Homework Answers
Solution:
| Blossom Inc. | ||
| Income Statement (Partial) | ||
| For year ended December 31, 2018 | ||
| Particulars | Amount | |
| Income before taxes | $71,100.00 | |
| Less: Income tax expense: | ||
| Current Tax | $9,560.00 | |
| Reversal of Deferred tax asset | $18,880.00 | |
| $28,440.00 | ||
| Net Income | $42,660.00 | |
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Problem 19-5 (Part Level Submission) Blossom Inc. reported the following pretax income (loss) and related tax...
Shamrock Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019....
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...
Sage Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019....
Sage Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax Income (loss) Tax Rate 2013 $38,600 30 % 2014 23,900 30 % 2015 48,900 30 % 2016 73,600 2017 (196,900) 45% 2018 74,800 2019 98,500 40 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Sage began business. The tax rates from 2016-2019 were enacted in 2016. Prepare the journal entries for the years 2017-2019 to...
Indigo Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019....
Indigo Inc. reported the following pretax income (loss) and
related tax rates during the years 2013–2019.
Pretax Income (loss)
Tax Rate
2013
$38,500
30
%
2014
27,400
30
%
2015
45,100
30
%
2016
78,500
40
%
2017
(196,400
)
45
%
2018
79,600
40
%
2019
96,200
35
%
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Indigo began business. The tax rates from
2016–2019 were enacted in 2016.
(a)
Prepare the...
Problem 19-5 Marin Inc. reported the following pretax income (loss) and related tax rates during the...
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...
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...
Teal Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019....
Teal Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019. Pretax Income (loss) Tax Rate 2013 $38,600 30 % 2014 23,900 30 % 2015 48,900 30 % 2016 73,600 40 % 2017 (196,900 ) 45 % 2018 74,800 40 % 2019 98,500 35 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Teal began business. The tax rates from 2016–2019 were enacted in 2016. Prepare the journal...
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 19-21 The pretax financial income (or loss) figures for Blossom Company are as follows. 2012...
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...
Sandhill Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the...
Sandhill 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 $121,000 40 % 2016 93,000 40 % 2017 (287,000 ) 45 % 2018 129,000 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),...
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...
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...
Sage Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax Income (loss) Tax Rate 2013 $38,600 30 % 2014 23,900 30 % 2015 48,900 30 % 2016 73,600 2017 (196,900) 45% 2018 74,800 2019 98,500 40 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Sage began business. The tax rates from 2016-2019 were enacted in 2016. Prepare the journal entries for the years 2017-2019 to...
Indigo Inc. reported the following pretax income (loss) and
related tax rates during the years 2013–2019.
Pretax Income (loss)
Tax Rate
2013
$38,500
30
%
2014
27,400
30
%
2015
45,100
30
%
2016
78,500
40
%
2017
(196,400
)
45
%
2018
79,600
40
%
2019
96,200
35
%
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Indigo began business. The tax rates from
2016–2019 were enacted in 2016.
(a)
Prepare 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...
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 19-21 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...
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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