Feel free to ask any questions regarding the new FAR 1 material or in general about the class! Remember, its Automatic!
If you have questions about a specific textbook problem or question in a review packet, please be very clear (Exam 1 Review, page 18, question #, etc).
Good luck studying!
For ARO problems, is there a difference between accretion expense and interest expense?
Pretty sure Monk Mock Exam A solutions for questions 26 & 16 are wrong.
For problem number 8 on page 71 of the exam 3 review packet, why do you debit/credit warranty expense/cash for 1500 instead of 450? In the problem it says there are cash refunds of 450, but the journal entry is for 1500.
For Chapter 9 Question 13 on Page 57 of the Exam 3 Review Packet, can you explain why the cost of the land is included in the weighted average expenditures? In the journal entry all of the interest is capitalized to the building, which I got, but I am just curious why none of it is capitalized to the land if we use the land expenditures in the weighted average accumulated expenditures calculation?
For Review Video #1 (Chapter 9 - Plant, Property & Equi) - min 59:30
Why does it pass the 25% test if we do not receive any cash?