Homework Answers
| 1 | Transaction | General Journal | Debit | Credit | |||||
| 1 | Receivable-Income tax refund | (Note:1) | 35950 | ||||||
| Deferred tax asset | (Note:2) | 17200 | |||||||
| Income tax benefit | 53150 | ||||||||
| (Recorded tax provisions for 2018) | |||||||||
| Note:1 | |||||||||
| Carryback loss of 2018 to 2016 and 2017 | |||||||||
| Year | Amount | Tax rate | Tax Refund |
||||||
| 2016 | 49000 | 35% | 17150 | ||||||
| 2017 | 47000 | 40% | 18800 | ||||||
| Total | 35950 | ||||||||
| Carry forward balance loss of 2018 to 2019 | |||||||||
| Balance loss to be carry forward=139000-49000-47000=$ 43000 | |||||||||
| Deferred tax asset @ 40%=43000*40%=$ 17200 | |||||||||
| 2 | Net loss for 2018: | ||||||||
| $ | |||||||||
| Loss for 2018 | 139000 | ||||||||
| Less: Income tax benefit | 35950 | ||||||||
| Net loss | 103050 | ||||||||
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45 Problem 16-140 Tobac Company reported an operating loss of S139000...
Check my work Tobac Company reported an operating loss of $123,000 for financial reporting and tax purposes in 2018. Th...
Check my work Tobac Company reported an operating loss of $123,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40% for 2018 and all future years. Assume that Tobac elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in Tobac's first four years of operations were as follows: points Taxable income $21,000 $26,000 $33,000 $31,000 2014 2015 2016 2017 Tax rates 30%...
Tobac Company reported an operating loss of $133,000 for financial reporting and tax purposes in 2018....
Tobac Company reported an operating loss of $133,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40% for 2018 and all future years. Assume that Tobac elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in Tobac's first four years of operations were as follows: Taxable income Tax rates Taxes paid 2014 $ 31,000 30 % $ 9,300 2015 $ 36,000 30...
Wynn Sheet Metal reported a net operating loss of $108,000 for financial reporting and tax purposes...
Wynn Sheet Metal reported a net operating loss of $108,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: Taxable Tax Income Rates 2014 $64,000 3ex 2015 74,000 30 2016 84,800 40 2017 64,000 45 Income Taxes Paid $19, 280 22,200 33,600 28,800 Required: 1. Prepare the journal entry to recognize the income tax benefit of the...
Fores Construction Company reported a pretax operating loss of $200 million for financial reporting purposes in...
Fores Construction Company reported a pretax operating loss of $200 million for financial reporting purposes in 2018. Contributing to the loss were (a) a penalty of $10 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2018 and (b) an estimated loss of $30 million from accruing a loss contingency. The loss will be tax deductible when paid in 2019. The enacted tax rate is 40%. There were no temporary differences at the...
Wynn Sheet Metal reported a net operating loss of $112,000 for financial reporting and tax purpos...
Wynn Sheet Metal reported a net operating loss of $112,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows Taxable Tax Income Taxes Paid $19,800 22,800 34,400 29,700 Income Rates 2014 $66,000 30% 2015 76,000 30 2016 2017 86,000 40 66,000 45 Required 1. Prepare the journal entry to recognize the income tax benefit of the net...
Fores construction company reported a pretax operating loss of $240 million for financial reporting purposes in...
Fores construction company reported a pretax operating loss of
$240 million for financial reporting purposes in 2018. Contributing
to the loss were (a) a penalty of $15 million assessed by the
Environmental Protection Agency for violation of a federal law and
paid in 2018 and (b) an estimated loss of $20 million form accruing
a loss contingency. The loss will be tax deductible when paid in
2019.
The enacted tax rate is 40%. There were no temporary differences
at the...
Wynn Sheet Metal reported an operating loss of $162,000 for financial reporting and tax purposes in...
Wynn Sheet Metal reported an operating loss of $162,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40 % Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: Taxable Tax Income Rates Income Taxes Paid $18, 300 21,300 32,400 27,450 2014 $61,000 30% 2015 71,000 30 2016 81,000 40 2017 61,000 45 Required: 1. Complete the following table given below and prepare the journal entry to...
Wynn Sheet Metal reported an operating loss of $188,000 for financial reporting and tax purposes in 2018. The enacted...
Wynn Sheet Metal reported an operating loss of $188,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 2014 2015 2016 2017 Taxable Tax Income Rates $74,000 30$ 84,000 30 94,000 40 74,000 45 Income Taxes Paid $22,200 25, 200 37,600 33,300 Required: 1. Complete the following table given below and prepare the journal entry to recognize...
Chapter 16 Exercise/Problem Assignments i Saved Help Save & Exit Submit Check my work 10 Wynn...
Chapter 16 Exercise/Problem Assignments i Saved Help Save & Exit Submit Check my work 10 Wynn Sheet Metal reported a net operating loss of $132,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 35%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 0.9 points 2014 2015 2016 2017 Taxable Income $ 76,000 86,000 96,000 76,000 Tax Rates 25% 25 35 40 Income Taxes Paid $...
Fores Construction Company reported a pretax operating loss of $260 million for financial reporting purposes in...
Fores Construction Company reported a pretax operating loss of $260 million for financial reporting purposes in 2018. Contributing to the loss were (a) a penalty of $15 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2018 and (b) an estimated loss of $20 million from accruing a loss contingency. The loss will be tax The enacted tax rate is 40%. There were no temporary differences at the beginning of the year and...
Check my work Tobac Company reported an operating loss of $123,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40% for 2018 and all future years. Assume that Tobac elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in Tobac's first four years of operations were as follows: points Taxable income $21,000 $26,000 $33,000 $31,000 2014 2015 2016 2017 Tax rates 30%...
Wynn Sheet Metal reported a net operating loss of $108,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: Taxable Tax Income Rates 2014 $64,000 3ex 2015 74,000 30 2016 84,800 40 2017 64,000 45 Income Taxes Paid $19, 280 22,200 33,600 28,800 Required: 1. Prepare the journal entry to recognize the income tax benefit of the...
Fores Construction Company reported a pretax operating loss of $200 million for financial reporting purposes in 2018. Contributing to the loss were (a) a penalty of $10 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2018 and (b) an estimated loss of $30 million from accruing a loss contingency. The loss will be tax deductible when paid in 2019. The enacted tax rate is 40%. There were no temporary differences at the...
Wynn Sheet Metal reported a net operating loss of $112,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows Taxable Tax Income Taxes Paid $19,800 22,800 34,400 29,700 Income Rates 2014 $66,000 30% 2015 76,000 30 2016 2017 86,000 40 66,000 45 Required 1. Prepare the journal entry to recognize the income tax benefit of the net...
Fores construction company reported a pretax operating loss of
$240 million for financial reporting purposes in 2018. Contributing
to the loss were (a) a penalty of $15 million assessed by the
Environmental Protection Agency for violation of a federal law and
paid in 2018 and (b) an estimated loss of $20 million form accruing
a loss contingency. The loss will be tax deductible when paid in
2019.
The enacted tax rate is 40%. There were no temporary differences
at the...
Wynn Sheet Metal reported an operating loss of $162,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40 % Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: Taxable Tax Income Rates Income Taxes Paid $18, 300 21,300 32,400 27,450 2014 $61,000 30% 2015 71,000 30 2016 81,000 40 2017 61,000 45 Required: 1. Complete the following table given below and prepare the journal entry to...
Wynn Sheet Metal reported an operating loss of $188,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 2014 2015 2016 2017 Taxable Tax Income Rates $74,000 30$ 84,000 30 94,000 40 74,000 45 Income Taxes Paid $22,200 25, 200 37,600 33,300 Required: 1. Complete the following table given below and prepare the journal entry to recognize...
Chapter 16 Exercise/Problem Assignments i Saved Help Save & Exit Submit Check my work 10 Wynn Sheet Metal reported a net operating loss of $132,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 35%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 0.9 points 2014 2015 2016 2017 Taxable Income $ 76,000 86,000 96,000 76,000 Tax Rates 25% 25 35 40 Income Taxes Paid $...
Fores Construction Company reported a pretax operating loss of $260 million for financial reporting purposes in 2018. Contributing to the loss were (a) a penalty of $15 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2018 and (b) an estimated loss of $20 million from accruing a loss contingency. The loss will be tax The enacted tax rate is 40%. There were no temporary differences at the beginning of the year and...
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