CPA Exam Simulation | Equity Method

[@hameezahamed2719]

Professor Farhat, Thanks a million times for this incredible service you're doing.
I'm an ACCA student member from sri lanka.I'm currently working as a trainee at an Audit and Accounting firm in my country.
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Thank you sir.
~ Hameez Ahamed

[@AccountingLectures]

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[@stanleysun1211]

It's very nice to see you back Sir. Wish you all the best.

[@AccountingLectures]

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[@krishnaprajapat9989]

The retail inventory method includes which of the following in the calculation of both cost and retail amounts of goods available for sale?
A. Purchase returns.
B. Sales returns.
C. Net markups.
D. Freight in.
Please explain it

[@rithikjain4947]

Your explanation are so good
Keep this going sir never stop making this video's

[@AccountingLectures]

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[@harisakm6209]

Sir u are great💜

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[@mugdarfitness6171]

Why was the excess of 10,000 (25% of 40,000) on inventory not amortized over 10 years?

[@wajdanhadi4116]

prof what about the fair value of the investment it is 1500,000 meanwhile the implied value is 2000,000 that mean investment in sub it will be 375,000 (0.25*1500,000)instead of 500,000 ( is the deference treats like a goodwill ?)

[@godofcod1225]

2,000,000-1,500,000= 500,000 differential. 120,000 is accounted for with plant and inventory, and 380,000 is goodwill. since there is no impairment of goodwill in this question, you just calculate the plant and inventory portion as Professor did.

[@rudnnyy]

Hopefully, you can be my professor. 😊

[@AccountingLectures]

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[@krishnaprajapat9989]

A publicly traded corporation reported a $10,000 deduction in its current-year tax return for an item it expects to be disallowed. The tax rate is 40%. How should the corporation report this tax position in the financial statements?
A. As a temporary difference disclosed in the notes to the financial statements that is not recognized.
B. As a $10,000 deferred tax asset.
C. As a $4,000 income tax expense and a $4,000 liability for an unrecognized tax benefit.
D. As a $4,000 deferred tax asset and a $4,000 income tax benefit.

[@krishnaprajapat9989]

Can you Please Explain in your next video?