CPA Exam Simulations: Adjusting Entries

[@jessicachiu8037]

That is excellent lecture! Thank you Professor Farhat

[@AccountingLectures]

Thank you and please visit the website for more farhatlectures.com/

[@coffeeandwealth885]

How do you know the (Gain) on discontinued operation is not going to get adjusted by (245000) to reach (300000)? why is it (55000) and adjust by (300000) which result in (355000). Isnt it ultimately you want a gain of (300000) from disposing of the segment? no where in the problem talks about the initial (55000). So why is ending result 355000 and not 300000

[@mahamsaleem3876]

If you notice we actually ignore all unadjusted balances and only focus on adjustments based on figures given in the documents. We can assume the 55k is a disposal of something else not mentioned

[@swatisatheesh6303]

At 21.09,why are we taking the half of the interest expense ? SOFR of 1.25% is already half yearly.

[@mithisaraf6385]

Why do Total Assets and Total liability not match at the year end? Total Assets ($45,025,000) are more than Total liabilities (35,109,000)

[@TylerDurden-tt3kq]

asset = liability + equity

[@da_Accountant]

Does anyone know the SIM # in Becker for this question?