[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

[Tncincy]

Maybe I am over thinking maybe even over studying. Going to bed and starting again tomorrow.

@2014 cpa, good luck on the test.

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

[Anonymous]

tncincy..Thanks!! Wish I just felt more confident about this exam. Cant wait to return tomorrow and tell you guys how easy the exam was!! lol

[jstay]

feel so nervous and im not even taking it until 8/28 =/

Just keep pounding the mcq away?

i feel like its not doing anything,

I'll prob get the ninja mcq..

[Anonymous]

Need help understanding why consol equity is the same before acquisition.

Beni acquired 100% of Car stock for $430,000 cash. Immediately before acquisition, balance sheets are:

BENI CAR

Assets 2,000,000 750,000

Liab 750,000 400,000

Common St. 1,000,000 310,000

RE 250,000 40,000

Liab & SE 2,000,000 750,000

Consolidated SE should be: 1,250,000

Why? This is correct because at acquisition date assets and liab would be recorded at FV with excess recorded as GW. Cash would be credited for cash paid as the net assets would not change as a result of this acquisition, the consol equity would be the same as Beni Corp's before the acquisition, $1,250,000.

[Anonymous]

entries:

DR Investment 430

CR Cash 430

Consolidating:

DR Sub's equity 350

DR GW 80

CR Investment 430

So Sub's equity is eliminated, only Beni's is left

[Anonymous]

Thanks, anjanja.

Is that just for that year? Next year I would combine those amounts?

[Anonymous]

I don't really know, Roger said subsequent years were out of scope and that it gets nasty. And I've never seen this in college too

[Anonymous]

Thanks! Can anyone else help?

[Anonymous]

Spent the entire weekend moving into my house..need to get a good week in!

[samdiegoCPA]

I literally have to ask myself once an hour “Would you rather study this stuff for 5 more days or for 3 more MONTHS?!?” to get me to focus again. Burnt out!

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

[ahugemistake]

Spent the weekend powering through the governmental accounting section of CPAExcel. Put in a good 6 hours yesterday. Ready to start the review today, was listening to the Ninja Audio on the way to work this morning, and it really helped jog my memory about some topics.

Not sure how I should start the review, I am thinking just going section by section the Wiley Testbank in study mode.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[ahugemistake]

double post.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Anonymous]

Using becker. Currently on f2 and freaking out! I'm doing the first subsection in that chapter and it's so hard! I have about 106 homework problems and I'm getting most of them wrong. Took me all day! I don't understand how it's even normal to learn all 10 chapters! Anyone have any advice I'm really stressing out over here! My exam is 8/28 and I don't work and still think I won't have enough time to learn it all

[ahugemistake]

@cpa8488 just remember that the reason you got a review course is that you need to prep yourself for the exam, if you dont make mistakes you won't learn anything. Learning from the wrong answers is part of the review.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Anonymous]

The following transactions were among those reported by Cliff County's water and sewer enterprise fund for 20X1:

Proceeds from sale of revenue bonds $5,000,000

Cash received from customer households 3,000,000

Capital contributed by subdividers 1,000,000

In the water and sewer enterprise fund's statement of cash flows for the year ended December 31, 20X1, what amount should be reported as cash flows from capital and related financing activities?

A. $9,000,000

B. $8,000,000

C. $6,000,000

D. $5,000,000

Correct answer is C – why would proceeds from sale of revenue bonds be related to capital? I am also not clear about the nature of this capital contributed by subdividers and who subdividers are, but at least there is a word “capital”

[Author]

Replies