Homework Answers
Solution:
Bodly's income tax payable for 2018 = (Pretax income - set off of 2016 loss) * Tax rate for 2018
= ($260,000 - $126,000) * 26%
= $34,840
Hence last option is correct.
Add Answer to:
Bodily had an unused $126.000 net operating carryforward from 2015 when the in 2018. Bodily Corporation reported $2...
Before considering a net operating loss carryforward of $72 million, Fama Corporation reported $290 million of...
Before considering a net operating loss carryforward of $72
million, Fama Corporation reported $290 million of pretax
accounting and taxable income in the current year. The income tax
rate for all previous years was 38%. On January 1 of the current
year, a new tax law was enacted, reducing the rate to 27% effective
immediately. Fama's income tax payable for the current year would
be: (Round your answer to the nearest whole
million.)
Before com ing operating to carrytoward years...
Before considering a net operating loss carryforward of $74 million, Fama Corporation reported $210 million of...
Before considering a net operating loss carryforward of $74 million, Fama Corporation reported $210 million of pretax accounting and taxable income in the current year. The income tax rate for all previous years was 38%. On January 1 of the current year, a new tax law was enacted, reducing the rate to 27% effective immediately. Fama's income tax payable for the current year would be: (Round your answer to the nearest whole million.) $108 million. $37 million. $39 million.
2018, Gordon's Goodies reported $370,000 pretax accounting income. The income tax rate for that year was...
2018, Gordon's Goodies reported $370,000 pretax accounting income. The income tax rate for that year was 30% Gordon had an unused $112,000 net operating loss carryforward from 2016 when the x rane was 38% Gordon's income tax payeble for 2018 would be Multiple Choice $08.040 $80.960 $77.400 S13,500
In 2015, Anna Kate, Inc. reported taxable income of 235,000. In 2016, it reported taxable income...
In 2015, Anna Kate, Inc. reported taxable income of 235,000. In 2016, it reported taxable income of 25,000. In 2017, it reported taxable income of 105,000. In 2018, Anna Kate experienced a net operating loss of 90,000. Assuming that Anna Kate chooses to forgo the carryback, how would Anna Kate apply this net operating loss? Please illustrate your answer for each year that is applicable. If there is a carryforward, the corporation will apply the carryforward in calculating taxable income...
During 2018, its first year of operations, Baginski Steel Corporation reported a net operating loss of...
During 2018, its first year of operations, Baginski Steel Corporation reported a net operating loss of $460,000 for financial reporting and tax purposes. The enacted tax rate is 30%. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests future taxable income sufficient to benefit from future deductible amounts from the net operating loss carryforward. 2. Show the lower portion of the 2018 income statement that...
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...
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...
During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of...
During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $452,000 for financial reporting and tax purposes. The enacted tax rate is 25%. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating loss carryforward. 2. Show the lower portion of the...
During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of...
During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $384,000 for financial reporting and tax purposes. The enacted tax rate is 25%. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating loss carryforward. 2. Show the lower portion of the...
AirParts Corporation reported a net operating loss of $25 million for financial reporting and tax purposes....
AirParts Corporation reported a net operating loss of $25 million for financial reporting and tax purposes. Taxable income last year and the previous year, respectively, was $20 million and $15 million. The enacted tax rate each year is 40%. Prepare the journal entry to recognize the income tax benefit of the net operating loss. AirParts elects the carryback option.
Before considering a net operating loss carryforward of $72
million, Fama Corporation reported $290 million of pretax
accounting and taxable income in the current year. The income tax
rate for all previous years was 38%. On January 1 of the current
year, a new tax law was enacted, reducing the rate to 27% effective
immediately. Fama's income tax payable for the current year would
be: (Round your answer to the nearest whole
million.)
Before com ing operating to carrytoward years...
2018, Gordon's Goodies reported $370,000 pretax accounting income. The income tax rate for that year was 30% Gordon had an unused $112,000 net operating loss carryforward from 2016 when the x rane was 38% Gordon's income tax payeble for 2018 would be Multiple Choice $08.040 $80.960 $77.400 S13,500
During 2018, its first year of operations, Baginski Steel Corporation reported a net operating loss of $460,000 for financial reporting and tax purposes. The enacted tax rate is 30%. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests future taxable income sufficient to benefit from future deductible amounts from the net operating loss carryforward. 2. Show the lower portion of the 2018 income statement that...
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...
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...
During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $384,000 for financial reporting and tax purposes. The enacted tax rate is 25%. Required: 1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating loss carryforward. 2. Show the lower portion of the...
Most questions answered within 3 hours.
-
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 37 minutes ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 1 hour ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 2 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 2 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 3 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 5 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 5 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 5 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 5 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 5 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 5 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 5 hours ago