Loss before taxes | $ -1,53,000 | |
Income tax benefit: | ||
Benefit due to loss carry back (48960*50%+17340*35%) | $ 30,549 | |
Benefit due to loss carry forward [(153000-48960+17340)*40%] = | $ 48,552 | |
$ 79,101 | ||
Net loss | $ -73,899 |
Exercise 19-22 (Part Level Submission) Pearl Corporation has pretax financial income (or loss) equal to taxable...
Metlock Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017 as follows: Income (Loss) Tax Rate 2009 $41,760 30 % 2010 57,600 30 % 2011 24,480 35 % 2012 69,120 50 % 2013 (216,000 ) 40 % 2014 129,600 40 % 2015 43,200 40 % 2016 151,200 40 % 2017 (86,400 ) 45 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Metlock has been...
Ayayai Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017 as follows: Income (Loss) Tax Rate 2009 $30,740 30 % 2010 42,400 30 % 2011 18,020 35 % 2012 50,880 50 % 2013 (159,000 ) 40 % 2014 95,400 40 % 2015 31,800 40 % 2016 111,300 40 % 2017 (63,600 ) 45 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Ayayai has been...
Question 8 Skysong Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017 as follows: Income (Loss) Tax Rate 2009 $34,800 30 % 2010 48,000 30 % 2011 20,400 35% 57,600 50% 2013 (180,000) 40 % 2014 100,000 40 % 2015 36,000 2016 126,000 40 2017 (72,000) 2012 40 Pretax financial income (loss) and taxable income (loss) were the same for all years since Skysong has been in business. Assume the carryback provision...
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...
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...
Exercise 19-21 The pretax financial income (or loss) figures for Blossom Company are as follows. 2012 2013 2014 2015 2016 2017 2018 $155,000 226,000 74,000 (155,000) (364,000) 113,000 99,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2012 and 2013 and a 40% tax rate for the remaining years. Prepare the journal entries for the years 2014 to 2018 to record income tax expense and the...
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...
Problem 19-5 Marin Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019. Pretax Income (loss) Tax Rate 2013 $41,500 30 % 2014 27,400 30 % 2015 48,800 30 % 2016 74,200 40 % 2017 (173,600) 45 % 2018 74,800 40 % 2019 104,800 35 Pretax financial income (loss) and taxable income (loss) were the same for all years since Marin began business. The tax rates from 2016–2019 were enacted in 2016. Prepare the journal...
Shamrock Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax Income (loss) Tax Rate 2013 $41,000 30 % 24,200 2014 30 % 2015 48,800 30 % 2016 84,400 40 % (173,700) 2017 45 % 2018 68,800 40 % 35 % 2019 99,900 Pretax financial income (loss) and taxable income (loss) were the same for all years since Shamrock began business. The tax ratess from 2016-2019 were enacted in 2016 Prepare the journal entries...
The pretax financial income (or loss) figures for Vaughn Company are as follows. 2012 $160,000 2013 259,000 2014 86,000 2015 (160,000 ) 2016 (400,000 ) 2017 114,000 2018 102,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2012 and 2013 and a 40% tax rate for the remaining years. Prepare the journal entries for the years 2014 to 2018 to record income tax expense and the...