Why does it not qualify under 351?
    Caroline-91970 - 06/1/2019, 10:36 pm
    Is it because it's preferred stock he receives in exchange or is it because it's repayment for a loan?
    1
    I thought control was 80% of the stock?
    Caroline-91970 - 06/1/2019, 9:16 pm
    They're each getting 1/2 of the corp's shares so 50%.
    1
    U
    Accounts Payable Can you help?
    user-8842 - 05/31/2019, 3:51 pm
    Since the $40,000 was earned within the fist year, but not "paid out". Shouldn't the there be an expense for the $40,000 incurred but not paid. Therefore the $800,000 would be an increase in restricted net assets and the $40,000 would be a decrease in unrestricted net assets. There would also be a liability set up for the $40,000 expense. Then that liability would be debited when the $40,000 is actually paid out. Please correct me if i'm wrong.
    0
    L
    Understood. Can you help?
    LAURI-54946 - 05/30/2019, 2:21 am
    A disclaimer is not relevant because the auditor is aware of the material misstatement.
    0
    R
    Math
    R.B. - 05/29/2019, 9:41 pm
    What about the $70,000
    1
    U
    Not for profit Can you help?
    user-15173 - 05/28/2019, 12:41 am
    Where is the temporarily restict net asset on not for profit organization? It was eliminated?
    0
    the explanation does not give full context
    PoorAuditStaffer - 05/27/2019, 11:40 pm
    The explanation states that "R&D expense does not include:" and includes 4 bullet points. My first response to each of the "not" definitions is by trying to classify it where it should go. Routine repairs and maintenance and even improvements are classified as Repairs and maintenance or even capitalized as asset improvements in PP&E. Legal fees when successfully defending an intangible asset are capitalized as an intangible asset. where is market research expense? (cost of sales?) Computer Software that is developed internally is capitalized as an intangible asset. PLEASE correct me if I am wrong.
    1
    Y
    GREAT FOB SHIPPING AND FOB DESTINATION Can you help?
    YoungCPA - 05/27/2019, 12:10 pm
    I think this is a great FOB shipping and FOB destination question. It allows us to practice 4 rations. Wanted to start a conversation about it and hear other points of view.
    0
    Y
    Attitude Can you help?
    YoungCPA - 05/26/2019, 11:12 am
    Anyone else had a hard time understanding that Attitude relates to rationalization
    0
    G
    Passed REG
    Gabriele-19406 - 05/23/2019, 4:43 pm
    Just received the results, and I passed REG with a score of 91. For this exam I relied even more heavily on CPA review for Free because my study guide did not have the new tax reform changes (I did not want to purchase an updated version). The difficulty level of the questions on the site is very comparable to the exam. And the simulations are a plus. Thank you again for providing this affordable resource. I have BEC left and will attempt this sometime this summer.
    2
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