FAR Study Group Q1 2017 - Page 31

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  • January 14, 2017 at 10:28 am #1440759
    GAAS_master
    Participant

    Does anyone agree with the solution and calculation for the question below?My questions just keep piling up for the solution to the question below…and have spent too much time posting this…

    CPA-00049:
    Inge Co. determined that the net value of its accounts receivable at December 31, 1993, based on an aging of the receivables, was $325,000. Additional information is as follows:
    Allowance for uncollectible accounts, 1/1/93 $30,000
    Uncollectible accounts written off during 1993 18,000
    Uncollectible accounts recovered during 1993 2,000
    Accounts receivable at 12/31/93 350,000

    For 1993, what would be Inge's uncollectible accounts expense?

    a. $21,000
    b. $11,000
    c. $5,000
    d. $15,000

    Solution: b. $11,000

    Beg Bal. 30,000
    Uncollectible accounts written off (18,000)
    Written off accounts now collectible 2,000
    Uncollectible accounts expense X
    Year end balance 25,000

    January 14, 2017 at 10:43 am #1440773
    Anonymous
    Inactive

    @GAAs that's correct. I used a t-account with the same methodology.

    January 14, 2017 at 10:44 am #1440774
    Anonymous
    Inactive

    FYI Ninjas – Jeff stated that the “Ninja Blitz” videos would be unlocked until tomorrow. I'm binge watching them now!

    January 14, 2017 at 11:12 am #1440788
    Spartans92
    Participant

    Uhhh.. The day is here. As nike slogan goes, “Just do it” is my Moto for the day. Just need a break from FAR 🙂 good luck studying!

    BEC- PASS

    January 14, 2017 at 12:59 pm #1440863
    GAAS_master
    Participant

    I see…Definitely helps to walk through step by step…I was looking at the effect of the 2000 recovery on the A/R balance.
    Thanks for confirming @Bond.
    I take way too much time per question and end up working every question mentally…

    Setup ADA:
    DR: BD Exp
    CR: ADA
    Write Off as uncollectible:
    DR: ADA
    CR: A/R
    Recovery of Write Off (reestablish receivable):
    DR: A/R
    CR: ADA
    Recovery of Write Off (relieve receivable):
    DR: Cash
    CR: A/R

    January 14, 2017 at 1:42 pm #1440881
    GiniC
    Participant

    @GAAS_master –

    It takes an extra 30 seconds, but I find if I don't write out the journal entries and T-account for those, I leave something out. it's faster to do the extra writing from the start than it is to have to re-do the whole problem twice because there is no matching answer (or get it wrong for making a silly mistake!)

    January 14, 2017 at 1:53 pm #1440885
    Anonymous
    Inactive

    @Spartans92,

    Great link! Thank you so much. I will practice the JE's during my review.

    January 14, 2017 at 1:58 pm #1440888
    Mscfisher
    Participant

    @bondvllian

    Thank you for letting me know this! I will be binge watching too. Trying to knock out 300 mcq this weekend.

    January 14, 2017 at 2:17 pm #1440905
    mtaylo24
    Participant

    Dang he only turned it on for half of the topics.

    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)

    January 14, 2017 at 2:38 pm #1440921
    Holly
    Participant

    I went to the NINJA blitz and only saw Leases available. Am I in the wrong spot?

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

    January 14, 2017 at 2:41 pm #1440924
    Mscfisher
    Participant

    @mtaylo. Ugh….that's a bummer. Especially for pensions.



    @hrsexton     you are in the right spots just click on one of the links and it should open and show the videos

    January 14, 2017 at 2:46 pm #1440927
    mtaylo24
    Participant

    ^^^^Yeah I really wanted inventory and equity. Oh well…free is free!

    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)

    January 14, 2017 at 2:53 pm #1440933
    Holly
    Participant

    Is there a way to copy and paste Becker questions?

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

    January 14, 2017 at 4:49 pm #1441016
    mckan514w
    Participant

    so told my husband last night that I was very behind on my studying and needed to spend all day today studying —-so– he choose to spend all day today “fixing things” around the house- making as much freaking noise as possible and interrupting me every 20 minutes to ask 5 million stupid questions such as “I hate to interrupt you I know you are trying to study but where do we keep the lightbulbs”… I am beyond annoyed and trying very hard not to lose it- My own fault for not going to the library which is where I will be headed tomorrow…

    Sorry just really needed to vent before I did something rash like punch him 🙂

    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

    January 14, 2017 at 5:11 pm #1441023
    Stilgoin
    Participant

    @mckan514w – awe- I’m sorry. I told my husband the same and he has been gone to Lowe’s and Harbor Freight all day. 😉 He is such a good man…..



    @HRSexton     Try hitting the print button on the question and save as .pdf. Then you can copy and paste.

    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."

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