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Determined CPAParticipantmb0363 such a good feeling to have!!!
Gabe everyone gets different tests – don't judge based off others experience. trust me, I honestly never thought my testlets were getting harder and my questions never got wordier, not even for audit, which is very common if you're doing well. Im sure you did very well!!
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.Determined CPAParticipantGabe – I'm sure the questions didn't appear to be getting harder bc you know the material! honestly, ive never felt like my testlets got harder. Ever.
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.Determined CPAParticipantok – taking a break from the comp to re-write ninja notes! good luck with studying – seems to be only a few of us left!
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.Determined CPAParticipantugh! diluted EPS is kicking my butt!
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.Determined CPAParticipantThe diluting effect of options and warrants and their equivalents is reflected in diluted EPS by application of the treasury stock method, which assumes that:
proceeds from exercise are used to purchase common stock at the average market price.
can anyone explain that?
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.Determined CPAParticipantI think if something is expected to be uncollected, a valuation allowance is set up, but it doesn't affect the actual revenue collected.
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.Determined CPAParticipantok I think I got it – have I mentioned how much I hate this!?
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.Determined CPAParticipantAnd this was successful. So why isn't it being capitalized? Am I missing something?
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.Determined CPAParticipantGray Co. was granted a patent on January 2, 20X1, and appropriately capitalized $45,000 of related costs. Gray was amortizing the patent over its estimated useful life of 15 years. No impairment losses were recognized. During 20X4, Gray paid $15,000 in legal costs in successfully defending an attempted infringement of the patent. After the legal action was completed, Gray sold the patent to the plaintiff for $75,000. Gray's policy is to take no amortization in the year of disposal. In its 20X4 income statement, what amount should Gray report as gain from sale of patent?
Answer: 24,000
Initial capitalized amount $45,000
amortization (3/15 x $45,000) (9,000)
Infringement defense costs 15,000
–
Carrying value at time of sale $51,000
========
Sales price $75,000
Carrying value – 51,000
Gain on sale $24,000
I thought legal fees for a successful defense were amortized?? since they chose to take no amortization in year of sale, I am getting a gain of 39,000 (75,000 – (45,000-9,000)). What are the defense costs of 15,000 being added in?
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.Determined CPAParticipantAnyone have anything on diluted EPS??
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.Determined CPAParticipantAlso,
non-spendable = think of something that is not in spendable form, like inventory or a prepaid or and permanent fund principal.
restricted fund – BY DONOR or government, cannot be restricted within the org!!
committed – resources that can only be used for a certain purpose due to government – but government can undue this, that's why its not restricted
assigned – just assigned by gov, but aren't restricted or commited
unassigned – default where everything else goes and can have a negative balance
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.Determined CPAParticipantOne way I try and remember cash flow categories is:
Operating = NI + Current assets + current liabilities
Investing = noncurrent assets + acquiring stock
Financing = Long term liabilities and equity
Does that seem right?
also, can anyone please explain diluted EPS? confuses me to no end!!
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.Determined CPAParticipantYeah, that's cash to accrual.
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.Determined CPAParticipantLOL sorry, Nick!
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.Determined CPAParticipantCash – Accrual
Net Income
+ Increase in Current Assets
– Decrease in Current Assets
+ Decrease in Current Liabilities
– Increase in Current Liabilities
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. -
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