[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for FAR. 🙂

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

[mckan514w]

Good luck tomorrow @Sticky Nicky!!! Personally I would call time at this point- but cramming has never served me well! Just from interacting with you on here I would say you are good to go!!!!

Ha @trevor- saving FAR for last wasn't the plan- but damn if I can't seem to pass it- 🙂 Testing on the 9th… and praying for a 75.

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[aatoural]

Good luck Sticky. Make it a done deal by now so your brain is fresh for tomorrow. Let us know how it went.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[mtaylo24]

@Stickynicky, Nothing is wrong w/ studying until the last minute, just don't go too hard and make sure you get your 8 hours of sleep and eat. Either way, good luck tomorrow!

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[Sticky Nicky]

thanks guys,,,i guess you can never feel 100% for FAR or any of these test,,,i do know alot just hoping enough to hit the 75 mark,,,maybe ill touch on a few areas i know im week with and review some formulas right before i go in,,,i ended up with a 75% average and a 95% trending and did hit the review stage,,,i actually reset my scores yesterday and banged out 791 since then lol,,,all of NFP, all of conceptual, and almost all of GOV'T plus random topics in specifics and FS accounts…im nervous because i feel as though stockholders equity, consolidations, pensions, and cash flows are too easy on NINJA,,,anyway im stopping here at 86% average since the reset and a diluted trending if 85% bc i havent done much of the specifics section…i'll report back tomm FML!!! no sleep til March 8th i guess

[mckan514w]

Question on Warrants guys–

does the company record anything when they issue them? If so what would the JE be?

And am I correct in the Journal Entry for when / if the company redeems ones that have not been exercised?–

DR Retained Earnings
CR Cash

It never really affects the stock account unless they are exercised correct? (sorry if this doesn't make sense 🙂

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Sticky Nicky]

mckan warrants are detachable instruments associated with preferred stock or bonds,,,usually ull see it on bond questions…when u see them u use the relative FV method to determine how much of the proceeds get allocated to the bonds and how to to the warrants,,,if the FV of the bonds is unknown you record the FV of the warrants and plug the bond amount,,,they usually try to trick you with a “what is the amount of the discount question?” when you record its a credit to apic-warrants..something like this

Dr Cash
Dr Discount
CR BP
CR Apic-warrants

[Sticky Nicky]

when exercised:

DR APIC-warrants
CR C/S for par
CR APIC-C/S

[mckan514w]

@sticky- yeah got that when they are attached- but this question was along the line of ABC corp issued warrants to their stockholders each warrant could be redeemed for x number of shares at an exercise price of Y… none were exercised and the company bought them back for Z how much did equity decrease….

So I know that the equity would be decreased by the amount the company paid times the number of warrants it redeems- so i got the question correct- my question is more on the understanding of it when they are not attached to something with a relative fair value– I know for the purposes of the actual question this is purely theoretical but I really am trying to understand as much as I can this go round- not just how to get the right answer.

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[T Rev]

791 in one day?! I spend too much time reviewing the ones I missed to ever be able to bang out that many in a 24 hour time period.. Do you just look at the MCQ progress report and do more questions from those areas?

[Sticky Nicky]

ohh equity decreased by the amount you bought it back for i remember those questions i know you have to multiply the price you bought em back for by the FMV of them:

but i dont know what the entry would be since there is no entry at issuance maybe:

RE
Cash?

[Sticky Nicky]

Trevor I already went through the test banks a couple of times now so i can bang em out fast,,,first time thru obv it took forever,,first time always takes longest

[Sticky Nicky]

check this page out for JEs:

https://onlinelibrary.wiley.com/store/10.1002/9781119199878.app2/asset/app2.pdf;jsessionid=BF1D8C514A4D10E4048E6CC4710088E5.f03t04?v=1&t=izhg723b&s=40fa6020eb56529b615623be7cb4444cddde56ad

[mckan514w]

Boo- can't open 🙁 Oh well brain is pretty much fried for today anyway.

Good luck tomorrow Sticky and check in with us when your done. Know your going to kick A$$

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[GiniC]

@Sticky Nicky I tried the journal entry link too – it says I don't have the right permissions. Did you buy the Wiley review course?

[cdn]

Why we need to so many different measurements of inventory- I just can't differentiate and remember them :(:(:(: hrhrh

[Author]

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