Current Attempt in Progress Wildhorse Inc. reported the following pretax income (loss) and related tax rates during the years 2024-2027. 2024 2025 2026 2027 Pretax Income (loss) Tax Rate $91,000 (191,000) (a) 241,000 82,600 40% 40% 20% 20% Pretax financial income (loss) and taxable income (loss) were the same for all years since Wildhorse began business. The tax rates from 2024-2027 were enacted in 2024. Prepare the journal entries for the years 2025-2027 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Wildhorse expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (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.)

Current Attempt in Progress Wildhorse Inc. reported the following pretax income (loss) and related tax rates during the years 2024-2027. 2024 2025 2026 2027 Pretax Income (loss) Tax Rate $91,000 (191,000) (a) 241,000 82,600 40% 40% 20% 20% Pretax financial income (loss) and taxable income (loss) were the same for all years since Wildhorse began business. The tax rates from 2024-2027 were enacted in 2024. Prepare the journal entries for the years 2025-2027 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Wildhorse expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year. (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.)

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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the pretax financial income (or loss) figures for metlock company are as follows 2022- 77000; 2023-(49000); 2024-(44000); 2025-125000; 2026-95000. pretax financial income (or loss) and taxable (loss) were the same for all years involved. Assumed a 20% tax rate for all years. Prepare the journal entries for the years 2022 and 2026 to record income tax expense and the effects of the net operating loss carry forwards. all income and losses related to normal operations (in recording the benefits of a loss carry forward assume that no valuation account is deemed necessary Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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The pretax financial income of x company differs from its taxable income throughout each of 4 years as follows Year. Pretax Financial Income. Taxable income. Tax rate 2020. 305,000. 173,000. 35% 2021. 349,000. 216,000. 20% 2022 358,000 277,000 20% 2023 429,000 615,000 20% Pretax fiancial income for each year includes a nondeductible exense of $29,100 (never deductible for tax purposes) The remainder of the difference between pretax fiancial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. Prepare journal entries to record income taxes in all 4 years. Assue that the change in the tax rate to 20% was not enacted until the beginning of 2021
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Blossom Corporation had the following tax information: Year Taxable Income Tax Rate Taxes Paid 2020 $389,000 31% $120,590 2021 311,000 30% 93,300 2022 398,100 30% 119,430 In 2023, Blossom suffered a net operating loss of $551,000, which it decided to carry back. The 2023 enacted tax rate is 25%. Prepare Blossom'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 and enter O for the amounts.) Account Titles and Explanation Debit Credit Income Tax Receivable 165300 165300
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The pretax financial income of Truttman Company differs from its taxable income throughout each of 4 years as follows. Pretax Year Financial Income 2020 2021 2022 2023 $290,000 320,000 350,000 420,000 Taxable Income $180,000 225,000 260,000 560,000 Show Transcribed Text Pretax financial income for each year includes a nondeductible expense of $30,000 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. 0 Prepare the income statement for 2021, beginning with income before income taxes. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) 0 O Tax Rate 35 % 20 % 20 % 20 % 0 Truttman Company Income Statement (Partial) O C S 000 G SUPPORT