Homework Answers
| Answer | |
| The Correct option is D : $416,000 | |
| Explanation | |
| 2019: Income | $ 1,640,000 |
| Less- 2018 Income 960000 | |
| 2017 Income 360000 | $ 600,000 |
| $ 1,040,000 | |
| 2019 Corp tax rate : | 40% |
| Income tax Payable 2019 | $ 416,000 |
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Question 13 Operating income and tax rates for Sandhill Company's first three years of operations &...
Question 13 Operating income and tax rates for Sunland Company's first three years of operations were...
Question 13 Operating income and tax rates for Sunland Company's first three years of operations were as follows: Enacted tax Income 2017 2018 2019 $460000 ($1060000) $1740000 rate 3596 30% 40% Assuming that Sunland Company opts to carryback its 2018 NOL, what is the amount of income taxes payable at December 31, 2019? О $456000 O $696000 О $399000 O $272000 Click if you would like to Show Work for this question: Open Show Work
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?
Indigo Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019....
Indigo Inc. reported the following pretax income (loss) and
related tax rates during the years 2013–2019.
Pretax Income (loss)
Tax Rate
2013
$38,500
30
%
2014
27,400
30
%
2015
45,100
30
%
2016
78,500
40
%
2017
(196,400
)
45
%
2018
79,600
40
%
2019
96,200
35
%
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Indigo began business. The tax rates from
2016–2019 were enacted in 2016.
(a)
Prepare the...
Problem 19-5 (Part Level Submission) Blossom Inc. reported the following pretax income (loss) and related tax...
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Question 12 Sunland Corporation prepared the following reconciliation for its first year of operations: Pretax financial...
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Sage Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019....
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1-Sandhill Co. reports the following information: Correction of understatement of depreciation expense in prior years, net...
1-Sandhill Co. reports the following information:
Correction of understatement of
depreciation expense
in prior years,
net of tax
$ 1288000
Dividends declared
963000
Net income
2970000
Retained earnings, 1/1/20, as
reported
6170000
Sandhill should report retained earnings, 1/1/20, as adjusted
at
$7458000.
$6170000.
$9465000.
$4882000.
2-Ivanhoe Company had a 40 percent tax rate. Given the following
pre-tax amounts, what would be the income tax expense reported on
the face of the income statement?
Sales revenue
$ 1070000
Cost of goods...
Wynn Farms reported a net operating loss of $250,000 for financial reporting and tax purposes in...
Wynn Farms reported a net operating loss of $250,000 for
financial reporting and tax purposes in 2021. The enacted tax rate
is 25%. Taxable income, tax rates, and income taxes paid in Wynn’s
first four years of operation were as follows:
Taxable
Income
Tax
Rates
Income Taxes
Paid
2017
$
78,000
30
%
$
23,400
2018
88,000
30
26,400
2019
170,000
40
68,000
2020
40,000
45
18,000
Required:
1. NOL carrybacks are not allowed for most
companies, except for property...
P18.12 Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021: Year Accounting Income (Loss) Tax Rate 2015 $ 70,000 25% 2016 25,000 25% 2017 60,000 25% 2018 80,000 30% 2019 (21
P18.12 Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021:YearAccounting Income (Loss)Tax Rate2015$ 70,000 25%2016 25,000 25%2017 60,000 25%2018 80,000 30%2019(210,000)35%2020 70,000 30%2021 90,000 25%Accounting income (loss) and taxable income (loss) were the same for all years since Carly began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Carly Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under...
Wynn Farms reported a net operating loss of $240,000 for financial reporting and tax purposes in...
Wynn Farms reported a net operating loss of $240,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 2017 2018 2919 2920 Taxable Income $ 76, eee 86.293 160.09 4 . eee Tax Rates 38% 39 49 45 Income Taxes Paid $22,800 25,899 64, eee 18,000 Required: 1. NOL carrybacks are not allowed for most companies, except...
Question 13 Operating income and tax rates for Sunland Company's first three years of operations were as follows: Enacted tax Income 2017 2018 2019 $460000 ($1060000) $1740000 rate 3596 30% 40% Assuming that Sunland Company opts to carryback its 2018 NOL, what is the amount of income taxes payable at December 31, 2019? О $456000 O $696000 О $399000 O $272000 Click if you would like to Show Work for this question: Open Show Work
Indigo Inc. reported the following pretax income (loss) and
related tax rates during the years 2013–2019.
Pretax Income (loss)
Tax Rate
2013
$38,500
30
%
2014
27,400
30
%
2015
45,100
30
%
2016
78,500
40
%
2017
(196,400
)
45
%
2018
79,600
40
%
2019
96,200
35
%
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Indigo began business. The tax rates from
2016–2019 were enacted in 2016.
(a)
Prepare the...
Problem 19-5 (Part Level Submission) Blossom Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax Income (loss) 2013 2014 2015 2016 2017 2018 2019 $42,400 26,300 53,600 76,900 (177,700 ) 71,100 93,200 Tax Rate 30 % 30 % 30 % 40 % 45 % 40 % 35 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Blossom began business. The tax rates from 2016-2019 were enacted...
Question 12 Sunland Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2018 Tax exempt interest Originating temporary difference Taxable income $3000000 (156000) (462000) $2382000 The temporary difference will reverse evenly over the next 2 years at an enacted tax rate of 40%. The enacted tax rate for 201 income statement as the current portion of its provision for income taxes? 8 is 28%, what amount should be reported in its 2018 ○ $666960...
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...
1-Sandhill Co. reports the following information:
Correction of understatement of
depreciation expense
in prior years,
net of tax
$ 1288000
Dividends declared
963000
Net income
2970000
Retained earnings, 1/1/20, as
reported
6170000
Sandhill should report retained earnings, 1/1/20, as adjusted
at
$7458000.
$6170000.
$9465000.
$4882000.
2-Ivanhoe Company had a 40 percent tax rate. Given the following
pre-tax amounts, what would be the income tax expense reported on
the face of the income statement?
Sales revenue
$ 1070000
Cost of goods...
Wynn Farms reported a net operating loss of $250,000 for
financial reporting and tax purposes in 2021. The enacted tax rate
is 25%. Taxable income, tax rates, and income taxes paid in Wynn’s
first four years of operation were as follows:
Taxable
Income
Tax
Rates
Income Taxes
Paid
2017
$
78,000
30
%
$
23,400
2018
88,000
30
26,400
2019
170,000
40
68,000
2020
40,000
45
18,000
Required:
1. NOL carrybacks are not allowed for most
companies, except for property...
P18.12 Carly Inc. reported the following accounting income (loss) and related tax rates during the years 2015 to 2021:YearAccounting Income (Loss)Tax Rate2015$ 70,000 25%2016 25,000 25%2017 60,000 25%2018 80,000 30%2019(210,000)35%2020 70,000 30%2021 90,000 25%Accounting income (loss) and taxable income (loss) were the same for all years since Carly began business. The tax rates from 2018 to 2021 were enacted in 2018. Assume Carly Inc. follows ASPE for all parts of this question, except when asked about the effect of reporting under...
Wynn Farms reported a net operating loss of $240,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 2017 2018 2919 2920 Taxable Income $ 76, eee 86.293 160.09 4 . eee Tax Rates 38% 39 49 45 Income Taxes Paid $22,800 25,899 64, eee 18,000 Required: 1. NOL carrybacks are not allowed for most companies, except...
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