Could someone kindly assist me with the section in red? I am calculating something incorrectly.
Homework Answers
(a)
| Date | Account titles and explanation | Debit | Credit |
| 2018 | Allowance to reduce deferred tax asset to expected | 15300 | |
| Benefit due to loss carryforward | 15300 | ||
| (To adjust allowance) |
(b)
| Bonita Inc. | ||
| Income Statement (Partial) | ||
| For the Year Ended December 31 2017 | ||
| Operating loss before income taxes | -281000 | |
| Income tax benefit | ||
| Benefit due to loss carryback | 85200 | |
| Benefit due to loss carryforward | 15300 | |
| 100500 | ||
| Net income / (loss) | -180500 | |
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Could someone kindly assist me with the section in red? I am
calculating something incorrectly.
Exercise...
Exercise 19-23 Pearl Inc. reports the following pretax income (loss) for both financial reporting purposes and...
Exercise 19-23 Pearl Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Assume the carryback provision is used for a net operating loss.) Pretax Income (Loss) Year Tax Rate 2015 2016 2017 2018 $113,000 84,000 (270,000) 231,000 The tax rates listed were all enacted by the beginning of 2015. Prepare the journal entries for the years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the...
Exercise 19-2 The following information is available for Riverbed Corporation for 2016 (its first year of...
Exercise 19-2 The following information is available for Riverbed Corporation for 2016 (its first year of operations). 1. Excess of tax depreciation over book depreciation, $39,600. This $39,600 difference will reverse equally over the years 2017–2020. 2. Deferral, for book purposes, of $21,900 of rent received in advance. The rent will be recognized in 2017. 3. Pretax financial income, $271,300. 4. Tax rate for all years, 30%. (A) Compute Taxable Income for 2016 Taxable income $__________ Prepare the journal entry...
Your answer is partially correct. The pretax financial income (or loss) figures for Jenny Spangler Company...
Your answer is partially correct. The pretax financial income (or loss) figures for Jenny Spangler Company are as follows. 2015 2016 2017 2018 2019 2020 2021 $160,000 250,000 80,000 (160,000) (380,000) 120,000 100,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income...
Exercise 19-24 (Part Level Submission) Kingbird Inc. reports the following pretax income (loss) for both book...
Exercise 19-24 (Part Level Submission)
Kingbird Inc. reports the following pretax income (loss) for both
book and tax purposes. (Assume the carryback provision is used
where possible for a net operating loss.)
Year
Pretax
Income (Loss)
Tax Rate
2015
$113,000
40
%
2016
97,000
40
%
2017
(308,000
)
45
%
2018
117,000
45
%
The tax rates listed were all enacted by the beginning of 2015.
(a)
Prepare the journal entries for years 2015–2018 to record income
tax expense...
Exercise 19-5 The following facts relate to Pearl Corporation. 1. Deferred tax liability, January 1, 2017,...
Exercise 19-5 The following facts relate to Pearl Corporation. 1. Deferred tax liability, January 1, 2017, $45,600. 2. Deferred tax asset, January 1, 2017, $0. 3. Taxable income for 2017, $108,300. 4. Pretax financial income for 2017, $228,000. 5. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $273,600. 6. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $39,900. 7. Tax rate for all years, 40%. 8. The company is expected...
You are viewing Attempt 1 Bey Accounting ekly Updates Tamarisk Inc. reports the following pretax income...
You are viewing Attempt 1 Bey Accounting ekly Updates Tamarisk Inc. reports the following pretax income (loss) for both book and tax purposes dent Practice and utions Manual ley CPAexcel ntinued Access Pretax Year Income (Loss) Tax Rate 2018 $114,000 20% 2019 91,000 20% 2020 (300,000) 25% 2021 125,000 25 % cussions nferences laborations The tax rates listed were all enacted by the beginning of 2018 LeyPLUS Support Your answer is partially correct. Wiley Accounting Weekly Updates Student Practice and...
Exercise 19-10 The following facts relate to Windsor Corporation. 1. Deferred tax liability, January 1, 2017,...
Exercise 19-10 The following facts relate to Windsor Corporation. 1. Deferred tax liability, January 1, 2017, $61,200. 2. Deferred tax asset, January 1, 2017, $20,400. 3. Taxable income for 2017, $107,100. 4. Cumulative temporary difference at December 31, 2017, giving rise to future taxable amounts, $234,600. 5. Cumulative temporary difference at December 31, 2017, giving rise to future deductible amounts, $96,900. 6. Tax rate for all years, 40%. No permanent differences exist. 7. The company is expected to operate profitably...
Problem 19-5 (Part Level Submission) Blossom Inc. reported the following pretax income (loss) and related tax...
Problem 19-5 (Part Level Submission) Blossom Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax Income (loss) 2013 2014 2015 2016 2017 2018 2019 $42,400 26,300 53,600 76,900 (177,700 ) 71,100 93,200 Tax Rate 30 % 30 % 30 % 40 % 45 % 40 % 35 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Blossom began business. The tax rates from 2016-2019 were enacted...
please solve CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 19-21 Your answer is partially correct....
please solve
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 19-21 Your answer is partially correct. Try again The pretax financial income (or loss) Rigures for Jenny Spangler Company are as follows. 2016 2018 $160,000 250,000 30,000 (160,000) (380,000) 120,000 100,000 2020 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years. Prepare the journal entries...
Whispering Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback...
Whispering Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.) Year Tax Rate 40 % Pretax Income (Loss) $114,000 91,000 (300,000) 125,000 2015 2016 2017 2018 40% 45 % 45 % The tax rates listed were all enacted by the beginning of 2015. Prepare the journal entries for years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable), and the...
Exercise 19-23 Pearl Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Assume the carryback provision is used for a net operating loss.) Pretax Income (Loss) Year Tax Rate 2015 2016 2017 2018 $113,000 84,000 (270,000) 231,000 The tax rates listed were all enacted by the beginning of 2015. Prepare the journal entries for the years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable) and the tax effects of the...
Your answer is partially correct. The pretax financial income (or loss) figures for Jenny Spangler Company are as follows. 2015 2016 2017 2018 2019 2020 2021 $160,000 250,000 80,000 (160,000) (380,000) 120,000 100,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income...
Exercise 19-24 (Part Level Submission)
Kingbird Inc. reports the following pretax income (loss) for both
book and tax purposes. (Assume the carryback provision is used
where possible for a net operating loss.)
Year
Pretax
Income (Loss)
Tax Rate
2015
$113,000
40
%
2016
97,000
40
%
2017
(308,000
)
45
%
2018
117,000
45
%
The tax rates listed were all enacted by the beginning of 2015.
(a)
Prepare the journal entries for years 2015–2018 to record income
tax expense...
You are viewing Attempt 1 Bey Accounting ekly Updates Tamarisk Inc. reports the following pretax income (loss) for both book and tax purposes dent Practice and utions Manual ley CPAexcel ntinued Access Pretax Year Income (Loss) Tax Rate 2018 $114,000 20% 2019 91,000 20% 2020 (300,000) 25% 2021 125,000 25 % cussions nferences laborations The tax rates listed were all enacted by the beginning of 2018 LeyPLUS Support Your answer is partially correct. Wiley Accounting Weekly Updates Student Practice and...
Problem 19-5 (Part Level Submission) Blossom Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax Income (loss) 2013 2014 2015 2016 2017 2018 2019 $42,400 26,300 53,600 76,900 (177,700 ) 71,100 93,200 Tax Rate 30 % 30 % 30 % 40 % 45 % 40 % 35 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Blossom began business. The tax rates from 2016-2019 were enacted...
please solve
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 19-21 Your answer is partially correct. Try again The pretax financial income (or loss) Rigures for Jenny Spangler Company are as follows. 2016 2018 $160,000 250,000 30,000 (160,000) (380,000) 120,000 100,000 2020 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years. Prepare the journal entries...
Whispering Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.) Year Tax Rate 40 % Pretax Income (Loss) $114,000 91,000 (300,000) 125,000 2015 2016 2017 2018 40% 45 % 45 % The tax rates listed were all enacted by the beginning of 2015. Prepare the journal entries for years 2015-2018 to record income tax expense (benefit) and income taxes payable (refundable), and the...
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