[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

[Anonymous]

Why is the lessee crediting CASH for $1000, when they are actually paying $900, right?!…. I should be ashamed of myself– this is Accounting 101 &102…… I have a Masters in Accounting. Clearly, I have not MASTERED Accounting.This is should be simple at this point….Am I really ready to be a CPA??

[smsingla]

@Dominica, don't know if you are ready to be CPA but u sure r ready for being a stand-up comedian(no-offense)

…………..you r one funny girl..lol

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

[smsingla]

@Dominica, don't know if you are ready to be CPA but u sure r ready for being a stand-up comedian(no-offense)

…………..you r one funny girl..lol

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

[Anonymous]

Smsingle…. I think I am over thinking this as this point because I am truly drawing a blank.

[Anonymous]

Smsingle…. I think I am over thinking this as this point because I am truly drawing a blank.

[Guti]

I usually find answers to FAR question on google,but I couldn’t find anything on the following, and now I need help.

If company A owns company B (sub) and there was an intercompany sell of Land. Company A (parent) sold the land for 200K,but it cost them 175K.

Parent

Cash DR 200K

Land CR 175

Gain CR25K

Sub

Land DR 200K

Cash CR 200K

Now we eliminate the gain on sale, and adjust the land cost to its original value. My adjusting JE=

Intercompany Gain DR 25K

Land CR 25K

If everything is now adjusted, why do I have to do this eliminating JE every year until the land is sold? Are eliminating JEs reversing? I don’t get it.

FAR-84
AUD-
REG-
BEC-

[Guti]

I usually find answers to FAR question on google,but I couldn’t find anything on the following, and now I need help.

If company A owns company B (sub) and there was an intercompany sell of Land. Company A (parent) sold the land for 200K,but it cost them 175K.

Parent

Cash DR 200K

Land CR 175

Gain CR25K

Sub

Land DR 200K

Cash CR 200K

Now we eliminate the gain on sale, and adjust the land cost to its original value. My adjusting JE=

Intercompany Gain DR 25K

Land CR 25K

If everything is now adjusted, why do I have to do this eliminating JE every year until the land is sold? Are eliminating JEs reversing? I don’t get it.

FAR-84
AUD-
REG-
BEC-

[Anonymous]

(queue heavenly music) I got it!!! It finally clicked. Thanks for the help,guys! My disconnect was recording free rent and not actually looking at what it to be paid monthly. The rent was agreed at $1000 not $900.

Whew, I was worried for a minute.

[Anonymous]

(queue heavenly music) I got it!!! It finally clicked. Thanks for the help,guys! My disconnect was recording free rent and not actually looking at what it to be paid monthly. The rent was agreed at $1000 not $900.

Whew, I was worried for a minute.

[Anonymous]

(queue heavenly music) I got it!!! It finally clicked. Thanks for the help,guys! My disconnect was recording free rent and not actually looking at what it to be paid monthly. The rent was agreed at $1000 not $900.

Whew, I was worried for a minute.

[Anonymous]

(queue heavenly music) I got it!!! It finally clicked. Thanks for the help,guys! My disconnect was recording free rent and not actually looking at what it to be paid monthly. The rent was agreed at $1000 not $900.

Whew, I was worried for a minute.

[Anonymous]

CR7 -what review are you using?

[Anonymous]

CR7 -what review are you using?

[Guti]

DonicaSoup, Im using Becker. Do you know why we will need to do the same JE every year?

FAR-84
AUD-
REG-
BEC-

[Guti]

DonicaSoup, Im using Becker. Do you know why we will need to do the same JE every year?

FAR-84
AUD-
REG-
BEC-

[Author]

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