FAR Study Group Q1 2017 - Page 19

Viewing 15 replies - 271 through 285 (of 2,502 total)
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  • #1427123
    j3cpa
    Participant

    East Co. issued 1,000 shares of its $5 par common stock to Howe as compensation for 1,000 hours of legal services performed. Howe usually bills $160 per hour for legal services. On the date of issuance, the stock was trading on a public exchange at $140 per share. By what amount should the additional paid-in capital account increase as a result of this transaction?

    Is this the right JE for this?

    Compensation Expense 160,000
    C/S @ Par 5000
    APIC 135,000
    Gain 20,000

    I'm not sure whether i should even recognize a gain here. If i don't, I would do my compensation expense at $140,000. At FV when the stock is issued. . What do you think?

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

    #1427168
    Spartans92
    Participant

    @j3cpa, its been a while since I have reviewed that topic.. But I think it should be 140,000 as legal expense it doesn't matter how much his rate should be. so the JE will be:
    DR: Legal expense 140k
    CR: CS @ Par 5k
    CR: APIC plug number 135k
    Don't think there would be a gain in this case.

    BEC- PASS

    #1427175
    GiniC
    Participant

    @Scared_CPA – There's no delay, as soon as you have the number you can register for the seat. Good luck!!!

    #1427297
    j3cpa
    Participant

    @spartans92 thank you.

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

    #1427448
    Josh
    Participant

    Good luck everyone!

    @mckhan514 I wish this weekend went better. Mine actually started this morning after work, but my exam is at 8. Since I'm graveyard, I wonder if I should study up until the time for the exam? and how I should be studying the day of? I wonder if mcq's will cause me to study too hard to be productive, and if I should just sleep extra, so I got good brainpower. At the moment, I'm watching some old Roger videos, which I plan to follow with Blitz since my Blitz is more current. I've been reading journal entries and other notes, but I do think I should do mcq's; just not sure how many or if I should take my exam rehearsal at this point.

    Work has been crazy. We're short people, so they expect overtime. This week is not as I expected. I was so hoping to stay up and study after work. Keep studying, folks! I'll see some of you soon in Auditing.

    #1427463
    mckan514w
    Participant

    Good luck today @jalls- personally I would try to rest and put the notes down- but I have never been a good “crammer” just gets me confused!



    @j3cpa
    , I agree with Spartan's entries- and no gain would be recognized when you are receiving a service….

    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

    #1427505
    runegoblet3xx
    Participant

    Heading into my exam in a few hours. Needless to say, I'm a nervous wreck. Should've scheduled it for 8am instead. Oh well.

    I'm glancing over some formulas just to refresh myself. Can't wait to come home tonight, crash, and do nothing.

    #1427559
    mtaylo24
    Participant

    Finally broke down and paid for this bad boy to make the process feel more official. How terrible are the dates looking?

    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)

    #1427609
    cdn
    Participant

    Does anyone use Becker flash cards? I want to study while on train but really everything requires internet connection and was thinking that I should get flash cards for FAR – easy way to carry and easy way to learn something while on run. The only thing I notice that Becker doesn't sell individually but for all parts at one shot. Me passed 3 parts and FAR left so not sure if it is worthy to spend $99 for it. Any thoughts will appreciated???

    #1427625
    Stilgoin
    Participant

    @cdn I have the Becker flash cards. I did not like them at all. Have you thought about NINJA audio? You could listen to it on the way. It loads on your phone. Roger has audio, but I don’t think they sell it separately. The ninja notes are a .pdf. They would load on a phone with a lot of space. The Becker flash cards were like a book. You may as well take a book if you are using them, so I would not spend the money. jmo Also, Becker works without wifi on an ipad.

    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."

    #1427658
    Tarheel83
    Participant

    @cdn

    Personally, I used the NINJA Audio and the NiNJA Notes for FAR. I really liked them. Also, if you haven't used NINJA Plus for FAR, I can attest to it being of superior quality for the FAR concepts.

    I would definitely recommend any of those products. Although I didn't pass on my first attempt I did get close with a 73.

    #1427675
    Scared-cpa
    Participant

    Any tips on calming nerves and regaining focus when studying? Signed up for my exam today and had to schedule it for the 20th as opposed to the 13th like I originally anticipated, and the unknown of what the weather will be like (lots of snow) could keep me from getting to the center on time since it is at 8am and I am 2 hours away. When I get close to an exam, I get nervous and instead of letting that adrenaline help me focus, I get anxious and sick to my stomach. I was scoring 80s and 90s on Ninja MCQs now I am in 60s and 70s and that doesn't help my anxiety!!!

    #1427661
    mckan514w
    Participant

    @mtaylo- my open dates were horrible! I actually just rescheduled mine though from the 3rd to the 24th. Interestingly enough they had more dates open at the end of the window than the beginning.

    @cdn I don't have beckers but did download surgent cpa flashcards from the app store (iPhone) last spring before I sat first time. I actually like flipping through them when I have spare moments… helps me remember a lot of the concepts. One thing I do not like is there is no way to “bookmark” or “save” your spot when you are done- so each time you open the app it is like starting all over again.

    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

    #1427858
    GiniC
    Participant

    @scared_cpa – I have that problem too, and there are some good techniques to combat it.

    – Set a timer to make sure you take breaks – and use those breaks AWAY FROM YOUR STUDY AREA
    take a brisk walk outdoors (outside is key – sounds, smells, breezes, sunshine are all sensory input to help refocus your mind)
    watch a really funny cat (or other) video – laughing releases endorphins
    talk to a friend or family member who knows why you're stressed, even if it's on the phone (but limit the time…)
    read something interesting (also with a timer, easy to not stop!)
    play with the dog or cat for a few minutes – or borrow a baby for Peek-a-Boo!
    – EAT – good, healthy food in reasonable amounts – but keep your brain nourished so it works better.
    – have a small piece of DARK chocolate – it contains some nutrients that help with stress.

    My son had to remind me of these on Saturday – each time he got me to laugh the knot in my stomach eased a bit, that really works!

    Also – when your brain refuses to behave and scurries around the concepts like a dog chasing a squirrel on crack: several techniques my son's counselor suggested for his exam anxiety:

    Sing a nursery rhyme/song you know well, preferably a fairly long, complex one. (my favorite is “there was an old lady who swallowed a fly”) It seems to force your brain to function sequentially again. I used this one when I parked the car for my first exam section… It should work with any song that has a set tune and lyrics you can make yourself repeat.

    Have 3 or 4 kinds of strong-flavored hard candy on hand (Altoids, black licorice, cinnamon drops, lemon, etc.). When you need to calm down, put one of those in your mouth and concentrate on describing the sensation of the candy TO AN ALIEN WHO DOES NOT KNOW OUR FLAVOR WORDS – so you can't say “minty” for altoid or “tart” for lemon, you must think of other words/phrases. The counselor says the multi-sensory involvement works well to re-direct the mind.

    YOU CAN DO THIS!!! I know, everyone else keeps telling us this and we can't seem to believe it. Remember, lots of people are on your side, including family and your study-buddies on the forums!

    #1427864
    Anonymous
    Inactive

    Research. How good are you Ninjas at research? I've got through most of the material and now am focusing on my weak areas, memorizing all the special rules and practicing research. I have a FASB basic membership that allows me to access the codification – the basic membership however does not let you use the “search function.”

    Anyway, are there any tips or strategies that anyone can suggest in doing the research simulations?

    What is your experience with the research sims on the exam?

    Thanks

Viewing 15 replies - 271 through 285 (of 2,502 total)
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