[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

[Future Ninja]

@CPA Title in 2015 thanks. oh yeah. for real, I need some good luck with FAR. all we need is 75.

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

[Future Ninja]

RST Charities received equities securities valued at $100,000 as an unrestricted gift. During the year, RST received $5,000 in dividends from these securities; at year-end, the securities had a fair market value of $110,000. By what amount did these transactions increase RST’s net assets?

$100,000

$105,000

$110,000

$115,000

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

[Anonymous]

@ future–regarding 1st question: don't know why 115 is listed twice. For 2nd question, is it 115?

[Future Ninja]

@CPA Title in 2015 2nd question is usd115,000.00. I answered and used the FV at the end of the year flat usd 110,000.00

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

[Future Ninja]

@CPA Title in 2015 should I add the dividend to the FV whenever they asked this question?

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

[juuustin]

Future: First question is $15,000 in temporarily restricted. The $100,000 gift is permanently restricted.

Second question the answer is $115,000. Securities are marked to market at year end and the $5,000 increases unrestricted assets.

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]

@juuustin ok. duly noted. marked to market.

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

[Future Ninja]

5am. 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]

where's everyone?

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

[Future Ninja]

(IFRS vs GAAP) A comprehensive MCQ:

On January 2, Year 1, Gearty Company issued its 9%, 4 year convertible debt instrument with a face amount of $4,000,000 for $4,100,000. Interest is payable every December 31 of each year. The debt Instrument is convertible into 80,000 ordinary shares with a par value of $50. When the debt instruments were issued, the prevailing market rate of interest for similar debt without conversion option is 10%.

PV of 10% for an ordinary annuity of $1 = 3.170

PV of 10% for an annuity due = .683

On December 31, Year 2, 1/4 of the convertible debt instruments were retired for $1,000,000. Without the conversion option, the debt instrument can be retired at 97%.

Q1. On January Year 1, proceeds of equity component is?

a. 0

b. $226,800

c. $3,873,200

d.$4,100,00

Q2. BV of debt instrument as of December 31, year 2 is?

a. $3,873,200

b. $3,900,520

c. $3,930,572

d. $3,963,629

Q3. On retirement date, equity is?

a. $12,643

b. $ 26,700

c. $ 30,000

d. $ 56,700

Q4. On retirement date, gain or loss is?

a. $12,643

b. $ 26,700

c. $ 30,000

d. $ 56,700

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

[Robert Bentman]

@krina I have not been using this as much as I should lol. But to your last reply, I am in the same position, this is my last section as well. First time that I took it I scored strong on MC and weak on SIMS as well. Good luck to you and everyone else, we will get FAR done.

[Gabe]

Random- anyone using Ninja? If so, do you know if SIMS are calculated into your overall grade?

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

[mb0363]

In the review stage before my far exam 11/25. Reworking GOVT and NFP today along with simulations. Did Marketable securities and Acquisition, Cost and Equity yesterday.

Both Curry City and the State have a general sales tax on all merchandise. Curry City's tax rate is 2 percent and the State's rate is 4 percent. Merchants are required by law to remit all sales tax collected each month to the State by the 15th of the following month. By law, the State has 45 days to process the collections and to make disbursements to the various jurisdictions for which it acts as an agent. Sales tax collected by merchants in Curry total $450,000 in May and $600,000 in June. Both merchants and the State make remittances in accordance with statutes. What amount of sales tax revenue for May and June is included in the June 30 year-end financial statements of the State and Curry?

State Curry

a. $700,000 $350,000

b. $1,050,000 $0

c. $300,000 $150,000

d. $1,050,000 $350,000

Ans is A.

Can someone explain this to me? I'm not understanding the Becker solution.

BEC - PASS
AUDIT - PASS
REG - PASS
FAR - PASS

[Gabe]

1. Total Govt Revenues= 600K + 450K=1,050K

2. State Revenue=1,050K * 4/6 (or 4% / 6%) =700,000

3: Curry City Revenue= 1,050K *2/6 (or 2%/ 6%) =350,000

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

[hudnetj]

You could always look at it and see

Total tax revenue $1,050..

Sales tax for Curry is 6%

Total Sales = $1,050/6% = $17,500

Of that the City gets 2% = $350

State gets 4% = $700

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

DONE!!

CPA 3/15

[Author]

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