Coronado reported the following pretax financial income (loss) for the years 2020–2022.
2020 | $122,400 | ||
2021 | (144,000) | ||
2022 | 183,600 |
Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 20% for 2020-2022.
Prepare the journal entries for the years 2020–2022 to record income tax expense, income taxes payable, and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that one-fifth of the benefits of the loss carryforward will not be realized. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Prepare the income tax section of the 2021 income statement beginning with the line “Income (loss) before income taxes.”. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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Nash reported the following pretax financial income (loss) for the years 2020-2022. 2020 2021 2022 $98,400 (116,000) 147,600 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 20% for 2020-2022 (a) Prepare the journal entries for the years 2020-2022 to record income tax expense, income taxes payable, and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than...
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...
Question 3 View Policies Current Attempt In Progress Metlock Inc. reports the following pretax income (loss) for both book and tax purposes. 20% Pretax Year Income (Loss Tax Rate 2018 $118,000 2019 98,000 20% 2020 (299,000) 25 % 2021 117,000 25 % The tax rates listed were all enacted by the beginning of 2018. Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable (refundable), and the tax effects of the loss carryforward,...
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),...
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 of Flounder Company differs from its
taxable income throughout each of 4 years as follows.
Year
Pretax
Financial Income
Taxable Income
Tax Rate
2017
$305,000
$173,000
35
%
2018
349,000
216,000
40
%
2019
358,000
277,000
40
%
2020
429,000
615,000
40
%
Pretax financial income for each year includes a nondeductible
expense of $29,100 (never deductible for tax purposes). The
remainder of the difference between pretax financial income and
taxable income in each period is...
E19.25 (LO 3) (NOL Carryforward, Valuation Account Needed) Meyer reported the following pretax financial income (loss) for the years 2020-2022. 2020 $120,000 2021 (150,000) 2022 180,000 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 20% for 2020-2022. Instructions a. Prepare the journal entries for the years 2020-2022 to record income tax expense, income taxes payable, and the tax effects of the loss carryforward, assuming that based on the...
19.25 (LO 3) (NOL Carryforward, Valuation Account Needed) Meyer reported the bonus pretax financial income (loss) for the years 2020-2022 2020 $120,000 2021 (150,000) 2022 180,000 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 20% for 2020-2022. Instructions 2. Prepare the journal entries for the years 2020-2022 to record income tax expense, income taxes payable, and the tax effects of the loss carryforward, assuming that based on the...
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