[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]

i dont understand why the interest was not included as part of the cash collections….

[NYCaccountant]

Thank you so much @ ZSR and @Ericnkem

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

Thank you so much @ ZSR and @Ericnkem

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

Because the interest is not part of how much they made on the sale. They had a gross margin of 30%, which means that

30 cents on every dollar that Lake paid in regards to the purchase price of the asset would be gross profit. Technically the interest is not part of assets purchases price, so cash received for interest should not be included in gross margin calcs.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

Because the interest is not part of how much they made on the sale. They had a gross margin of 30%, which means that

30 cents on every dollar that Lake paid in regards to the purchase price of the asset would be gross profit. Technically the interest is not part of assets purchases price, so cash received for interest should not be included in gross margin calcs.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[ZSRizvi]

What would be the J/E for the reversal of a multi-year pledge?

If an NFP receives a pledge that states it'll give the NFP $1,000 for the next 5 years at a PV factor of 4.212 (payments are at the end of the year)…

The initial entry, you would credit temporarily restricted revenues for $4212. What would be the other accounts affected?

Also, when the $1000 is received each year, what would be the subsequent J/E?

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[ZSRizvi]

What would be the J/E for the reversal of a multi-year pledge?

If an NFP receives a pledge that states it'll give the NFP $1,000 for the next 5 years at a PV factor of 4.212 (payments are at the end of the year)…

The initial entry, you would credit temporarily restricted revenues for $4212. What would be the other accounts affected?

Also, when the $1000 is received each year, what would be the subsequent J/E?

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[Anonymous]

@ZSRizvi

Upon receipt of the pledge we have the following J/E

DR Contribution Receivable 5000

CR Contributions- Temporarily Restricted 4212

CR Discount on Contribution Receivable 788

The discount will be amortized as the pledges are received according to the method of amortization:

DR Discount on contribution

CR Contribution – Unrestricted

[Anonymous]

@ZSRizvi

Upon receipt of the pledge we have the following J/E

DR Contribution Receivable 5000

CR Contributions- Temporarily Restricted 4212

CR Discount on Contribution Receivable 788

The discount will be amortized as the pledges are received according to the method of amortization:

DR Discount on contribution

CR Contribution – Unrestricted

[ZSRizvi]

@eric

Thanks! The discount part was confusing me a bit there because I'm not really sure what that “represents.” For bonds, discounts would increase interest expense as amortized but what would this discount do? Increase the supposed “carrying amount” of pledges or something?

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[ZSRizvi]

@eric

Thanks! The discount part was confusing me a bit there because I'm not really sure what that “represents.” For bonds, discounts would increase interest expense as amortized but what would this discount do? Increase the supposed “carrying amount” of pledges or something?

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[Anonymous]

Thanks nyc accountant

I guess some of the explanations in cpaexcel arent very clear

[Anonymous]

Thanks nyc accountant

I guess some of the explanations in cpaexcel arent very clear

[big K]

Hi everyone,

I have a rematch with FAR at the end of November; I took it for the first time at the end of August. I think one of the main reasons I failed the exam is that I am HORRIBLE with debits and credits. I work in an obscure area of tax accounting and as a result have NO exposure to them before this exam.

Any suggestions on how I can get caught up to speed? I can do the entries for the problems I work on in Becker, but since Becker's explanations don't always explain them I am not sure how helpful that will be. Does Wiley have a lot journal entry problems? Any other suggestions?

thanks,

The becker problems dont have many problems were the debtit / creidt entries are specified – does Wiley have them

[big K]

Hi everyone,

I have a rematch with FAR at the end of November; I took it for the first time at the end of August. I think one of the main reasons I failed the exam is that I am HORRIBLE with debits and credits. I work in an obscure area of tax accounting and as a result have NO exposure to them before this exam.

Any suggestions on how I can get caught up to speed? I can do the entries for the problems I work on in Becker, but since Becker's explanations don't always explain them I am not sure how helpful that will be. Does Wiley have a lot journal entry problems? Any other suggestions?

thanks,

The becker problems dont have many problems were the debtit / creidt entries are specified – does Wiley have them

[Author]

Replies