[jeff]

Welcome to the FAR CPA Exam study group for July & August 2018 exams. 🙂

Please introduce yourself & when you’re taking your exam (approximate timeframe).

FAR Study Group Links and Resources:

1. NINJA Monthly – Full FAR Course for $67/mo
2. How to Study for FAR with NINJA Only
3. How to Pass FAR in 20 Days
4. How to Retake FAR After Failing
5. Video: Study Advice for FAR
6. CPA Reviewed Podcast
7. CPA Exam Score Release Dates
8. NINJA MCQ Trending vs Actual FAR Scores
9. I Passed the CPA Exam!
10. I Passed FAR!
11. NINJA FAR SIMS List by Topic
12. Free Downloads: NINJA FAR

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

[Globetrotter]

Cpaswag
I am not 100% sure but I think your initial JE (based on explanation) is
DR. Cash 2,500,000
DR. Discount on Bonds 298,435
CR. APIC 295,435
CR. Bonds Payable 2,500,000

If Discount is amortized using straight line, for 10-year bond, you amortize, 29,844 per year.
For half-year (July – Dec), it’s $14,922.

[tkuhn21]

Hi my name is Tori. I'm taking FAR Sept 10!

[Harita]

Had a doubt while I was ready the chapter on Investments, I've read before (CPA exam questions) regarding the Liquidating Dividend and Normal (Non Iiquidating) Dividend which need to be accounted in different ways when dividend received exceeds the investors share of Undistributed earnings in investee company.

Does this still hold good ? Or is this an old accounting rule which has been changed to just reducing from Investment account no matter what ? Because I did not see anything regarding in the current edition of Wileys

[Harita]

Hi,

Just another doubt what's the journal entry To recognise unrealised gains on equity shares investment with no significant influence under the fair value method ?

Do we adjust it directly to investment or route it through fair value adjustment account ?

[Ghenah]

Dear ,Globetrotter

The prepaid taxes considered as deffered expense , so it will be excluded .
Then you should net cost excess billing which equals (1,600,000-700,000=900,000)
Then add (900,000+3,500,000+600,000=5000,000).

[Ghenah]

Dear Harita
When there is deficit in retained earnings, the remaing of dividends deducted from Additional Paid in Capital.

[El]

Anyone else noticing a weird lag on the message boards?

@dreamxu I've seen that question on Roger correct answer is c.

[jeff]

Post your study goals for the week … I'm giving away a NINJA Monthly subscription in each study group each Monday … please only post in one study group for the giveaway.

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

[Pokey]

Study GOAL – My plan for FAR is:

3 hours during my work hours, includes my lunch hour
2 hours at night after I cook dinner and get ready for the next day
4-6 hours on Saturday and Sunday

Currently, I have listened to all the Ninja BLIST videos and have taken notes from them – I scan over them when I run across a question on the MCQ, I need guidance on.
I started on the :Bob: PLUS videos yesterday, and loving them.
I listen to Ninja audio on way to work and home. I hope this new plan works, as I have not passed a exam yet (super sad face – ONLY A NINJA MONTHLY SUBSCRIPTION WILL MAKES THE SADNESS GO AWAY :))

AUD - 74 (3x), TBD
BEC - Sept16
FAR - TBD
REG - TBD

[rubberducky]

Study Goal:
My FAR exam is this weekend so my plan is to focus on MCQs and review the major topics that I think will be important on the exam.

Next week:
I am going to get started on AUD. My goals for next week is to get through 2 to 3 chapters and work through all the MCQs and a few SIMs.

Ultimate goal:
To pass!

[NOLABUCK11]

My Study Goal – 1st FAR Exam attempt on 9/10/18. By the end of next week, I hope to be through Section II. Select Financial Statement Accounts of Wiley material. I will continue to watch lectures and take my own notes on key points and MCQs. I will also listen to Ninja Audio to and from work to recap everything that I'm currently studying.

[Rainbow Butterfly]

Hi everyone! I am taking FAR a second time this Wednesday… scared stiff. Missed it last time by one point. ONE POINT! Because of this near miss, BEC has expired. Argh! My goal is simple, I want to pass these two parts before REG expires in November.

Please send me encouraging texts as I am stressing myself out WAAAaaayyy to much about this. Yup, CPA nightmares and everything.

[cbl]

Can someone please help me with this?

Beck Co.'s inventory of trees is as follows:

Beginning Inventory- 10 trees @ $50
March 4- Purchased 6 trees @ $55
March 12- Sold 8 trees @ $100
March 20- Purchased 9 trees @ $60
March 27- Sold 7 trees @ $105
March 30- Purchased 4 trees @ $6

What was Beck's cost of goods sold using the last in, first out
(LIFO) perpetual method?
a. $910
b. $850
c. $808
d. $775

Answer is B

[Rainbow Butterfly]

To CbI:

COGS should be 6*55 + 2*50 + 7*60 = 430 + 420 = 850
430 is from the first batch sold
420 from the second batch

Makes sense?

[JB]

Goal is to get through F8 by tomorrow and F9 and F10 by Sunday of next week. Then it's going to be review, review, and more review until 8/25. Good luck everybody!

[Author]

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