[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

[RandomAlt]

Well, I'm back from FAR. Let the wait begin.

I have the rest of the week off for vacation (good scheduling on my part!). Next week I start BEC.

Good luck to all of you, keep up the good studying!

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[Anonymous]

@EYNewHire. Thanks for the response earlier!

Anyone know why we only back out cumulative dividends, and NOT the preferred dividends paid to calc Basic EPS?

Ute Co had the following capital structure:

P/S – $10 par – 4% cum, 25000 shares issued and outstanding: $250,0000

C/S – $5 par – 200,000 shares issued and oustanding: $1,000,000

NI = $500,000

Ute paid no preferred dividends in 2002, but paid $16,000 in preferred dividends in 2003. In its 2003, income statement what is basic EPS?

thanks in advance!

[Tootsie]

@dcflcpa, I think you just back out the cumulative dividends because the preferred dividends are already included in the cumulative dividends.

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

never, never, never give up

[thechapman]

@dcflcpa – You back out the cumulative dividends “earned” this year because you are calculating income available to common shareholders for the numerator. The preferred dividends (non-cumulative) that were paid this year don't come into play because if they didn't declare dividends this year but are paying them, it means that they were declared in a prior period. In that case, the amount was already taken out of retained earnings. I think that if you took them out this year, it would be like taking them out in two years because you are only worried about when the dividends are DECLARED. Someone correct me if that doesn't seem right though…that's how I remember it.

Passed - 2014

[Guti]

Now I know why I got a 71 on FAR. Did you guys know that on an Installment sale you have to do a reversal JE at the end of the year? Becker did not give me those details, and I thought I knew everything about installment sales until I started working on Gleim’s simulations. If you are a recent graduate, I don’t think you will have an issue, but if you are not, please work on hard simulation if you want to pass.

FAR-84
AUD-
REG-
BEC-

[samdiegoCPA]

OMG I just did a giant Stockholder's Equity SIM in Ninja and got 89% and am weeping. The errors were just 4 additional spaces I should have just left blank. I'LL TAKE 50 OF THOSE ON MY EXAM.

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Tncincy]

@samdiegoCPA,

Sounds like it is coming together for you….I love ah ha moments….good for you.

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

[Anonymous]

Are any of you guys using the Ninja way of studying? It seems to be taking me forever to rewrite my notes. Any tips? I'm using Becker online, but am saving my MCQ's and rewriting all notes as Jeff suggested.

[golfball7773]

@Delreese – check out Rollie's blog on the homepage.

He(me) is using the NINJA method. I am currently hammering out MC questions and then will take about 1.5 weeks to rewrite the NINJA notes to help get the information stuck in my head. Rewriting the notes are time consuming but it really does help if you don't get lazy like me 🙂

Let me know if you have more questions!

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[Anonymous]

@golfball7773 thanks!

[magatha12]

Got back from FAR, not as bad as I had anticipated, but still tough. I had to go through the MCQs fairly quick towards the last testlet bc I was running low time time that I wanted to work on SIMs, so there were a good number that I did have to guess on. But the SIMs threw me for a complete curveball with some of those questions

FAR: 79
AUD: 81
REG:5/29/15
BEC:85

Using CPA Excel, NINJA notes and audio, NINJA MCQs

[samdiegoCPA]

Doing some SIMS on Ninja and noticed that most JE are fine in any order… however I just got one almost completed wrong because I had them in the wrong order. Everything was correct, just did the Dividends paid first, then the gain/loss second instead of the other way around. I hope it's not graded like that on the exam, that's a huge bummer.

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Tarheelgirl]

Back from my exam and currently relaxing by the pool 🙂 Exam wasn't too bad but I said that last time and look at the score I got. I do feel I analyzed the questions better this time and understood what they were asking. I had one way off question, pretty sure that was a pretest question. Had one question asked 3 times all different ways and know I got those right. I think I lucked out on that because first exam was complete opposite. This shows you never know what kind of exam you will get. SIMS were a different story, had about 1hour and 45 mins to complete. My time was definitely better this exam.

Hope I can pull off my first pass and be done with FAR, but on to AUD now. Good luck to everyone in your studies.

FAR - 46, 79 (7/8/14)
AUD - 56, 59, 2/23/15 3rd times a charm!
BEC - 69, 74 Really??
REG - April, I hope. Fingers crossed!

[Tootsie]

I'm taking FAR tomorrow at 1 pm and am ready for the fight. Been doing released questions all day. I do not plan on studying tomorrow before the exam. I want to have a clear head and not be tired when I go in, like last time.

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

never, never, never give up

[kappa1032]

Good luck, Tootsie! We're rooting for you!!!

FAR - 81
REG - 74, 87
AUD - 88
BEC - 88

Finally.

“The only guarantee for failure is to stop trying”
― John C. Maxwell

[Author]

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