[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Lidis]

I believe the answer is

D. 20X2: $91,000; 20X1: $(175,000)

20X2 gain on disposition of 450,000 and pretax loss of 320,000

450,00 – 320,000 = 130,000

Net of 30% tax 130,000-39,000 = 91,000

20X1 pretax loss 250.000

Net of 30% tax

-250,000-75,000= -175,000

[MC Guesser]

I just came across a new section on my CPAexcel curriculum called “Private Company Council” I don't remember seeing this before. Is this new? Likely to be tested heavily? Thx.

FAR: 7/1/14 (85)
REG: 7/28/14 (88)
AUD: 8/22/14 (84)
BEC: 8/28/14 (83)

CPAExcel, WileyTB, Ninja Notes and Blitz

[Tootsie]

Just finished the rest of chapter 4 sims, whheeeewww, that was fun. I am so glad that I am getting better at depreciation problems. Is one of my weaker areas. Plan for tomorrow is to finish chapter 4 m.c. and start on chapter 5, another beastly chapter. Off to watch an episode of Pretty Little Liars. 🙂 Good night!

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Jspann225]

@MC Guesser Isn't the Private Company Council just an advisor to FASB on private company issues? I haven't seen this in Becker, but I remember learning about FASB and their affiliates.

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[Jspann225]

This test has a funny way of making me feel guilty for doing anything fun. I just got home from a movie and feel like I have to make up for so much time lost. Haha

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[Jspann225]

This test has a funny way of making me feel guilty for doing anything fun. I just got home from a movie and feel like I have to make up for so much time lost. Haha

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[MC Guesser]

@JSpann I'm not sure what it is it just kinda appeared on my CPAexcel, presumably as a recent update.

Its introduced as : I. “In May 2012, the Financial Accounting Foundation (FAF) approved the establishment of the Private Company Council (PCC), an organization that will assist in setting accounting standards for private companies. The PCC has two principal responsibilities…”

It then goes into detail for the: A. PCC Process B. The PCC Framework C. What is a public business entity D. Accounting for Goodwill and E. Simplified accounting for interest rate swaps.

It's already challenging keeping IFRS vs GAAP separated conceptually so this would be an unneeded headache. I was curious to see if anyone else is studying this or just skipping over it; I'm not sure how it works as to whether this is more or less likely to best tested being that it is brand new material.

FAR: 7/1/14 (85)
REG: 7/28/14 (88)
AUD: 8/22/14 (84)
BEC: 8/28/14 (83)

CPAExcel, WileyTB, Ninja Notes and Blitz

[thechapman]

Can anyone help me with a question regarding F7? My question relates to quasi-reorganizations. In the beginning of the lecture, Olinto says that the capital stock (par value) value cannot be used to pay dividends and is retained for the protection of creditors. During the quasi-reorganization part of the lecture, there is an example in which a company with a retained earnings deficit reduces the par value of the company's common stock from $30 to $5 a share. How is this allowed when the par value of capital stock is to be retained to protect creditors? Any help would be greatly appreciated!

Passed - 2014

[Tncincy]

In for another 8 hours today. Although I feel like yesterday was a waste with all the Father's day stuff, butI went to bed with present value on my mind. That's my work today, nail down present value, bonds, pensions, and leases…….Oh I am so nervous, anxious…plain ole tired.

Study hard everybody.

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

[Jspann225]

2 more weeks until I test on opening day of the testing window.

FAR - 93 - 7/1/14
AUD - 94 - 7/25/14
REG - 92 - 8/30/14
BEC - 89 - 10/6/14

[jennibfox]

Just scheduled my exam for 7/3/14. I need to push into high gear. I need to do as many MCQ and SIMS as possible. We have got this. I was nervous to schedule it but I need to move on to the other exams.

FAR - JULY 2014 - PASSED
BEC - MAY 2015 - PASSED
REG - AUG 2015 - PASSED
AUD - AUG 31 2015

[Anonymous]

You can do it Jenni, I am sure the exam in May would have given you a good idea what to expect or more so how to expect it.

Study your weak topics well and keep your strong ones still strong.

[Tootsie]

Is there an easy way to remember the dollar-value LIFO inventory method? I keep having trouble with these types of problems.

In Year 1, Cobb adopted the U.S. GAAP dollar-value LIFO inventory method. At that time, Cobb's ending inventory had a base-year cost and an end-of-year cost of $300,000. In Year 2, the ending inventory had a $400,000 base-year cost and a $440,000 end-of-year cost. What dollar-value LIFO inventory cost would be reported in Cobb's December 31, Year 2, balance sheet?

a. $430,000

b. $400,000

c. $440,000

d. $410,000 correct answer

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Anonymous]

When are most ppl on this thread taking FAR? and whats your progress thus far.

I'll start first: July 14, I hv reviewed 4 chapters F7-F10.

Spending the day today going over problems I hv missed in my review for F7-F10 and then will start F6 tomorrow.

I am getting very nervous as it gets closer. I still hv to pay close attention to IFRS and oh so many other things.

[Anonymous]

Hey!

I am trying to figure out JE for this:

On January 2, year 4, Raft Corp. discovered that it had incorrectly expensed a $210,000 machine purchased on January 2, year 1. Raft estimated the machine’s original useful life to be 10 years and its salvage value at $10,000. Raft uses the straight-line method of depreciation and is subject to a 30% tax rate. In its December 31, year 4 financial statements, what amount should Raft report as a prior period adjustment?

$102,900

$105,000

$165,900

$168,000

So far I came up with this:

D Asset 210000

C Accum. depr 60000

C RE 105000

C Tax liability 45000 ?

[Author]

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