Homework Answers
| Answer | ||
| Journal Entries | ||
| Particulars | Debit | Credit |
| Deferred Tax Assets Dr ()96600*20% ) | $ 19,320 | |
| To Income Tax benefit - net operating loss | $ 19,320 | |
| (To record income tax benefit of 2016 ) | ||
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Pharoah Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Tax Rate...
Felicia Rashad Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015...
Felicia Rashad Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) $48,000 (150,000) 90,000 30,000 105,000 (60,000) 60,000 Tax Rate 25% 20% 20% 20% 20% 25% 25% Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits...
Exercise 19-22 Blue Corporation has pretax financial income (or loss) from 2015 through 2021 as follows....
Exercise 19-22 Blue Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $70,080 25 % 2016 (219,000) ) 20 % 2017 131,400 20 % 2018 43,800 20 % 2019 153,300 20 % 2020 (87,600) ) 25 % 2021 87,600 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Blue has been in business. In recording the benefits of a loss carryforward, assume that...
The pretax financial income (or loss) figures for Vaughn Company are as follows. 2015 $149,000 2016...
The pretax financial income (or loss) figures for Vaughn Company
are as follows. 2015 $149,000 2016 240,000 2017 75,000 2018
(149,000 ) 2019 (371,000 ) 2020 119,000 2021 105,000 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 tax expense and the...
The pretax inancial income for loss) figures for Vaughn Company are as follows. 2015 2016 2017...
The pretax inancial income for loss) figures for Vaughn Company are as follows. 2015 2016 2017 2018 2019 2020 2021 $155,000 226,000 74,000 (155,0001 (364,000 113,000 99,000 Pretax financial income for loss) and taxable income (loss were the same for all years invalved. 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 tax expense and the effects of...
View Policies Current Attempt in Progress Shamrock Corporation has pretax financial income (or loss) from 2015...
View Policies Current Attempt in Progress Shamrock Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) Tax Rate $58,560 25 % (183,000) 20% 109,800, 20% 36,600 20% 128,100 20% (73,200) 25 % 73,200 25% Pretax financial income (loss) and taxable income (loss) were the same for all years since Shamrock has been in business. In recording the benefits of a loss carryforward, assume that it is more...
The pretax financial income (or loss) figures for Larkspur Company are as follows. 2015 $144,000 2016...
The pretax financial income (or loss) figures for Larkspur Company are as follows. 2015 $144,000 2016 242,000 2017 78,000 2018 (144,000 ) 2019 (377,000 ) 2020 115,000 2021 106,000 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 tax expense and the...
The pretax financial income (or loss) figures for Sarasota Company are as follows. 2015 $173,000 2016...
The pretax financial income (or loss) figures for Sarasota Company are as follows. 2015 $173,000 2016 227,000 2017 76,000 2018 (173,000 ) 2019 (401,000 ) 2020 111,000 2021 105,000 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 tax expense and the...
Buffalo reported the following pretax financial income (loss) for the years 2015-2019. 2015 2016 2017 2018...
Buffalo reported the following pretax financial income (loss) for the years 2015-2019. 2015 2016 2017 2018 2019 $248,000 379,000 96,000 (535,000) 186,000 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2015 and 2016, and 40% for 2017-2019. Assume the carryback provision is used first for net operating losses. Your answer is partially correct. Try again. Prepare the journal entries for the years 2017-2019 to record income...
The pretax financial income (or loss) figures for Bonita Company are as follows. 2012 2013 2014...
The pretax financial income (or loss) figures for Bonita Company are as follows. 2012 2013 2014 2015 2016 2017 2018 $164,000 275,000 86,000 (164,000) (390,000) 113,000 98,000 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 effects of...
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...
Felicia Rashad Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) $48,000 (150,000) 90,000 30,000 105,000 (60,000) 60,000 Tax Rate 25% 20% 20% 20% 20% 25% 25% Pretax financial income (loss) and taxable income (loss) were the same for all years since Rashad has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits...
The pretax financial income (or loss) figures for Vaughn Company
are as follows. 2015 $149,000 2016 240,000 2017 75,000 2018
(149,000 ) 2019 (371,000 ) 2020 119,000 2021 105,000 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 tax expense and the...
The pretax inancial income for loss) figures for Vaughn Company are as follows. 2015 2016 2017 2018 2019 2020 2021 $155,000 226,000 74,000 (155,0001 (364,000 113,000 99,000 Pretax financial income for loss) and taxable income (loss were the same for all years invalved. 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 tax expense and the effects of...
View Policies Current Attempt in Progress Shamrock Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. 2015 2016 2017 2018 2019 2020 2021 Income (Loss) Tax Rate $58,560 25 % (183,000) 20% 109,800, 20% 36,600 20% 128,100 20% (73,200) 25 % 73,200 25% Pretax financial income (loss) and taxable income (loss) were the same for all years since Shamrock has been in business. In recording the benefits of a loss carryforward, assume that it is more...
Buffalo reported the following pretax financial income (loss) for the years 2015-2019. 2015 2016 2017 2018 2019 $248,000 379,000 96,000 (535,000) 186,000 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2015 and 2016, and 40% for 2017-2019. Assume the carryback provision is used first for net operating losses. Your answer is partially correct. Try again. Prepare the journal entries for the years 2017-2019 to record income...
The pretax financial income (or loss) figures for Bonita Company are as follows. 2012 2013 2014 2015 2016 2017 2018 $164,000 275,000 86,000 (164,000) (390,000) 113,000 98,000 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 effects of...
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...
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