[jeff]

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

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

[Anonymous]

In quarter 4 i scored 74 :(. Do you guys think for the second go around i should be studying as a review of everything or watch the lectures all over again?

[Stilgoin]

I actually bought Roger Cram for this time because I felt I needed a different perspective. I have been through Becker twice(and I hated it soooo bad, which might be why I have not passed) It is 50 short lectures with a book that had 10 or so questions and a couple sims after each lecture. I am doing 2-3 lectures per day and MCQs. Roger was $295 and really didn’t give me anything more than Ninja Plus. I have used my Becker book a lot too.

One thing about the Becker book- it is near impossible to match up to the NINJA questions. You could take the CSO outline and try, but I tried and it is really hard to do. It was much easier to match up Roger Cram because these short lectures are content specific.

You are not nagging at all. I understand. I have struggled a lot with this, and I will anyone help any way I can. No worries. 😉

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[Anonymous]

Becker has a lot of material go thru. When i took the exam i felt that i had seen all the topic they asked and only used Becker. One of the main problem for me was the Sims, some of them were not clear enough. They also have the becker review, but i don't think is worth it.

Ps. Stilgoin can you take the ethics exam before passing all 4 exams?

[Stilgoin]

Yes on the ethics- in my state (TN) you can take it and it is good for a year. It is on the AICPA website.

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[Anonymous]

Do you have to study for it?

[Stilgoin]

No studying, but it took me about 7 hours to complete. I was very thorough, though. You might get it quicker. There is a pdf study guide and all the questions are in the study guide. I answered the questions on paper, then did the online exam. You can also start the online exam and close it without submitting.

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[Spartans92]

Thanks @stilgoin, I'll see how this goes and see if I can knock AUD out before expiration. I do plan on getting Roger next tho because I find him to be super helpful as well as entertaining. If it weren't for Roger I would not have understood EPS and Leases.

@cab, for me I find it useful to go through the material once again as if it's my first time and then do comprehensive questions. Not sure how much time you have, perhaps review each individual chapter and then do comprehensive if the material are still relatively fresh??

BEC- PASS

[Anonymous]

Ace Corp. entered into a troubled debt restructuring agreement with National Bank. National agreed to accept land with a carrying amount of $75,000 and a fair value of $100,000 in payment and cancellation of a note (from Ace) with a carrying amount of $150,000. Disregarding income taxes, what amount should Ace report as a gain in its income statement?

A. $0

B. $25,000

C. $50,000

D. $75,000

In addition to your answer, please give me the journal entry!

[j3cpa]

Is the answer $50k gain? I would think you would dr. note Payable of the 150k. Cr. The FV payment & land given up at $100 and credit a gain of $50k?

Study Material:
GLEIM
BEC - FEB/2012
AUD - FEB/2012
FAR - JULY/2012
REG - JULY/2012

[Cjsr]

Is anyone here using the Ninja far book? Look at book 1, section 3, “Financial Reporting,” p. 47, showing a statement of cash flows, direct method, with reconciliation to net income at the bottom. On the direct part, it has cash flow from operations as $102. On the reconciliation, it has net cash flow from operations as $106. The totals come out right. I think the difference is that income tax expense was 46, change in income taxes payable was +5, for income taxes paid of 41, however there was a gain on retirement of bonds that was taxable at $4. Thus, even though the little worksheet on taxes paid on p.48 says $41, the cash flow direct section says $45, thus the difference between 102 and 106. Shouldn't there be a separate line somewhere for this? I thought the direct section and the reconcile to net income section were supposed to match. I have spent hours on this.

BEC. 83. 9 Jan 2016
REG. 83. 30 Jan 2016
AUD. 92. 27 May 2016

Becker FastPass with in-class videos

[Anonymous]

The answer is C. You use the fair value of the land to calculate the gain. What would the entry look like?

Notes payable 150,000 debit
Land 75,000 credit
Gain 50,000 credit
Missing 25,000 debit?

What am I missing here? (it's something probably painfully obvious)

[A1lessio]

Depreciation exp?

AUD (08/02/2016)

[Tyler23]

Note Payable 150,000

Land 75,000

Gain on Restructure 50,000

Gain on Sale of Land? 25,000

[Anonymous]

@tyler. Your entry makes sense but in the question they are asking for what “gain in the income statement?” Given your entry the gain would be 75,000. Maybe the question is not worded clearly.

[Stilgoin]

Would the land not already be adjusted to FV in debt restructuring?

DR Note Payable 150,000
CR Land 100,000
CR Gain on Restructure 50,000

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[Author]

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