Comment

Comment by Karla on September 13, 2010 at 8:50am

Hello I am also going to start with Yaeger today and need all the support I can get.
I started out with Becker but have not been able to pass through chapter 2.
KFCPA base on your own experience with Yaeger how did you find the material?

Comment by KFCPA on September 13, 2010 at 7:46am

Study D,
I'll study with you. I missed by one point last time. I use Yaeger and I'm planning to take it in October or November. Add me as a friend if you're interested.

Comment by Study D on September 13, 2010 at 3:07am

Anyone getting started with Yeagar for a November exam date? Looking for a study buddy...

Comment by Karla on September 12, 2010 at 6:35am

Monika actually I am going to try yaeger starting tomorrow praying this will make a difference for me thank you..

Comment by Monika Sondhi on September 11, 2010 at 7:33pm

Karla try yager... Cindy is excellent with concepts

Comment by Karla on September 11, 2010 at 2:00pm

decided to try something else besides Becker not really understanding the way they presented FARE

Comment by Veronica Black on September 8, 2010 at 5:39am

Jeanne no problem thats what we are here for. ;)

Comment by Jeanne on September 7, 2010 at 9:33am

Thanks, Veronica! You're right, January sales tax was paid in February - I just didn't put that together. Thank you so much!

Comment by Veronica Black on September 7, 2010 at 9:22am

Jeannie.. The $600 is the sales tax paid from January. I remember this question. In the facts doesnt is say if sales tax is over $500 it has to paid in the following month otherwise it can be paid at the end of the quarter? So the $600 was already paid and does not get accrued to come up with the sales tax payble, just the $420 & 480. Hope that helps you.

Comment by Jeanne on September 7, 2010 at 8:01am

Ugh, little details keep messing me up. A past exam question on sales taxes payable gives 3 months of Sales Revenue figures, then asks for the amount of sales taxes payable at the end of the quarter. It is a straightforward question except for one thing... Here is the info. given:
January Debit $0 Credit $10,600
February Debit $600 Credit $7,420
March Debit $0 Credit $8,480
Total Debit $600 Total Credit $26,500

So... It is easy enough to look at the sales revenue and calculate the amount of sales taxes payable EXCEPT for that $600 debit amount in February. The answer to this question ignores that $600 completely and bases the amount of sales tax payable on just the Credit amounts. My intuition tells me that the $600 represents sales returns, and should have been deducted from the Credit balance to arrive at the true sales revenue for the month.
Can anyone explain why the $600 debit is ignored?
Thank you!

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