hw18 part 2

BE 19.12 Rode inc. incurred a net operating loss of $500,000 in 2020. The tax rate for all years is 20%. Prepare the journal entries to record the benefits of the loss carryforward. Rode expects to return to profitability in 2020. BE 19.13 Use the information for Rode Inc. given in BE 19.12. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years. Prepare all the journal entries necessary at the end of 2020. Deferred Tax Asset $0 x .0................................$             Income Tax Expense (Loss Carryforward).....................$  Income Tax Expense (Allowance)......................$            Allowance to Reduce Deferred Tax Asset            to expected realizable Value...........................................$

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Current Attempt in Progress Ivanhoe Corporation had the following tax information: Year Taxable Income Tax Rate Taxes Paid 2020 $391,000 31% $121,210 2021 313,000 30% 93,900 2022 399,700 30% 119,910 In 2023, Ivanhoe suffered a net operating loss of $556,000, which it decided to carry back. The 2023 enacted tax rate is 25%. Prepare Ivanhoe's entry to record the effect of the loss carryback. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 1 of 3 used Submit Answer

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Question 6 In 2021, its first year of operations, Wildhorse Corp. has a $770,000 net operating loss when the tax rate is 35%. In 2022, Wildhorse has $330,000 taxable income and the tax rate remains 35%. Assume the management of Wildhorse Corp. thinks that it is more likely than not that the loss carryforward will not be realized in the near future because it is a new company (this is before results of 2022 operations are known). What are the entries in 2021 to record the tax effects of the loss carryforward? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation (To recognize benefit of loss carryforward) (To record allowance amount) Debit (To record current and deferred income taxes) What entries would be made in 2022 to record the current and deferred income taxes and to recognize the loss carryforward? (Assume that…

Immediate Accounting ll Ch 16   3. During 2024, its first year of operations, Baginski Steel Corporation reported a net operating loss of $360,000 for financial reporting and tax purposes. The enacted tax rate is 25%. Required: 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. Show the lower portion of the 2024 income statement that reports the income tax benefit of the net operating loss.   Required 1 Record 2024 income tax benefit from operating loss Transaction                           General Journal Debit Credit 1

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Question 1At 30 June 2019, Beta Ltd had the following deferred tax balances:Deferred tax liability $18,000Deferred tax asset 15,000Beta Ltd recorded a profit before tax of $80,000 for the year to 30 June 2020, which included thefollowing items:Depreciation expense – plant $7,000Doubtful debts expense 3,000Long-service leave expense 4,000For taxation purposes the following amounts are allowable deductions for the year to 30 June 2020:Tax depreciation – plant $8,000Bad debts written off 2,000Depreciation ratesfor taxation purposes are higher than for accounting purposes. A corporate tax rateof 30% applies.Required:a) Determine the taxable income and income tax payable for the year to 30 June 2020. b) Determine by what amount the balances of the deferred liability and deferred tax asset will increase or decrease for the year to 30 June 2020 because of depreciation, doubtful debts and long-service leave. c) Prepare the necessary journal entries to account for income tax assuming…

Current Attempt in Progress The pretax financial income (or loss) figures for Larkspur Company are as follows. 2022 $82,000 2023 (47,000) 2024 (42,000) 2025 128,000 2026 105,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 20% tax rate for all years. Prepare the journal entries for the years 2022 to 2026 to record income tax expense and the effects of the net operating loss carryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that no valuation account is deemed necessary.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)

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Problem 16-13 (IFRS) tax rate is 30%. P450,000 and no deferred tax liability. provision of P500,000 The deferred tax asset was due to a time it was tax deductible. P1,000,000 collected in 2019 but earned only in 2020. recognized each Life insurance premiums of P200,000 were year on key officers for 2020 and 2021. The entity paid for a two-year casualty insurance for P6,000,000 on January 1, 2020. The entire premium is tar deductible when paid. The entity collected rent from leasing some of its equipment. The rent is recognized as revenue when earned but taxable when collected. 2020 2021 3,300,000 2,500,000 3,500,000 3,300,000 Rent collected Rent earned The entity had trading investments. All gains and losses are recognized for tax purposes when the investments are sold. During 2020, the entity recognized P1,700,000 unrealized losses on trading investments which were sold in 2021. Required: 1. Compute taxable income for 2020 and 2021. 2. Compute current tax expense and total tax expense…

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Exercise 19.8 (Two Temporary Differences, One rate, 3 years). Button Company has the following two temporary differences between its income tax expense and income taxes payable.     2020 2021 2022 Pretax Financial Income $840,000 $910,000 $945,000 Excess Depreciation Expense on tax Return (30,000) (40,000) (10,000) Excess Warranty Expense in Financial Income 20,000 10,000 8,000 Taxable Income $830,000 $880,000 $943,000   The income tax rate is 20% for all years.   Instructions:   a) Assuming there were no temporary differences prior to 2020, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020,2021, and 2022.   b) Indicate how deferred taxes will be reported on the 2022 balance sheet. Button’s product warranty is for 12 months.       Deferred tax asset ( $ 0 + $ 0 + $ 0 )..............................$ 0       Deferred tax liability ( $ 0 + $ 0 + $ 0…

Assume that the Kelso Company operates in an industry for which NOL carryback is allowed. The Kelso Company had the following operating results: O $22,800. Year 2019 2020 2021 25% What is the income tax refund receivable? O $24,300 O $28,800. Income (loss) 54,000 57,000 (72,000) O 23,550. Tax rate 35% 30% Income tax 18,900first year of operations 17,100 0

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Bryan Company estimated a loss of $30,000 that was included in its income for this year. This amount will not be included in taxable income until next year. The enacted tax rate is 20% this year, but will be 28% next year. What amount should the company report in this year’s balance sheet as a deferred tax asset? $30,000 $6000 $8400 zero

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Blossom Corporation had the following tax information: Year Taxable Income Tax Rate Taxes Paid 2020 $389,000 31% $120,590 2021 311,000 30% 93,300 2022 398,100 30% 119,430 In 2023, Blossom suffered a net operating loss of $551,000, which it decided to carry back. The 2023 enacted tax rate is 25%. Prepare Blossom's entry to record the effect of the loss carryback. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Income Tax Receivable 165300 165300

Exercise 16-23 (Algo) Net operating loss carryforward; financial statement effects [LO16-7] During 2024, its first year of operations, Baginski Steel Corporation reported a net operating loss of $444,000 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 2024 income statement that reports the income tax benefit of the net operating loss.

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Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results:   Year Income (loss) Tax rate Income tax   2018   40,000       25 %     10,000   2019   40,000       25 %     10,000   2020   50,000       30 %     15,000   2021   (130,000 )     30 %     0                                What is the income tax refund receivable?         A) $27,000.         B) $24,000.       C) $25,000         D) $21,000.

Item 4 During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $408,000 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 2021 income statement that reports the income tax benefit of the net operating loss.