Operating income and tax rates for C.J. Company’s first three years of operations were as follows:...
Operating income and tax rates for C.J. Company’s first three years of operations were as follows:
Income _ Enacted tax rate
2020 $400,000 25%
2021 ($1,000,000) 20%
2022 $1,680,000 30%
Assuming that C.J. Company opts only to carry forward its 2021 NOL, what is the entry that C.J. Company would make?
Homework Answers
since the company opts to carry forward the net operating loss of FY 2021
NOL of 2021-- $ 1,000,000
substantive Enacted tax rate is 30%
the entry will be
Deferred tax assets a/c Dr $ 3,00,000
Profit and loss account Cr $ 3,00,000
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Operating income and tax rates for C.J. Company’s first three
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