Nate-59233 - 10/13/2018, 2:17 am
    I am a little bit confused​ as to why the $10 was used to calculate the ending inventory. Because, if they were using​ LIFO, shouldn't they use​ the $14 instead of the $10? Because the last one​ in was the 8,000 @ 10. Any idees?
    From my CPA review course. Can you help?
    Curtis-59078 - 10/12/2018, 7:25 pm
    What I just watched a CPA review video about Sale Lease Back. If the lease back is a large % of the usable life of the asset... OR..OR.. 90% of PV of lease payments of Fair Value of the asset, it qualifies as a "non minor" interest and you would defer the gains or loss against revenue or expenses. Since, 180,000 payment/1,600,000 fair value is 11% which qualifies. Is this question designed make sure you know it. Or, did I miss understand the rule?
    This is question is not really testing you accounting skills. It's word twisting.
    Curtis-59078 - 10/12/2018, 6:48 pm
    "Assume the numbers a computed appropriately". Really? From this statement we are to assume to know you mean that the table below is not needed? Too many times it seems the point of these questions has very little to do with actual accounting and more designed to mess you up with assumptions in the wording of the question. I really prey and hope the exam is not so vague in what it is asking.
    Mohd 123
    Mohd-3057 - 10/9/2018, 10:26 pm
    as per GAAP,in long term contact the profit is calculated by following completed contct method and percentage of completion, what are the differnces between mentiond and point in time and overtime methods, i got confused, is it new accounting issue? thank you
    mas contract
    ROWENA-9803 - 10/7/2018, 10:45 pm
    what is mas contract?
    Jay-80382 - 10/7/2018, 2:44 am
    I was surprised to see that UCC allows the sellers to amend the contract if the prices are unfavorable to them. I always thought that a contract can be amended (to increase the price) if the seller is giving additional consideration to the buyer. I would be interested to know what others think.
    Need Clarity Can you help?
    Samantha - 10/6/2018, 3:26 pm
    It is my understanding that of the 10,000 in beginning WIP ... 60% was completed last period and 40% will be included in this period's cost = 4,000 Now, 50,000 was started and completed this period which would mean we need to minus the 10,000 that was completed last period= 40,000 Now, in ending WIP we have 2,000 that was 40% completed = 800 4000+40000+800= 44,800 ---> That would be the equivalent units under FIFO It appears the equivalent units in the solution is double counting the amount in the beginning WIP ... Could you clarify for me please. Thanks !
    user-4018 - 10/5/2018, 12:59 am
    Dividend may be considered as ordinary income.
    user-4991 - 10/4/2018, 2:59 am
    Is 50% is relevant in this case
    Question 7 Can you help?
    LAWRENCE-93906 - 10/4/2018, 12:17 am
    Since the warranty only covers 12 months, why wasn't that taken into account?
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