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Determined CPAParticipantCame across a good question – figured id share:
New Town's review of payroll records indicates that employees providing governmental services have accrued $250,000 of vacation pay and employees of the proprietary funds have accrued $100,000 of vacation pay. It is anticipated that 5% of the accrued vacation pay will be claimed by employees within the first 60 days of 20X1. How would the vacation pay liability be recognized on the financial statements issued at December 31, 20X0?
answer: Governmental fund liability: $12,500; Proprietary fund liability: $100,000; Governmental activities liability: $250,000; Business-like activities liability: $100,000
explanation: As employees earn the right to claim vacation pay, a compensated absence, the liability is accrued and reported in full in the proprietary fund and government-wide financial statements (governmental activities and business-like activities). The portion reported in the government-wide financial statements as governmental activities is a general long-term liability. The governmental funds, using the modified accrual method, report only the portion of the liability expected to be claimed by employees in the first 60 days of the new fiscal year.
I got this one wrong, but it reminded me that governmental is modified accrual and prop is 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 CPAParticipantI hate all the ones you hate and I also hate R&D LOL – simply thing, cant seem to get it
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 I wouldn't focus on ch10 too much if you only have 1 day, maybe do a progress test and youll get a few ?s to refresh your memory
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 CPAParticipantonmyway – after FAR, bec will be a breeze. the book alone is half the size – you will feel like you died and went to CPA heaven
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 CPAParticipantThank you OnMyWay732 and Gabe! I feel like I'm always getting confused with silly things like that. I hope this week of review really makes this info click at some point – this is worse than BEC, hands down – and I HATED BEC
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 thank you!
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 CPAParticipantSo the gain/loss always uses YE rates when asking when it's collected? Ok, guess that makes sense.
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 CPAParticipantOn October 1 of the current year, a U.S. company sold merchandise on account to a British company for 2,000 pounds (exchange rate: 1 pound = $1.43). At the company's December 31 fiscal year-end, the exchange rate was 1 pound = $1.45. The exchange rate was 1 pound = $1.50 on collection in January of the subsequent year. What amount would the company recognize as a gain (loss) from foreign currency translation when the receivable is collected?
Answer:
The company would recognize a $100 gain:
January (2,000 pounds x $1.50) $3,000
December (2,000 pounds x $1.45) 2,900
Gain $ 100
my question is why isn't the gain $140 (2000 *(1.43-1.50))? Is there any situation where we would be required to use the original rate of 1.43?
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 CPAParticipantWOW – ok good luck tomorrow! Keep us all posted!
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 CPAParticipantUnder GAAP – tomorrow?? GO TO BED!
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 really hate this test
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 CPAParticipantOn March 1, year 1, cain issued at 103 plus accrued interest, 200 of its 9% 1,000 bonds. bonds are dated jan 1, year 1 and mature jan 1, yr 11. interest is payable semiannually on jan 1 and july 1. cain paid bond issue costs of $10,000. under gasp, cain should realize net cash receipts from the bond issuance of:
answer $199,000
cash 206,000
accrued interest 3000 (200,000 * 9% * 2/12)
less deferred bond issue costs 10,000
question: i thought bond issue costs were amortized using SL? is the full amount shown here bc its asking for cash realized and not recognized?
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 CPAParticipantGot it! thank you! I think the timing of our responses back and forth was weird but I get it, thank you so much!
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 juuustin, thank you!! so cumulative – ALWAYS deducted regardless if declared.
if the non-cumulative dividends weren't declared, would they be included?
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 CPAParticipanthuh? im sorry im confused with what you're saying =(
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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