Cedar Corporation has an ordinary taxable income of $60,000 for the calendar-year 2012, and a long-term capital loss of $25,000. Calculate Cedar Corporation's tax liability for 2012. a. $9,000 b. $12,000 c. $10,500 d. $8,250 e. None of the above
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- Ironwood Corporation has ordinary taxable income of $65,000 in 2019, and a short-term capital loss of $15,000. What is the corporation's tax liability for 2019? $7,500 $5,250 $10,500 $13,650 None of the aboveTayla Corporation generated $400,000 of taxable income in the 2019. What is Tayla's corporate tax liability? $71,400 $84,000 $115,600 $0 None of the aboveSkysong Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2023 $276,000 35 % $96,600 2024 299,000 30 89,700 2025 368,000 30 110,400 In 2026, Skysong suffered a net operating loss of $441,600, which it elected to carryback. The 2026 enacted tax rate is 29%. Prepare Skysong's entry to record the effect of the loss carryback. (List debit entry before credit entry. 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 enter O for the amounts.) Account Titles and Explanation Debit Credit
- Accounting Willow Corp. (a C corporation) reported taxable income before the net operating loss deduction (NOL) in the amount of $100,000 in 2020. Willow had an NOL carryover of $90,000 to 2020. How much tax will Willow Corp. pay in 2020, what is its NOL carryover to 2021, and what is its NOL carryover to 2021 under the following assumptions? a. $50,000 of the NOL was generated in 2016 and $40,000 of the NOL was generated in 2017.Nirvana Corporation reports pretax financial income of $260,000 for 2022. The following items cause taxable income to be different than pretax financial income. Rental income on the 2022 tax return is $65,000 greater than on the income statement. Depreciation expense on the tax return is greater than depreciation on the income statement by $40,000. Interest on an investment in a municipal bond of $6,500 is reported on the income statement. Nirvana's tax rate is 25% for all years. There are no deferred taxes at the beginning of 2022. The company expects to realize only 40% of the benefit of any deferred tax assets. The fiscal year ends December 31, 2022. Required: 1. Prepare the journal entries to record i) income tax expense, income taxes payable, and deferred income taxes for 2022, and ii) any valuation allowance needed. 2. Indicate clearly what would be reported on the income statement beginning with income before income taxes for the year ended December 31, 2022 from just…Sheridan Corporation reports pretax financial income of $263,500 for 2025. The following items cause taxable income to be different than pretax financial income: 1. Rental income on the income statement is less than rent collected on the tax return by $61,900. 2. Depreciation on the tax return is greater than depreciation on the income statement by $43,600. 3. Interest on an investment in a municipal bond of $6,500 on the income statement. Sheridan' tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2025. (a) Your answer is correct. Compute taxable income and income taxes payable for 2025. (b) Taxable income $ 275300 Income taxes payable $ 82590 eTextbook and Medla List of Accounts Your answer is correct. Attempts: 1 of 3 used Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2025.(Credit account titles are automatically indented…
- GodoCarla Vista Corporation reports pretax financial income of $265,900 for 2025. The following items cause taxable income to be different than pretax financial income: 1. Rental income on the income statement is less than rent collected on the tax return by $64,100. Depreciation on the tax return is greater than depreciation on the income statement by $41.200. Interest on an investment in a municipal bond of $8,000 on the income statement. 2. 3. Carla Vista' tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2025. (a) Your Answer Correct Answer (Used) Compute taxable income and income taxes payable for 25. Taxable income Income taxes payable 280,800 84,240 QDengar
- Grand Corporation reported pretax book income of $639,000. Tax depreciation exceeded book depreciation by $426,000. In addition, the company received $319,500 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $53,250. Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax Deferred income tax N/A benefit $ 22,3652. The following facts relate to XYZ Corporation. 1. Deferred tax liability, January 1, 2012, $0. 2. Deferred tax asset, January 1, 2012, $24,000. 3. Taxable income for 2014, $265,000. 4. Pretax financial income for 2014, $345,000. 5. Cumulative temporary difference at December 31, 2014, giving rise to future taxable amounts, $140,000. 6. Cumulative temporary difference at December 31, 2014, giving rise to future deductible amounts, $120,000. 7. Tax rate for all years, 40%. 8. The company is expected to operate profitably in the future. Instructions (a) Compute income taxes payable for 2014. (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2014.Vinubhai