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Account Titles and Explanation 202

Account Titles and Explanation 202

FINANCIAL ACCOUNTING
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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Account Titles and Explanation List of Accounts 2022 2023 2024 2025 2026 I Debit Credit
Transcribed Image Text: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
Transcribed Image Text: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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