Homework Answers
ANSWER = A) $ 456000
| 2019: Income | 1740000 |
| Less- 2018 Income 1060000 | |
| 2017 Income 460000 | 600000 |
| 1140000 | |
| 2019 Corp tax rate : | 40 % |
| Income tax Payable | 456000 |
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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 Sandhill Company's first three years of operations &...
Question 13 Operating income and tax rates for Sandhill Company's first three years of operations & Income $360000 ($960000) $1640000 Enacted ta Late 35% 30% 40% 2019 ming that Sandhill Company opts to carryback its 2018 NOL, what is the amount of income taxes payable at December 31, 2019? O $272000 O $656000 0 $364000 O 3416000 Click if you would like to Show Work for this question: Open Show. Work Question Attet plus.com/eduse re
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...
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...
Question 12 Sunland Corporation prepared the following reconciliation for its first year of operations: Pretax financial...
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...
Puritan Corp. reported the following pretax accounting income and taxable income for its first three years...
Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations: 2017 2018 2019 $ 341,000 (518, 000) 700,000 Puritan's tax rate is 38% for all years. Puritan elected a loss carryback As of December 31, 2018. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What did Puritan report on December 31, 2018, as the deferred tax asset for the...
Cabot Company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in...
Cabot Company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and subsequent years. Assume that Cabot operates in an industry for which NOL carryback is allowed and requests a refund of taxes already paid by electing a loss carryback. Taxable income, tax rates, and income taxes paid in Cabot's first four years of operations were as follows: Taxable Tax Taxes income rates paid 2017 $30,000...
Teal Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019....
Teal 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 40 % 2017 (196,900 ) 45 % 2018 74,800 40 % 2019 98,500 35 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Teal began business. The tax rates from 2016–2019 were enacted in 2016. Prepare the journal...
Sage Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019....
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...
Shamrock Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019....
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...
Question 13 Operating income and tax rates for Sandhill Company's first three years of operations & Income $360000 ($960000) $1640000 Enacted ta Late 35% 30% 40% 2019 ming that Sandhill Company opts to carryback its 2018 NOL, what is the amount of income taxes payable at December 31, 2019? O $272000 O $656000 0 $364000 O 3416000 Click if you would like to Show Work for this question: Open Show. Work Question Attet plus.com/eduse re
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...
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...
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...
Puritan Corp. reported the following pretax accounting income and taxable income for its first three years of operations: 2017 2018 2019 $ 341,000 (518, 000) 700,000 Puritan's tax rate is 38% for all years. Puritan elected a loss carryback As of December 31, 2018. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What did Puritan report on December 31, 2018, as the deferred tax asset for the...
Cabot Company reported a pretax operating loss of $50,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and subsequent years. Assume that Cabot operates in an industry for which NOL carryback is allowed and requests a refund of taxes already paid by electing a loss carryback. Taxable income, tax rates, and income taxes paid in Cabot's first four years of operations were as follows: Taxable Tax Taxes income rates paid 2017 $30,000...
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...
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...
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