Blue Spruce Inc. incurred a net operating loss of $580,000 in 2020. Combined income for 2017, 2018, and 2019 was $463,400. The tax rate for all years is 30%. Prepare the journal entries to record the benefits of the carryback and the carryforward, assuming it is more likely than not that the benefits of the loss carryforward will be realized. (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 0 for the amounts.) Year Account Titles and Explanation Debit Credit 2020 (To recognize benefit of loss carryback) 2020 (To recognize benefit of loss carryforward)

Blue Spruce Inc. incurred a net operating loss of $580,000 in 2020. Combined income for 2017, 2018, and 2019 was $463,400. The tax rate for all years is 30%. Prepare the journal entries to record the benefits of the carryback and the carryforward, assuming it is more likely than not that the benefits of the loss carryforward will be realized. (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 0 for the amounts.) Year Account Titles and Explanation Debit Credit 2020 (To recognize benefit of loss carryback) 2020 (To recognize benefit of loss carryforward)

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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View Policies Current Attempt in Progress Dorothy Thomas sells gourmet chocolate chip cookies. The results of her last month of operations are as follows: Sales revenue $48,000 Cost of goods sold (all variable) 20,000 Gross margin 28,000 8,000 Selling expenses (70% variable) 12,000 Administrative expenses (20% variable) $8,000 Operating income (a) What is Dorothy's degree of operating leverage? (Round answer to 2 decimal places, e.g. 52.75.) Hide Ston sharing
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Explain how you divide a decimal number by a power of ten
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- Refer to the model listed next: Max: Z= 10*x1+6*x2+4*x3; Subject to: x1+x2+x3=0; where x1,x2 and x3 are the number of product 1,2 and 3 produced. (i) (ii) (iii) (iv) (v) 333 (vi) Identify the initial basis with your reason. Show one complete iteration as the solution moves to the next basis. Find the optimal basis. You may solve the problem for the optimal solution using the Lingo software but must validate the optimal basis. Estimate the optimal simplex multipliers. Solve the model using the Lingo software and report the dual prices for each constraint. Compare the optimal simplex multipliers with the shadow prices for different constraints and provide your comments.
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