Hd3. Account Titles and ExplanationList of Accounts20222023202420252026IDebitCredit The pretax financial income (or loss) figures for Larkspur Company are as follows.$79,0002023 (36,000)2024 (31,000)2025 131,000202699,0002022Pretax 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 losscarryforwards. All income and losses relate to normal operations. (In recording the benefits of a loss carryforward, assume that novaluation account is deemed necessary.) (List all debit entries before credit entries. Credit account titles are automatically indented whenamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Recordjournal entries in the order presented in the problem.)Account Titles and Explanation2022DebitCredit

A journal entry is a financial record of a business transaction that is recorded in the accounting…

Answered: Account Titles and Explanation 202

Business

Accounting

Account Titles and Explanation 202

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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Question

Hd3.

Account Titles and Explanation
List of Accounts
2022
2023
2024
2025
2026
I
Debit
Credit

The pretax financial income (or loss) figures for Larkspur Company are as follows.
$79,000
2023 (36,000)
2024 (31,000)
2025 131,000
2026
99,000
2022
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.)
Account Titles and Explanation
2022
Debit
Credit

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Heurion Company is a job-order costing firm that uses a plant-wide overhead rate based on direct labor hours. Estimated information for the year follows Overhead = S789,000 Direct labor hours 100,000 Data for the jobs worked in July follows: Jobs 745 743 $29,870.00 $55,215.00 $27,880.00 S Direct materials $25,500.00 $ 39,800.00 $14450.00 $13,600.00|S 8,420.00 Direct labor cost S61,300.00 $ 48,500.00 $28,700 00 $24,500.00 $21,300.00 3400 741 742 744 Balance, July 1 Direct labor hours 4000 1980 1600 1400 By July 31, Jobs 741 and 743 were completed and sold. The remaining jobs were in process. Required: Computel for the cost of work-in-process as of July 31.