Homework Answers
| Debit | Credit | ||
| Income Tax Refund Receivable | 144000 | =97500+(480000-325000)*30% | |
| Benefit Due to Loss Carryback | 144000 | ||
| The loss can be carried back to 2 years 2016 and 2017 | |||
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Brief Exercise 19-12 Conlin Corporation had the follawing tax informatian Taxable Income $300,000 325,000 400000 Tax...
Conlin Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $300,000...
Conlin Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $300,000 35% $105,000 2016 325,000 30 97,500 2017 400,000 30 120,000 In 2018, Conlin suffered a net operating loss of $480,000, which it elected to carry back. The 2018 enacted tax rate is 29%. Prepare Conlin’s entry to record the effect of the loss carryback.
Cheyenne Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $306,000...
Cheyenne Corporation had the following tax
information.
Year
Taxable Income
Tax Rate
Taxes Paid
2015
$306,000
34%
$104,040
2016
324,000
29%
93,960
2017
393,000
29%
113,970
In 2018, Cheyenne suffered a net operating loss of $488,000, which
it elected to carry back. The 2018 enacted tax rate is 28%.
Prepare Cheyenne’s entry to record the effect of the loss
carryback. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select...
Larkspur Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $294,000...
Larkspur Corporation had the following tax
information.
Year
Taxable Income
Tax Rate
Taxes Paid
2015
$294,000
35%
$102,900
2016
332,000
30%
99,600
2017
399,000
30%
119,700
In 2018, Larkspur suffered a net operating loss of $476,000, which
it elected to carry back. The 2018 enacted tax rate is 29%.
Prepare Larkspur’s entry to record the effect of the loss
carryback. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select...
Bonita Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $304,000...
Bonita Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2015 $304,000 38% $115,520 2016 322,000 33% 106,260 2017 404,000 33% 133,320 In 2018, Bonita suffered a net operating loss of $481,000, which it elected to carry back. The 2018 enacted tax rate is 32%. Prepare Bonita’s entry to record the effect of the loss carryback. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Windsor Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2018 $390,000...
Windsor Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2018 $390,000 35 % $136,500 2019 422,500 30 126,750 2020 520,000 30 156,000 In 2021, Windsor suffered a net operating loss of $624,000, which it elected to carryback. The 2021 enacted tax rate is 29%. Prepare Windsor’s entry to record the effect of the loss carryback. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,...
Suppose A company had the following taxable income and tax rates: 2015 20162017 2018 Taxable income...
Suppose A company had the following taxable income and tax rates: 2015 20162017 2018 Taxable income S50,000 S100,000 $200,000 ($210,000) Income tax rate 35% company chooses NOL carryback, it will receive a tax refund of $74,000 Recall that the from the earlier year company SHOULD start offsetting the NOL with income starting Example 1a Collin Corp. had the following tax information. Year Taxable Tax rate Tax paid 2016 2017 2018 income S300,000 325,000 400,000 35% 30% 30% S 105,000 97...
Brief Exercise 19-9 Sandhill Inc. had pretax financial income of $163,000 in 2017. Included in the...
Brief Exercise 19-9 Sandhill Inc. had pretax financial income of $163,000 in 2017. Included in the computation of that amount is insurance expense of $3,700 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $9,300 Prepare Sandhill's journal entry to record 2017 taxes, assuming a tax rate of 40%. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
6:32 E . WP = SP20 3270 Algimants Ch 19: Homework. Bishop Ch 19: Homework -...
6:32 E . WP = SP20 3270 Algimants Ch 19: Homework. Bishop Ch 19: Homework - Bishop Home Testbook Send to detek Prev Wiley Accounting Question 10 View Policies Current Attempt in Progress Splish Brothers Corporation had the following tax information. W PLUS Support Year Th eme Tuitate Tres Paid 35% 3,700 $262.000 305 300 2019 30 30 378.000 112.00 In 2021, Splish Brothers suffered a net operating loss of $451,200, which it elected to carryback. The 2021 enacted tax...
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...
Metlock Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009...
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...
Cheyenne Corporation had the following tax
information.
Year
Taxable Income
Tax Rate
Taxes Paid
2015
$306,000
34%
$104,040
2016
324,000
29%
93,960
2017
393,000
29%
113,970
In 2018, Cheyenne suffered a net operating loss of $488,000, which
it elected to carry back. The 2018 enacted tax rate is 28%.
Prepare Cheyenne’s entry to record the effect of the loss
carryback. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select...
Larkspur Corporation had the following tax
information.
Year
Taxable Income
Tax Rate
Taxes Paid
2015
$294,000
35%
$102,900
2016
332,000
30%
99,600
2017
399,000
30%
119,700
In 2018, Larkspur suffered a net operating loss of $476,000, which
it elected to carry back. The 2018 enacted tax rate is 29%.
Prepare Larkspur’s entry to record the effect of the loss
carryback. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select...
Suppose A company had the following taxable income and tax rates: 2015 20162017 2018 Taxable income S50,000 S100,000 $200,000 ($210,000) Income tax rate 35% company chooses NOL carryback, it will receive a tax refund of $74,000 Recall that the from the earlier year company SHOULD start offsetting the NOL with income starting Example 1a Collin Corp. had the following tax information. Year Taxable Tax rate Tax paid 2016 2017 2018 income S300,000 325,000 400,000 35% 30% 30% S 105,000 97...
Brief Exercise 19-9 Sandhill Inc. had pretax financial income of $163,000 in 2017. Included in the computation of that amount is insurance expense of $3,700 which is not deductible for tax purposes. In addition, depreciation for tax purposes exceeds accounting depreciation by $9,300 Prepare Sandhill's journal entry to record 2017 taxes, assuming a tax rate of 40%. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
6:32 E . WP = SP20 3270 Algimants Ch 19: Homework. Bishop Ch 19: Homework - Bishop Home Testbook Send to detek Prev Wiley Accounting Question 10 View Policies Current Attempt in Progress Splish Brothers Corporation had the following tax information. W PLUS Support Year Th eme Tuitate Tres Paid 35% 3,700 $262.000 305 300 2019 30 30 378.000 112.00 In 2021, Splish Brothers suffered a net operating loss of $451,200, which it elected to carryback. The 2021 enacted tax...
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