FAR Study Group Q1 2015 - Page 41

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  • January 31, 2015 at 11:11 pm #654757
    jinjuujii
    Participant

    On January 2, Vole Co. issued bonds with a face value of $480,000 at a discount to yield 10%. The bonds pay interest semiannually. On June 30, Vole paid bond interest of $14,400. After Vole recorded amortization of the bond discount of $3,600, the bonds had a carrying amount of $363,600. What amount did Vole receive upon issuing the bonds?

    Can someone help me with this question? If possible JE for this?

    FAR: 2-27-2015

    January 31, 2015 at 11:19 pm #654758
    jinjuujii
    Participant

    DeterminedCPA:

    Under GASB 34, infrastructures are expensed. Additions & improvements should be capitalized – not EVERYTHING should be expenditures…. I think you would get a clearer understanding if you go read GASB 34 Paragraph 25?

    FAR: 2-27-2015

    January 31, 2015 at 11:49 pm #654759
    Determined CPA
    Participant

    Will do, thanks. Do you have a link to this? Tried googling it and its coming up in Japanese.

    I think the answer to your question is 360,000? I believe you need to take the 363,000 CV at the first interest payment date and back out the discount amortization amount of 3,600. This will get you 360,000. Since the bond was issued on the interest date, you don't account for the interest paid.

    I guess the JE would look like:

    dr: Cash 360,000

    dr: Discount 40,000

    cr: Bond Payable 400,000

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    January 31, 2015 at 11:56 pm #654760
    jinjuujii
    Participant

    Determined CPA:

    Thanks.

    I'm not sure what's the forum's policy for posting link but here it is:

    https://www.gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1176160042391

    FAR: 2-27-2015

    February 1, 2015 at 12:05 am #654761
    Determined CPA
    Participant

    I think youre safe posting links here to help. thanks – talk about casual reading….zzzzzzzzzz

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    February 1, 2015 at 4:36 pm #654763
    hunter32
    Member

    How's everyone trending for Ninja?

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    February 1, 2015 at 6:27 pm #654764
    Determined CPA
    Participant

    73.2% – glad I have off all next week to study. how about you?

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    February 1, 2015 at 7:41 pm #654765
    hunter32
    Member

    I'm at 81.8% right now. Just on a side note, has anyone taken the Becker final exams? It seemed to have graded all my simulation journal entries wrong.

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    February 2, 2015 at 3:31 pm #654766
    Determined CPA
    Participant

    Just pushed my test back to the 18th – cannot fight this cold and don't want to risk failing FAR and losing reg. So I thought it best to push it back!

    I did the becker tests before the first time I sat and did pretty decent, but I didn't do this sims.

    A - 75
    B - 78 God is good.
    F - 77 Answered prayers.
    R - 84! Done!!

    Paperwork sent - waiting for license!!
    Still on a cloud and in shock. Through God, all things will happen.

    February 2, 2015 at 6:54 pm #654767
    jinjuujii
    Participant

    51% right now… 🙁

    I'm getting alot more of the questions and some of the questions that pop up are from my memories. Should I try another TB?

    FAR: 2-27-2015

    February 2, 2015 at 7:57 pm #654768
    Anonymous
    Inactive

    Question for those of you using Becker: do you do the ‘optional' MCQs for each chapter? I have not…usually I am too fried to even consider it, not too mention the additional time that could be better spent on SIMs (in my opinion). Thanks for your feedback – I feel totally overwhelmed by this exam and don't know how I will ever remember enough to pass.

    February 2, 2015 at 8:37 pm #654769
    hunter32
    Member

    I always do the optional problems. They're way harder than the regular ones

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    February 2, 2015 at 8:42 pm #654770
    Anonymous
    Inactive

    Thanks hunter 32. You are right, they are super hard.

    February 3, 2015 at 2:19 am #654771
    se7en.14
    Participant

    Mill Co.'s allowance for uncollectible accounts was $100,000 at the end of 2010 and $90,000 at the end of 2009. For the year ended December 31, 2010 Mill reported bad debt expense of $16,000 in its income statement. What amount did Mill debit to the appropriate account in 2010 to write off actual bad debts?

    A. $ 6,000

    B. $10,000

    C. $16,000

    D. $26,000

    answer is A

    90+16-x=100

    x=6

    why do we add 16? i thought you subtract it because 90 is allowance for uncol acct is CR and BDE is DR balances. Can someone explain to me?

    Thanks in adv.

    February 3, 2015 at 4:43 am #654772
    excel monkey
    Participant

    Jan. 1, 2010 Allowance beginning balance ………………90,000

    Dec. 31, 2010 Journal entry to record bad debt expense:

    dr. Bad debt expense………………………16,000

    cr. Allowance for uncollectible…………………….16,000

    New balance in Allowance for uncollectible……………..106,000

    Ending balance in Allowance for uncollectible…………..100,000

    Therefore, Mill Co. must have written of 6,000 in specific accounts during the year:

    dr. Allowance for uncollectible accounts…………6,000

    cr. Accounts receivable……………………………………………6,000

    Hope this helps

    FAR - 91
    AUD - 88
    BEC - 86
    REG - 79

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