[jeff]

SO I know every test is different but does anyone have any insight on what has been heavily tested recently? I take the exam Monday and I need to narrow my focus….Thanks!

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

[Determined CPA]

I haven't been keeping up with this thread the way I planned on it…I think I need to actually print all this and review it over this weekend – add that to the list of miserableness that is my life!

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[Gabe]

Kuchman Kookware issued 40,000 shares of its $8.00 par value common stock for $9 on January 1, Year 1. Kuchman repurchased 1,000 shares at $8 per share on April 1, Year 2, resold 500 shares at $9 per share on July 1, Year 2, and, on October 1, Year 2, resold the final 500 shares at $5 per share. Assuming Kuchman uses the par value method of accounting for its treasury stock, retained earnings at December 31. Year 2 would be reduced by:

1/1

DR cash 360

CR cs 320

APIC 40

4/1

DR T/S 8

CR cash 8

7/1

DR Cash 45

CR T/S 40

CR APIC 5

10/1

DR Cash 25

DR APIC 10

DR RE 5 ($9-$8 * 500)

CR TS 40

CPA, CFE
CISA- Experience will be completed by August 2016

[hudnetj]

The answer is $500.. You guys are right.. I had all of those except for the last JE on 10/1..

I had DR: APIC for 500 and DR: RE for 1,000

I thought you would debit APIC up to the amount (500 on 7/1) and the rest would be a debit to RE?

BEC - 76
REG - 76
FAR - 77
AUD - 63, 89

DONE!!

CPA 3/15

[Gabe]

@hud that's the way I learned it too..now I read apic = issue amount – pv amount. The rest goes into re.

Anyone have any literature on this specific je?

CPA, CFE
CISA- Experience will be completed by August 2016

[Future Ninja]

hey guys. I rescheduled FAR from 14th to 21st. This is worst than AUD. Anyone taking on the 21st too?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

finally home from work. no holiday for me today. let's do this. we're on our way to CPA.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[jeff]

FAR NINJA Book is locked and loaded into the store:

https://www.another71.com/products-page/ninja-book

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

[Future Ninja]

awesome! thanks jeff.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Gabe]

“I thought you would debit APIC up to the amount (500 on 7/1) and the rest would be a debit to RE?”

@hud- that's with the COST method 🙂

CPA, CFE
CISA- Experience will be completed by August 2016

[Future Ninja]

@Gabe @Determined Or anyone please help: topic govt accounting

Pine city's year end is June 30. Pine levies property taxes in January of each year for the calendar year. One-half of the levy is due in May and one-half is due in October. Property tax revenue is budgeted for the period in which payment is due. The ff information pertains to Pine's property taxes for the period from July 1 year 1 to June 30 Year 2.

Levy Year 1 $2,000,000 Levy year 2 $ 2,400,000

Collected in:

May Year 1 $ 950,000 Year 2 $ 1,100,000

July Year 1 $ 50,000 Year 2 $ 60,000

October Year 1 920,000

December Year 1 80,000

The $40,000 balance due for the May year 2 installments was expected to be collected in August year 2. What amount should Pine recognize for property tax revenue for the year ended June 30, year 2?

a. $2,160,000

b. $2,400,000

c.$2,360,000

d.$2,200,000

Can anyone please help the necessary entries and the correct answer? Thank you.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

did you know that

Levies on affected property owners to install sidewalks = capital projects fund

Gasoline taxes to finance road repairs = special revenue funds

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[juuustin]

@FutureNinja

The answer is D. $2,200,000. Pine's year-end is 6/30 so the October and December Year 1 collections are not available (more than 60 days) so they must be recognized as revenue in Year 2. That is $1,000,000.

In Year 2 they collected $1,100,000 in May so that is definitely recognized and $60,000 in July, which is recognized because it is within 60 days of the FY end. The $40,000 expected to be collected in August is also recognized because under modified accrual, those revenues are available and estimable. That totals $1,200,000. Add the two together to get $2,200,000.

MD Candidate: 10/1/14

FAR - 87 (11/23/14)
REG - 87 (1/30/15)
BEC - 89 (4/19/15)
AUD - 98 (5/30/15)

Ethics - 100

Experience - In Progress!

[Future Ninja]

6am. rise and grind.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

help anyone: topic Govt accounting.

disclosure of employer contributions minimum of 3 years? or minimum of 10 years? which is which. i'm confused. thanks.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

@juuustin thank you. what would be my entry for those collections?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Author]

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