FAR Study Group Q2 2016 - Page 83

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  • May 2, 2016 at 10:50 am #764901
    mckan514w
    Participant

    Claudia and marqzho GOOD LUCK TODAY!!!! Know you will both KILL IT!!!

    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

    May 2, 2016 at 2:29 pm #764902
    livealittle
    Participant

    good luck everyone testing today!!!!!

    BEC - 8/8/16
    REG - 66, 77
    AUD - 81
    FAR - 9/8/16

    May 2, 2016 at 3:37 pm #764903
    Just3Letters
    Participant

    Good luck today everybody!

    Oh man, looks like we got in trouble for talking about LinkedIn haha

    So I'm thinking about doing Ninja MCQ but I'll spend some of today on sims I think!

    Keep it up Ninjas!

    FAR- 81
    REG- 81
    BEC- Aug 22, 2016
    AUD- TBD

    May 2, 2016 at 3:59 pm #764904
    Claudia408
    Participant

    Thanks everyone! I'll post what I thought about my performance tonight. I'm praying for a miracle!!!

    BEC - 75 (3x)
    AUD - 78 (3x)
    REG - 67, 66, Aug 1
    FAR - 54, Sept 8

    May 2, 2016 at 4:44 pm #764905
    Zyx
    Participant

    Spartans92, thanks! I think I should not study on weekends morning, my brain is asleep still ha!

    REG: 77 x2
    BEC: 81 x3
    FAR: 68 retake 10/1
    AUD: 8/27

    May 2, 2016 at 4:51 pm #764906
    Just3Letters
    Participant

    OMG BECKER!

    I'm getting so mad at the becker simulations

    “Enter Zeroes into cells if there is no amount necessary” …I enter zeroes…they mark it wrong

    Choose “No Entry Necessary” for corresponding cells… I choose that option… they mark it wrong.

    What do you want from me????

    FAR- 81
    REG- 81
    BEC- Aug 22, 2016
    AUD- TBD

    May 2, 2016 at 5:08 pm #764907
    marqzho
    Participant

    Just3Letters

    Forget it. Those review courses ask for thousands of dollars but they can't get their simple coding right.

    In real exam, follow the instruction , choose a “no entry ” or enter zero for those blank cells.

    REG 90
    FAR 95
    AUD 98
    BEC 84

    May 2, 2016 at 5:32 pm #764908
    MaLoTu
    Participant

    Good luck to you too, Claudia! Didn't realize you both were sitting today.

    May 2, 2016 at 5:33 pm #764909
    MaLoTu
    Participant

    Whatever update Becker did to match the new exam look is horrible. I hate doing the Becker sims. Also on my list of hate – all of F2.

    May 2, 2016 at 8:04 pm #764910
    ImCPA
    Participant

    @MaLoTu: I hear you. I worked on F2 MCQs day before yesterday, and I was horrible. Was so disappointed by my performance. But I accepted it! I know I can't master everything.. huh

    FAR - 85 (5/10/2016)
    AUD - 89 (7/12/2016)
    BEC - 9/07/2016
    REG - TBD

    May 2, 2016 at 8:40 pm #764911
    Just3Letters
    Participant

    In the below question, why is “net credit sales” the 1,400,000? Don't you have to adjust the sales number to get net credit sales for A/R turnover?

    TGR Enterprises provided the following information from its statement of financial position for the year ended December 31:

    January 1 December 31
    ——— ———–
    Cash $ 10,000 $ 50,000
    Accounts receivable 120,000 100,000
    Inventories 200,000 160,000
    Prepaid expenses 20,000 10,000
    Accounts payable 175,000 120,000
    Accrued liabilities 25,000 30,000

    TGR's sales and cost of sales for the year were $1,400,000 and $840,000, respectively. What is the accounts receivable turnover, in days?

    A.
    26.1

    B.
    28.7

    C.
    31.3

    Incorrect D.
    41.7

    FAR- 81
    REG- 81
    BEC- Aug 22, 2016
    AUD- TBD

    May 2, 2016 at 10:26 pm #764912
    Just3Letters
    Participant

    Delete

    FAR- 81
    REG- 81
    BEC- Aug 22, 2016
    AUD- TBD

    May 2, 2016 at 10:26 pm #764913
    Just3Letters
    Participant

    Why do you not subtract the 420,000 salvage value prior to depreciating on this problem?

    On January 1, 20X1, Bay Co. acquired a land lease for a 21-year period with no option to renew. The lease required Bay to construct a building in lieu of rent. The building, completed on January 1, 20X2, at a cost of $840,000, will be depreciated using the straight-line method. At the end of the lease, the building's estimated market value will be $420,000. What is the building's carrying amount in Bay's December 31, 20X2, balance sheet?

    A.
    $798,000

    B.
    $800,000

    Incorrect C.
    $819,000

    D.
    $820,000

    FAR- 81
    REG- 81
    BEC- Aug 22, 2016
    AUD- TBD

    May 2, 2016 at 11:25 pm #764914
    KJ
    Participant

    Just3..IMO $420 is not a salvage value, its giving you just market value, just an irrelevant info to confuse.

    FAR - August 2016
    AUD - September 2016
    REG - October 2016
    BEC - November 2016

    Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

    May 2, 2016 at 11:31 pm #764915
    KJ
    Participant

    Correct answer is A?

    FAR - August 2016
    AUD - September 2016
    REG - October 2016
    BEC - November 2016

    Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

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