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When can I take the CPA Exam

The CPA Exam is offered four times each year: January 1 – March 10, April 1 – June 10, July 1 – September 10 and October 1 – December 10.

Bart's Brewskies saw sales of $50,000 in December-primarily due to New Year's Eve celebrations. Bart determined that 30% of his sales are paid in cash, while the rest are billed for their brewskies. Of the money owed, 40% is paid December, while the remaining is paid the following month. What is the increase of Accounts Receivable on New Year's Eve?

(A)$21,000 (B)$14,000 (C)$15,000 (D)$35,000 (E)$50,000

Correct Answer: A

Larry the Lawyer is going to represent Bart's Brewskies in an upcoming litigation. Bart is being sued for representing his brewskies as being non-alcoholic, when in fact, they were 80-proof. Larry has asked Bart for a retainer of $1,000 before he'll even meet with Bart. Assuming the accrual basis of accounting is in play, that $1,000 is considered (for Larry): Mark one answer:

(A)Revenue and a receipt (B)An accounts receivable (C)A receipt (D)Revenue (E)An accounts payable

Correct Answer: C

If a share of cumulative preferred stock has a call price of $95 and has had four years of dividends of $5 each, what is the book value of that share of stock? Mark one answer:

(A)$95 (B)$100 (C)$115 (D)$105 (E)$110

Correct Answer: C

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