FAR Study Group Q2 2016

Viewing 15 replies - 1 through 15 (of 2,358 total)
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  • #763671
    sva_123
    Participant

    I'm in! This is my last section. Good luck to us all!

    AUD: Pass (July 2015)
    BEC: Pass (Nov 2015)
    REG: Pass (Feb 2016)
    FAR: Pass (June 2016)
    Ethics: 100%

    Becker self study and Ninja 10 pt combo

    #763672
    Ohmykimb
    Participant

    I'm in, I need to get this done now. I want to get married and start a family. I tried tonstart and got really sick last year hopefully this year I can just knock it out.

    Eff'ed around for a while, doing this for real now

    #763673
    JT
    Participant

    Got my first ‘fail' last quarter with a 73.

    Im in, and hopefully I wont be back next quarter!

    Formerly-DAB

    Reg 80

    Bec 80

    Far 73   75

    Aud 69  89

    Done! Time to live life again!

    REG-80-1X
    BEC-80-1X
    FAR-73-1X
    FAR-75-2X
    AUD-September 2016

    #763674
    rahurst
    Participant

    Hi all – I'm scheduled to take FAR on 4/12 for the 3rd time. Hopefully 3rd time's the charm! 🙂

    FAR - 60 (11/25/14) 61 (1/6/16) 75 (4/19/16)
    AUD - 75 (1/6/15)
    BEC - 71 (4/7/15) 77 (7/2/15)
    REG - 62 (8/28/15) 71 (11/2/15) 84 (2/12/16)

    #763675
    JustAnotherWannabe
    Participant

    Ugh I knew FAR was going to be tough! Arrived at one of my least favorite topics in college FAR classes, Statement of Cash Flows. Feeling discouraged, been reading, re-reading, and going through the questions and simulations way too long! Think I need to move on to the next topic and come back later at this point.

    AUD- 98 2/24/16
    FAR-
    REG-
    BEC-

    Self Study CPAExcel

    #763676
    marqzho
    Participant

    JustAnotherWannabe

    It is a good idea in fact. I put Statement of Cash flow and Consolidation in the last part of my review. They both involved concepts from other parts of FAR. You will have a better view on Cash Flow after you finish reviewing other chapters 🙂

    REG 90
    FAR 95
    AUD 98
    BEC 84

    #763677
    KJ
    Participant

    Ace Co. sold to King Co. a $20,000, 8%, 5‑year note that required five equal annual year-end payments. This note was discounted to yield a 9% rate to King. The present value factors of an ordinary annuity of $1 for five periods are as follows:

    8%: 3.993
    9%: 3.890
    What should be the total interest revenue earned by King on this note?

    A.
    $9,000

    B.
    $8,000

    $5,560

    D.
    $5,050

    You are correct, the answer is C.

    Explanation: The first thing one needs to answer this question is the annual payment needed to pay the note. Because the note yields a higher rate (9%) than it pays (8%), the note should have a discount. Since the note has a stated rate of 8%, the annual payments will be based on the present value of an ordinary annuity based on the 8%: Thus, the annual payment is $20,000 ÷ 3.993, or $5,009 annually.

    The present value of the note, however, and thus the initial discount is based on the yield percentage of 9%. Therefore, the note's initial present value is the payment amount multiplied by 3.89 ($5,009 × 3.89), or $19,485.

    The total amount of interest revenue one earns on a note is related to the total payments and also the present value of the note, with a discount recognized here initially, on this note. The total amount to be received on this note is 5 × $5,009, for a total of $25,045.

    Interest is generally the amount returned over and above the amount originally recognized, which was the $19,485 originally. Thus, the total interest revenue is $25,045 − $19,485, or $5,560.

    I wanted to know the way I derived to the answer is also correct or not. I got the same answer as well.

    My Calculation: 20,000 x 3.890 = $77,800/5 years = $15,560. Total Interest revenue = $20,000-15,560 = $5560.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    "Everything should be made as simple as possible, but not simpler" - Albert Einstein

    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

    #763678
    JT
    Participant

    I thought the same thing as you but 20000-15560 isn't 5560.

    Formerly-DAB

    Reg 80

    Bec 80

    Far 73   75

    Aud 69  89

    Done! Time to live life again!

    REG-80-1X
    BEC-80-1X
    FAR-73-1X
    FAR-75-2X
    AUD-September 2016

    #763679
    KJ
    Participant

    @ dab, thanks I noticed that too after I posted it :-).

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    "Everything should be made as simple as possible, but not simpler" - Albert Einstein

    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

    #763680
    Spartans92
    Participant

    @Kanwal, are you using becker? This is the bonds chapter right? This was somewhat difficult and still confused after reading through the explanation.. I thought I got bonds down :/

    BEC - 76
    REG- 67, 85
    AUD-63, 74, 80!!
    FAR-65, 62, 57, 79

    3 down 1 more to go. BEC is on the Line 🙁

    BEC- PASS

    #763681
    Josh
    Participant

    rahust – my 3rd time as well. I still believe it's passible.

    Dab – So close. You can do it!

    I'm in. For my family's sake, I hope this is the case. I just found out I'm going to be a dad, extra motivation.

    AUD - 75
    BEC - 78
    FAR - 76
    REG - 80
    Josh
    “Focus on the future for 50%, on the present for 40%, and on the past for 10%." - Maasaki Hatsumi
    #763682
    KJ
    Participant

    @ Spartans, I'm using Ninja ten point combo. This question is from receivables (note). Bonds are always my nemesis but I have not got into bonds yet and looks like will give me hell of a time!!!

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    "Everything should be made as simple as possible, but not simpler" - Albert Einstein

    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

    #763683
    Spartans92
    Participant

    thanks @kanwal, I thought the concepts were similar to bonds with the discount etc. Guess this will take lots of practice for it to sink in.

    BEC - 76
    REG- 67, 85
    AUD-63, 74, 80!!
    FAR-65, 62, 57, 79

    3 down 1 more to go. BEC is on the Line 🙁

    BEC- PASS

    #763684
    nib
    Participant

    hello friends,

    QUE

    What is the effect on retained earnings when a non-monetary asset is distributed to a shareholder?
    R/e will increase or decrease and by what amount ?

    1)also check J/E given below , If corect or not .???

    ——————————————————
    Property Dividend JOURNAL ENTRIES

    date of dividend declaration

    Dr nonmonetary asset diff ( f.v. – c.v.)
    cr Gain on appreciation of nonmonetary asset( fv- cv )

    Dr R/E f.v. of asset .
    Cr Dividends payable fv of asset

    On the dividend payment date,:
    Debit Dividends payable f.v. of asset
    cr nonmonetary asset f.v.

    #763685
    Claudia408
    Participant

    BEC 65, 71, 75
    AUD 62, 70, 78
    REG 67, 66, 65, 66, 64
    FAR 68, 64, 73

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

Viewing 15 replies - 1 through 15 (of 2,358 total)
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