23. Operating income and tax rates for CJ. Company's first three years of operations were as follows: Amount a. $325,000 b. $340,000 $325,000 $340,000 Income 2014 $300,000 2015 ($850,000) 2016 $1,060,000 Assuming that C.J. Company opts to carryforward its 2015 NOL, what is the amount of deferred tax asset or liability that C.J. Company would report on its December 31, 2015 balance sheet? c. d. Enacted tax rate 35% 30% 40% Deferred tax asset or liability Deferred tax liability Deferred tax liability Deferred tax asset Deferred tax asset

23. Operating income and tax rates for CJ. Company's first three years of operations were as follows: Amount a. $325,000 b. $340,000 $325,000 $340,000 Income 2014 $300,000 2015 ($850,000) 2016 $1,060,000 Assuming that C.J. Company opts to carryforward its 2015 NOL, what is the amount of deferred tax asset or liability that C.J. Company would report on its December 31, 2015 balance sheet? c. d. Enacted tax rate 35% 30% 40% Deferred tax asset or liability Deferred tax liability Deferred tax liability Deferred tax asset Deferred tax asset

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 Deferred tax Asset in 2021?
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P14-9 Calculating and recording a company's income tax The accounting records of Rhyme Timber Ltd provide income statement data for 2016: Total revenue Total expenses Profit before income tax $940000 Requirements 1 Calculate taxable income for the year. (750 000) $190000 Total expenses include depreciation of $50000 calculated under the straight-line method. In calculating taxable income on the tax return, Rhyme Timber uses the reducing-balance (RB) method. RB depreciation was $80000 for 2016. The company income tax rate is 30%. 2 Prepare the journal entry in respect of income tax for 2016. 3 Show how to report income tax liabilities on Rhyme's balance sheet.
vi.2
Operating income and tax rates for Carla Vista Company's first three years of operations were as follows: 2020 2021 2022 O Income $350000 ($950000) $1630000 Amount $190000 Assuming that Carla Vista Company opts only to carryforward its 2021 NOL, what is the amount of deferred tax asset or liability that Carla Vista Company would report on its December 31, 2021 balance sheet? $285000 $237500 Enacted tax rate $190000 25% 20% 30% Deferred tax asset or liability Deferred tax liability Deferred tax asset Deferred tax liability Deferred tax asset
1. Excess of tax depreciation over book depreciation, $40,000. This $40,000 difference will reverse equally over the years 2017-2020. 2. Deferral, for book purposes, of $20,000 of rent received in advance. The rent will be recognized in 2017. 3. Pretax financial income, $300,000. 4. Tax rate for all years, 40%. Instructions (a) Compute taxable income for 2016. (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016. (c) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, assuming taxable income of $325,000.
I need help, interim periods - accounting standards
3) Operating income and tax rates for SALTCO’s first three years of operations were as follows: Income Enacted tax rate 2017 (60,000) 34% 2018 (450,000) 21% 2019 980,000 21% Required: Book the tax provision for SALTCO for each year shown, assuming that, as a result of the 2017 TCJA, SALTCO must carry forward all tax losses until they can be offset against taxable income.