[Tncincy]

Hey anybody for power weekend? Down to the wire studying?
Well I’m in….I have posted before and so what I’m posting again. I am going to keep trying until I pass ALL parts. So here I am working Far trying to salvage at least one nts. Today is scheduled for 10 hours. No distractions, working in 3 hour sessions. Suggestions are welcomed. I have my boiled eggs, raisin toast with jelly and coffee with Hershey chocolate caramel cream and I am ready to go. Come on Ninja’s join in on the power weekend study binge. I really hate feeling like I’m the only one that has not passed.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Anonymous]

Thanks for the motivation. I was getting a feeling that I wanted to have a lazy and off-beat day today and head to the beach, but your post changed my mind. I'm going to get off my butt and spend the day in Starbucks and the library. Look out FAR! Grande caramel latte with extra espresso and free wi-fi…here I come 😊

[Wanna_B_TXCPA2014]

Tncincy this is gonna be your time! My suggestion with FAR is to make it a point to verbally summarize the topics you struggle with in layman's terms. Explain it some one then have them repeat it back to you. The key to this exercise is that you should gain more understanding as you correct there mistakes.
I did this with stockholders equity and LIFO with my wife and I will it helped bc I got that elusive 75 after 6tries. Good luck!

[Tncincy]

Hi guys, my three hour stretch.
Thanks wanna B, I appreciate the encouragement. My mind keep trying to get into other things but I am doing pretty good shutting it down. (even my children is in on not distracting today) I'm going to take a few minute break and start session two. Keep going Brickellcpa….I found two unused Starbucks gift cards in my purse. (I certainly forgot I had these. I may use them for my evening session.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[IwannabeaCPA2017]

you are definitely not the only one!!! We are all in. Also, taking FAR. All I got is a monster and a red bull! Planning to do 7 hours today and have a drink tonight to relax a bit haha. let's go FAR buddies and anyone else studying for another section.

[IwannabeaCPA2017]

this is prob better for the FAR thread but since OP u r studying for FAR I got a question and figure it might test your knowledge so it is beneficial. So just to summarize and not type out everything the question states:
Tafr corpt operates a retail store and pay sales taxes on all items and are subject to a 6% sales tax which taft collects and record as sales revenue and it said the company had a total revenue or sales collected as 27,560 and ask for what is the sales taxes payable and what the revenue is?

My question is: Does the 27,560 include the sales tax (6%) already because the way how becker is showing me is it does? How do I determine that because I'm a little lost on the math part. Thanks!

Here is what they did: 27,560/1.06 = 26,000. Then took the difference of 27,560-26000 = 1560 as tax payable..Based on this I'm assuming the 27560 is already including the tax payable so we just wanna break it down? I'm a little slow on numbers. Thanks for the help.

[Tncincy]

I got 1653.6 for sales tax payable and total sales revenue of 25,906.4

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

I see what they did, but why divide by 1.06? A better formula maybe? Oh well, I guess we keep studying…lol

It begins with a 75
Been here too long as a cheerleader....ready to pass

[IwannabeaCPA2017]

The only reason I could think that because the total credit (27,560) is including 6% sales tax in other words the accumulation of every .06 on the dollar to that total. So we divide by 1.06 to get to the total revenue without the taxes? lol I have no idea.. I mean I get the numbers sometimes but not sure what it means.. and that kinda stinks as an accountant. Hopefully, someone can chime in and offer some explanation for us 🙂 haha
Good luck studying tncincy!

[Anonymous]

@Iwannabeacpa

“Tafr corpt operates a retail store and pay sales taxes on all items and are subject to a 6% sales tax which taft collects and record as sales revenue and it said the company had a total revenue or sales collected as 27,560…”

The part in bold gives it away. Instead of having a separate account to record sales tax collected from customers, they include the total amount collected (sales and sales tax) in the sales revenue account. That means a portion of the 27,560 includes sales tax.

In order to get the sales tax included in that amount, you have to use a bit of algebra.

27,560 / 1.06 = 26,000

In other words: Sales X 1.06 (6% tax rate) = 27,560 (total amount recorded in sales revenue)

27,560 (total amount recorded in sales revenue) – 26,000 (sales) = 1,560 (sales tax payable…the “additional” amount recorded in sales that should have been recorded as sales tax payable)

Hope this helps…a bit of algebra involved but a bit of practice and you will see it.

[Tncincy]

Good study today. I am well pleased. Looking to have an even better day tomorrow. Thank God the weather cooled off too. I am going to try to sleep with audio tonight. I hope I don't have nightmares.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Meg267]

I'm getting really stressed about my FAR exam coming up on the 14th. I've got about 21 lessons left in Wiley to finish, then I'm planning on hitting Ninja MCQ and notes for review. I plan on studying for the next 8 hours today, hoping I can finish the Wiley lessons or almost finish them.

[Tncincy]

Hey Ninja's,
My plan was to study after church today but as it turns out my mother in law got sick (eating gas station chicken) so we had to attend to her. She's doing fine, but I was not able to study like I wanted. The night is not over so I am writing notes since mcq is down for maintenance. I am really fighting the oh what's the use attitude. Something is better than nothing so I am writing. I have no idea what was on the ninja audio, I went right to sleep on financial statements…lol Hope everyone had a good study session today. No worries, I have all day tomorrow and I plan to use all of it.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

It's Friday, technically the beginning of the week end. I'm getting started early, although I've been going at it all week. Nothing seems to be sticking. I'm doing miserable on mcq's to the point that I don't want to do them. Nevertheless, my goal is non stop mcq's. (I guess I can't close my eyes and do them like drinking prune juice). It's been very rough staying focused with everything going on around me, but here I am. I have to at least feel ready for Far. It's all day today for me.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

How do I change my nick name? I don't want to see my nick name. I am sure it's better things to do but I just noticed
that 🙁

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

Nevermind, I found it. First three hour session in the book, about to pick it up a notch.

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Author]

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