[jeff]

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

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

[cdn]

@Trevor and @Ginic – thank you and good luck to you
And yes:
Read the question slowly but do not overthink because than you start to doubt yourself and remember DATES!!!! ( I always forget about them) and my last trouble maker – go with your first choice (I always change and get q wrong)

GOOD LUCK

[mckan514w]

@mtaylo- I gave up Gleim on Saturday- after taking this thing multiple time I know that the MCQ's are not going to be that in-depth and detailed and I was only slowing myself down by dwelling on some of that stuff- moved to Ninja full time as of yesterday and now just trying to get my AVG up (which has always been a way better predictor for me than trending)-

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]

@mtaylo – Gelim makes you feel like your the dumbest of them all. Then you go back to Becker or Ninja and feel like superhuman!. So dont get discouraged

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

[aatoural]

The following information was taken from the current year financial statements of Planet Corp.:
Accounts receivable, January 1 $ 21,600
Accounts receivable, December 31 30,400
Sales on account and cash sales 438,000
Uncollectible accounts 1,000
No accounts receivable were written off or recovered during the year.
If the direct method is used in the statement of cash flows, Planet should report cash collected from customers as:
a.$446,800
b.$429,200 CORRECT
c.$428,200
d.$447,800

I know this is a simple question but it is tripping me why we dont reduce A/R by the uncollected amount?

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

[mtaylo24]

@aatoural @mckan514w what's the plan of attack? I already seen the new questions. I'm thinking of just doing a 20 question rotation for all of the sections until Friday. I did the same for BEC Sat. The Ninja questions go so fast. I did 570 questions over night leading into my 8am exam.

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)

[Holly]

At the end of 20X1, the following information applies to Brady Company:

Net income: $46,575
Common stock issued: $215,000 ($10 par value)
5%, $50 cumulative preferred stock issued: $50,000
Dividends declared on common stock: $21,500
Convertible, noncumulative preferred stock issued at $50 par: $50,000

Use this information to compute the basic and diluted earnings per share (EPS) below. Assume that the common shares given are presented as a weighted average.

What do y'all get for the diluted earnings per share?

BEC - 79
REG - 85
AUD - 5/27/16

[Holly]

Never mind! Just went back and actually read!

BEC - 79
REG - 85
AUD - 5/27/16

[mckan514w]

Good Luck @trevor and @CDN!!!

@mtaylo- spent this morning trying to plow through the ones I have not seen yet. (or at least not seen this go round- ha ha ha…)- I guess the good news is I am averaging around 77% on the “new questions” I have done today.

I am about to call Time on it though as I still have 462 questions I have not seen. So the plan is to spend the rest of the afternoon hitting nothing but missed and troubled questions to figure out exactly why I missed them- i.e. am I not reading carefully or did I truly not know the concept or how to do the comp. Tomorrow I plan on spending the day with my notes going over my really weak areas and then start interspersing sets of 30 with questions from my weak areas.

I am kind of like @giniC part of me wishes I could just go on in this afternoon and put myself out of my misery- the other part wishes I could postpone it until April…

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

[mckan514w]

@aa- under the direct method you are reporting your sales at Gross based on actual cash you have received…. think of it kind of like the cash method of accounting.

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

[slavename]

The following information pertains to Comb City:

Year 3 real estate property taxes assessed and collected
in Year 3 $14,000,000
Year 2 real estate property taxes assessed in Year 1 and
collected in Year 3 1,000,000
Year 3 sales taxes collected by merchants in Year 3 but not
required to be remitted to Comb until January of Year 4 2,000,000

For the year ending December 31, Year 3, Comb should recognize revenues of:
A. $14,000,000.
B. $15,000,000.
C. $16,000,000.
D. $17,000,000. <- Correct answer however why does this includes the $1m as revenue from “Year 2 real estate property taxes assessed in Year 1 and collected in Year 3” in year 3 when per the NINJA Notes, “imposed revenues recorded as revenue when budgeted”?

[mtaylo24]

@mckan Sounds like a plan. All of my missed questions are already saved to a 646 page pdf, so I plan to keep my pdf in rotation also. Should be a fun week 🙂

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)

[cdn]

I thought the question asked about investment income, hrhrhr
Can someone explain it?

Alpha Hospital, a large not-for-profit entity, has adopted an accounting policy that does not imply a time restriction on gifts of long-lived assets. Alpha received investments subject to the donor's requirement that investment income be used to pay for outpatient services. Indicate the manner in which this transaction affects Alpha's financial statements.

A.Increase in unrestricted revenues, gains, and other support
B.Increase in temporarily restricted net assets
C.Increase in permanently restricted net assets
D.No required reportable event

[mckan514w]

Increase in temp restricted??? because the donor stipulated that it be used for a specific service…

Good LORD I hate GoVt and NFP….

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

[cdn]

@mckan514w – answer is C

[GiniC]

@HRSexton –

I must still be missing something, as I can't do diluted from this info. What do the convertible non-cumulative PS convert to, and what is the answer?

(you sent
At the end of 20X1, the following information applies to Brady Company:

Net income: $46,575
Common stock issued: $215,000 ($10 par value)
5%, $50 cumulative preferred stock issued: $50,000
Dividends declared on common stock: $21,500
Convertible, noncumulative preferred stock issued at $50 par: $50,000

Use this information to compute the basic and diluted earnings per share (EPS) below. Assume that the common shares given are presented as a weighted average.

What do y'all get for the diluted earnings per share?)

[Author]

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