[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

[ahugemistake]

That's very helpful anna, thanks.

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

[samdiegoCPA]

@CPA2014Dream This is what helps me with any type of cash to accrual problem:

Net Income = + Increase Current Asset – Decrease C/A – Increase Current Liability + Decrease in C/L

Super easy to remember and it helps solving those problems really quickly! Accrual to cash is the opposite.

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

[Anonymous]

Thanks everyone!

Anja, I am using Wiley Test Bank.

[Anonymous]

Please can some help in understanding this question;

Dunne Co. sells equipment service contracts that cover a two-year period. The sales price of each contract is $600. Dunne's past experience is that, of the total dollars spent for repairs on service contracts, 40% is incurred evenly during the first contract year and 60% evenly during the second contract year. Dunne sold 1,000 contracts evenly throughout the current year. In its December 31, balance sheet, what amount should Dunne report as deferred service contract revenue?

a.$540,000

b.$480,000

c.$360,000

d.$300,000

Ans : B thought it should be C

Thanks

[TiffaNiffaNi]

$600 *1,000 contracts = $600,000

These are 2-year contracts so right away, we know that we need to defer all of year 2 since we have not performed those services yet:

600,000/2 = 300,000 Year 2 Deferred

Do we get to recognize all of year 1? No, we need to defer 60% of that as well:

300,000 * .60 = 180,000 Year 1 Deferred

Year 2 Deferred 300,000 + Year 1 Deferred 180,000 = $480,000 total deferred

FAR: 7/17/14- 79
AUD: 8/20/14- 91
REG: 10/1/14- 88
BEC: 11/10/14- 85

Becker Self-Study

[silverdice7]

@anjanja, what section in FAR does Roger cover that?

AUD 94
BEC 91
REG 88
FAR 91

Done!

[silverdice7]

delete double post*

AUD 94
BEC 91
REG 88
FAR 91

Done!

[Anonymous]

@TiffaNiffaNi, you ought to be a tutor. Thanks so much!!!

[Anonymous]

silverdice7,

25-7 cash flows

[Anonymous]

Please can someone explain when we are expected to record a note payable or receivable using the face amount or the present value. This confuses me alot. Thanks

[Melans]

Reading over some of these comments and questions- it is a little intimidating.

Fingers crossed for ease of studying.

AUD 7/30/12 73; 12/2/13 85
BEC 7/19/13 81
REG 8/2/14 83
FAR - Jan 2015

[samdiegoCPA]

@presso

Record at NRV if it's short term and PV if it's long term.

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

[jeff]

NINJA Joe: “Life has thrown me some serious curve balls this year during my study period, but because I have kept up with my studying and MCQs I am confident that I will succeed in my war against FAR.”

https://www.another71.com/ninja-cpa-blogger-joel-7/

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

[justgivemea75]

How are you guys remembering the journal entries for pensions? I understand how to calculate the expense/BS value of plan assets, but I struggle with rememberng those 6 entries (not SIRAGE, talkinga bout Becker F6-16 example entries). I also don't understand the intuition behind them, so if someone can explain that even, that would help a lot

FAR - 84
AUD - 76 (phew)
BEC - 88
REG - 77

DONE!

[samdiegoCPA]

I don't have Becker so I can't help… but if you post them maybe I can!

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

[Author]

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