For each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account anyapplicable carrybacks) and the capital loss carryforward to 2022, if any.Capital gain or loss for year indicated2018CorporationA20162017B$ 4,8006,600$ 6,6903,160$ (10,100)2019$ 8,620C6,55012,8503,550(3,650)4,1502020$ 6,800(25,130)2021$ (1,970)2,7702,710(57,150)9,6503,77012,200(26,980)11,40010,5002,630Assume that 2016 is the first year of operation for each corporation.Note: Do not leave cells blank, enter "O" if there is no effect.Reported capital gainsCorporation201620172018201920202021ABCDCarried forwardcapital losses2022

The table shows the amount of capital gains or loss to report in each year (after taking into…

Answered: For each of the following cases,…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 55P

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Current Attempt in Progress The pretax financial income (or loss) figures for Larkspur Company are as follows. 2022 $82,000 2023 (47,000) 2024 (42,000) 2025 128,000 2026 105,000 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.)
Subject: acounting
Change in Net Working CapitalYour corporation's 2019 balance sheet has current assets of $5,120 and current liabilities of $4,491. Your 2020 corporation's balance sheet has current assets of $5,320 and current liabilities of $3,750. What is the 2020 change in net working capital for your corporation? Please show your formula and calculations in the space provided.
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How much working capital does Airbnb have for the year 2024? Discuss the components of working capital and calculations. What is the amount of the total assets that Airbnb reported for the year 2024? List the assets included. What is the amount of the total liabilities that tAirbnb reported for the year 2024? List the liabilities included.
Determine comprehensive income
Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)
LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
QUESTION 28 For 2020, Forway Corporation, an Accrual Basis calendar year corporation, had Net Income Per Books of $111,550 and the following transactions Premiums on Life Insurance Policy on its key employees -$6,000, Excess Capital Losses - $12.000, Excess Tax Depreciation - $9,000, Life Insurance Proceeds on life of its key employees - $65.000: Rent Income received in 2020 - $30,000 (S20,000 is prepaid and relates to 2020): Tax-Exempt Interest Income - $8,000, Federal Income Tax liability for 2020 - $15,450; Prepaid Rent received and properly taxed in 2019 (but not eamed for Financial Accounting purposes until 2020) - $5.000; Interest Expense on Tax-Exempt Interest Income item - $2.000. The total amount "added" to Net Income Per Books for Forrway Corporation in its Schedule M-1 Reconciliation for the tax year of 2020 is OS 80.000 O$ 55,450 OS 07.000 $167.000
1. What is the gain on remeasurement to equity to be recognized for 2021?a. 1,500,000b. 4,500,000c. 2,250,000d. 0 2. What is the goodwill arising from the acquisition on January 1, 2021?a. 2,250,000b. 1,250,000c. 1,350,000d. 350,000 3. What is the carrying amount of the investment in associate on December 31, 2021?a. 11,250,000b. 11,800,000c. 12,000,000d. 14,300,000
Microsoft’s 2020 10-K includes the following information relevant to its available-for-sale investments in Note 17—Accumulated Other Comprehensive Income (Loss): Year Ended June 30, 2020 2019 2018 Balance, beginning of period $1,488 $(850) $1,825 Unrealized gains (losses), net of tax of $1,057, $616, and $(427) 3,987 2,331 (1,146) Reclassification adjustments for (gains) losses included in other income (expense), net 4 93 (2,309) Tax expense (benefit) included in provision for income taxes (1) (19) 738 Cumulative effect of accounting changes 0 (67) 42 Balance, end of period $5,478 $1,488 $(850) Answer the following questions by referring to the disclosure note above: Prepare a journal entry to record unrealized gains for 2020. (Hint: $3,987 is net of tax effects, so you will need to add back tax effects to show the amount of pretax unrealized gain.) Prepare a journal entry to record Microsoft’s reclassification…

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