the process of doing/reviewing the Gleim simulations (which bring me back down to the real world because they are so hard!). Also planning on redoing/reviewing Becker sims this weekend after I take a practice exam.

Has anyone used the Gleim “exam rehearsal” before? How do you compare it to Becker? And what about Wiley's Practice Test? Is it any good? Trying to decide which program I want to use for the practice exam….I've done both of the Becker ones already. Have never done either Gleim's or Wiley's. Please let m know what you all think!

Thanks!! And happy studying.

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[kels417]

@tncincy – yeah, i've heard that too, but I don't struggle as much with mcq as i do with simulations which is why I was thinking about focusing more on them. I think I've done a fair amount of mcq already in the last couple weeks. Did all the Becker chapter end questions (i've memorized most of the hw questions, unfortunately), redid all of the WTB questions until I got at least a 70% on each section, AND did all of the Gleim questions in each study unit until I got at least a 70% also. Feel pretty good with mcq. During this week I have redone almost all of the Wiley simulations (which give me a false sense of knowledge because they are so easy!) and am in the process of doing/reviewing the Gleim simulations (which bring me back down to the real world because they are so hard!). Also planning on redoing/reviewing Becker sims this weekend after I take a practice exam.

Has anyone used the Gleim “exam rehearsal” before? How do you compare it to Becker? And what about Wiley's Practice Test? Is it any good? Trying to decide which program I want to use for the practice exam….I've done both of the Becker ones already. Have never done either Gleim's or Wiley's. Please let m know what you all think!

Thanks!! And happy studying.

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[kels417]

Double post…sorry.

I ran across the same question in both Gleim and Wiley's simulations and they give 2 different answers. I am leaning towards the Gleim answer being correct. Please advise!

Pickup truck exchanged for a new pickup truck

 

     Original cost of truck: $24,000

     Accumulated depreciation of truck: 21,000

     Sticker price of new truck: 27,000

     Fair value of the new truck: 25,500

     Cash paid to dealer: 21,500

GAIN OR LOSS RECOGNIZED: Gleim = $0 Assuming this exchange of a tangible asset for a similar asset lacks commercial substance, the new asset is recorded at the carrying amount of the old asset.  Had Tyson received boot, a proportionate gain would have been recognized.

Wiley = $1,000 ((25,500-21,500) – (24,000 – 21,000))

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[kels417]

Double post…sorry.

I ran across the same question in both Gleim and Wiley's simulations and they give 2 different answers. I am leaning towards the Gleim answer being correct. Please advise!

Pickup truck exchanged for a new pickup truck

 

     Original cost of truck: $24,000

     Accumulated depreciation of truck: 21,000

     Sticker price of new truck: 27,000

     Fair value of the new truck: 25,500

     Cash paid to dealer: 21,500

GAIN OR LOSS RECOGNIZED: Gleim = $0 Assuming this exchange of a tangible asset for a similar asset lacks commercial substance, the new asset is recorded at the carrying amount of the old asset.  Had Tyson received boot, a proportionate gain would have been recognized.

Wiley = $1,000 ((25,500-21,500) – (24,000 – 21,000))

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[Author]

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