[Q1] FAR Study Group 2014 - Page 89

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  • February 4, 2014 at 6:31 pm #526732
    rvcpa
    Member

    @teeteenounouche that was actually a great explanation! thanks so much

    February 4, 2014 at 6:31 pm #526769
    rvcpa
    Member

    @teeteenounouche that was actually a great explanation! thanks so much

    February 4, 2014 at 6:34 pm #526734
    teeteenounouche
    Member

    Great!

    Keep the questions coming guys, so we can all learn from each other 🙂

    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 4, 2014 at 6:34 pm #526771
    teeteenounouche
    Member

    Great!

    Keep the questions coming guys, so we can all learn from each other 🙂

    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 4, 2014 at 7:51 pm #526736
    rvcpa
    Member

    I really want to get better at the FAR sims. Anyone know how I should begin? Is doing all of them the only solution?

    February 4, 2014 at 7:51 pm #526773
    rvcpa
    Member

    I really want to get better at the FAR sims. Anyone know how I should begin? Is doing all of them the only solution?

    February 4, 2014 at 8:16 pm #526738
    Anonymous
    Inactive

    After looking at yesterday's score release, I feel nervous but excited at the same time. Cant believe this is my last exam. Looking forward to taking at the end of moth. Congrats to all those who passed, can't wait to have that feeling too in a month(hopefully). I'm reding and taking notes now as well as working in wtb questions.

    February 4, 2014 at 8:16 pm #526775
    Anonymous
    Inactive

    After looking at yesterday's score release, I feel nervous but excited at the same time. Cant believe this is my last exam. Looking forward to taking at the end of moth. Congrats to all those who passed, can't wait to have that feeling too in a month(hopefully). I'm reding and taking notes now as well as working in wtb questions.

    February 4, 2014 at 9:34 pm #526740
    NYCaccountant
    Participant

    @rigouventura The best way to get better at the SIMS is to understand the material better. Just keep plugging away and the SIMS will become easier.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    February 4, 2014 at 9:34 pm #526777
    NYCaccountant
    Participant

    @rigouventura The best way to get better at the SIMS is to understand the material better. Just keep plugging away and the SIMS will become easier.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    February 4, 2014 at 10:06 pm #526742
    TxMBA
    Member

    @rigo maybe start SIMS with the topics in the order that you're going to review. I find that it really helps fill in the gaps of information that you're not familiar with. Another option is to start with the areas that you're strongest in to give you that confidence boost.

    I did that for Reg and it really helped me a ton!

    AUD: 82* Expired; 90
    BEC: 77
    REG: 72,87
    FAR: 72, 68, 87

    February 4, 2014 at 10:06 pm #526779
    TxMBA
    Member

    @rigo maybe start SIMS with the topics in the order that you're going to review. I find that it really helps fill in the gaps of information that you're not familiar with. Another option is to start with the areas that you're strongest in to give you that confidence boost.

    I did that for Reg and it really helped me a ton!

    AUD: 82* Expired; 90
    BEC: 77
    REG: 72,87
    FAR: 72, 68, 87

    February 5, 2014 at 1:09 am #526744
    oana
    Member

    Hi,

    Can someone help me with Initial Direct Costs under Leases? Such as commissions, legal fees, doc preparation. I know under sales-type leases they are expensed immediately. But it's a bit fuzzy to me how it works under operating lease, and direct financing lease. Thank you in advance 🙂

    February 5, 2014 at 1:09 am #526781
    oana
    Member

    Hi,

    Can someone help me with Initial Direct Costs under Leases? Such as commissions, legal fees, doc preparation. I know under sales-type leases they are expensed immediately. But it's a bit fuzzy to me how it works under operating lease, and direct financing lease. Thank you in advance 🙂

    February 5, 2014 at 2:08 am #526746
    Anonymous
    Inactive

    Question:

    Company Y buys widgets for $39,000 each and then usually sells them for $50,000. On Jan 1, Year 1, the company leases a widget to another company for 5 years with annual payments of $12,000. The first payment is made immediately. The useful life of a widget is 6 years. Assume the implicit interest rate built into this contract is 10% per year. What profit will the lessor recognize in Year 1?

    I understand that is a capital lease and a sales-type lease because they sale widgets in addition to leasing them. I understand the following JE will be made:

    COGS 39,000

    Inventory 39,000

    How are the credit amounts determined in the rest of the initial JE?

    Cash 12,000

    Lease Rec 48,000 (60,000 total received – year 1 payment of 12,000)

    Sales Revenue 50,038 (??)

    Unearned Interest Revenue 9,962 (??)

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