FAR Study Group Q1 2017 - Page 128

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  • March 3, 2017 at 1:56 pm #1503510
    GiniC
    Participant

    Governmental, round 2…

    March 3, 2017 at 3:15 pm #1503546
    cdn
    Participant

    @mckan514w – thanks
    Also watched Ninja Plus video – OMG so helpful I think I can swallow that topic now and be good 🙂

    March 3, 2017 at 3:17 pm #1503547
    GiniC
    Participant

    I SO can't seem to focus today….

    March 3, 2017 at 3:56 pm #1503574
    norseman88
    Participant

    @HR where is that liquidation question coming from? If Becker, do you have a question #?

    March 3, 2017 at 4:12 pm #1503577
    mckan514w
    Participant

    @GiniC- makes two of us- I just kind of feel like I am spinning my wheels today- trying to concentrate on my weak subjects but I keep getting distracted- think my brain needs a break…

    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

    March 3, 2017 at 5:26 pm #1503624
    NYaccountingstudent
    Participant

    I getting tired of MCQ and Bob's lectures in NINJA PLUS

    I think im going to do all the Sims in Becker Final Review today—-if i have time left over tonight ill load up 50 MCQ in Ninja under the category “Missed last time”

    March 3, 2017 at 5:42 pm #1503640
    GiniC
    Participant

    @mckan514w – I took the dog (and a neighbor) out for a 45-minute walk. It's COLD here (hovering around freezing) so it was brisk in speed and brisk in temperature! I'm a bit more alert but still find myself reaching for anything else but the study materials. MUST. RESIST. PROCRASTINATION. Only five more days…

    I think I'm approaching burnout. I've been putting in about 4 hrs/day during the week and two full days every weekend since Christmas, and took all of this week off to study every day. I am SO sick of reviewing this material – but I'm still learning things I didn't know or reinforcing things I “want” to forget!

    March 3, 2017 at 6:52 pm #1503694
    GiniC
    Participant

    Anyone else struggling with the whole Deferred Inflows-with-liabilities and Deferred Outflows-with-Assets concept in Governmental? I just found a really straightforward explanation with examples – really helped me!

    GASB Plain English Guide to Deferrals

    March 3, 2017 at 7:07 pm #1503702
    norseman88
    Participant

    I just hope we all can open up a can of whoop ass on FAR in the coming days! Layeth the Smacketh Down on the FAR!

    AUD – BEEN THERE DESTROYED THAT
    BEC – BEEN THERE DESTROYED THAT
    FAR – JABRONI IN TRAINING
    REG – BEEN THERE DESTROYED THAT

    March 3, 2017 at 7:08 pm #1503708
    GiniC
    Participant

    TOTALLY with you on that, @norseman88!

    March 3, 2017 at 7:16 pm #1503712
    aatoural
    Participant

    On January 2, Year 1, Ross Co. purchased a machine for $70,000. This machine has a 5-year useful life, a residual value of $10,000, and is depreciated using the straight-line method for financial statement purposes. For tax purposes, depreciation expense was $25,000 for Year 1 and $20,000 for Year 2. Ross' Year 2 income, before income taxes and depreciation expense, was $100,000 and its tax rate was 30%. If Ross had made no estimated tax payments during Year 2, what amount of current income tax liability would Ross report in its December 31, Year 2, balance sheet?
    a.$25,800
    b.$22,500
    c.$24,000 CORRECT
    d.$26,400

    I thought the temporary difference is the difference between tax and book depreciation. Why are they using the entire 20 year 2 depreciation to calculate the current yr2 tax liability?

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

    March 3, 2017 at 7:26 pm #1503715
    GiniC
    Participant

    @aatoural –

    Hang on, thought I had it but I didn't…

    March 3, 2017 at 7:30 pm #1503720
    GiniC
    Participant

    @aatoural – Yes, I did have it. They aren't asking for Deferred Tax Liability – they are asking for CURRENT tax liablity. So

    100,000
    (20,000)
    ——–
    80,000 = currently taxable income
    x 30%
    ——-
    24,000 = current income tax payable.

    March 3, 2017 at 7:33 pm #1503724
    aatoural
    Participant

    OMG! I feel so dumb right. Thank @ginic. Always saving me.

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

    March 3, 2017 at 7:47 pm #1503726
    cdn
    Participant

    I think my brain just burn out. Can't get questions right … hrhrhrh

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