Answered: Beilman Inc. Income Statement (Partial)…

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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Exercise 19-24

Beilman Inc. reports the following pretax income (loss) for both book and tax purposes.

Year	Pretax Income (Loss)	Tax Rate
2018	$120,000		20	%
2019	90,000		20	%
2020	(280,000)		25	%
2021	120,000		25	%

The tax rates listed were all enacted by the beginning of 2018.

A) Prepare the income tax section of the 2020 income statement beginning with the line “Operating loss before income taxes.” (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

B) Prepare the income tax section of the 2021 income statement beginning with the line “Income before income taxes.” (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Beilman Inc.
Income Statement (Partial)
For the Year Ended December 31, 2020
%24

Beilman Inc.
Income Statement (Partial)
For the Year Ended December 31, 2021

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