hat is Harrison’s capital loss carryforward into 2020?
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Harrison Corporation generates
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- During 2021, Raines Umbrella Corporation had sales of $760,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $550,000, $90,000, and $95,000, respectively. In addition, the company had an interest expense of $94,000 and a tax rate of 21 percent. (Ignore any tax loss carryforward provisions and assume that interest is fully deductible.) a. What is the company's net income for 2021? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations.) b. What is its operating cash flow? (Do not round intermediate calculations.)Luck Corporation , which was formed January 1, 2015, has a net short-term capital gain of $60,000 and a net long-term capital loss of $100,000 during 2020. Luck Corporation had taxable income from other sources of $200,000. Prior years' transactions included the following (note 2019 had no capital gains or losses):2015- net long term capital gain of 150k 2016- net short term capital gain of 24k 2017- net short term capital gain of 12k 2018- net long term capital gain of 8kLuck's carryover to 2021 is: Select one: a. $0 b. $40,000 long-term capital loss c. $20,000 long-term capital loss d. $20,000 short-term capital loss e. None of the aboveIn 2020, Livernois Corporation had net income from operations of $100,000. In addition, Livernois recognized a long-term capital gain of $25,000 a short-term capital gain of $5,000 and a short-term capital loss of $45,000. Which of the following statements is correct? Select one: a. Livernios Corporation will have taxable income in 2020 of $100,000 and will have a net capital loss of $15,000 that can be carried back 3 years and forward 5 years. b. Livernois Corporation will have taxable income of $125,000 and will have a net capital loss of $40,000 that can be carried back 3 years and forward 5 years. c. Livernois Corporation may deduct $30,000 of the capital loss from operating income in 2020. d. Livernois Corporation will have taxable income of $85,000 for 2020. e. None of the above.
- The pretax financial income (or loss) figures for Teal Mountain Company are as follows. 2017 76,000 2018 (48,000 ) 2019 (38,000 ) 2020 111,000 2021 105,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2017 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 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.)Excelsior Corporation has the following headings on its December 31, 2019 Balance Sheet: Total Current Assets $200,000 Total Assets $500,000 Total Current Liabilities $169,000 Total Non Current Liabilities $300,000 On January 2020 Excelsior sells temporary investments to pay off $56,400 in long term debt Required 1: How much will working capital increase (decrease) by when comparing December 2019 with January 2020? Required 2: If no other transaction took place in January 2020, the current ratio at the end of January 2020 is: Required 3: If no other transaction took place in January 2020, the debt to equity ratio at the end of January 2020 is: Required 4: If no other transaction took place in January 2020, the financial leverage in January 2020 is (calculate the Equity Ratio and not the Equity Ratio percentage): Required 5: If last 12 month sales as of January 2020 amount to $480,000, the working capital turnover for the period ended January 31st 2020 is:Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results: Year Income (loss) Tax rate Income tax 2018 40,000 25 % 10,000 2019 40,000 25 % 10,000 2020 50,000 30 % 15,000 2021 (130,000 ) 30 % 0 What is the Deferred tax Asset in 2021?
- Excelsior Corporation has the following headings on its December 31, 2019 Balance Sheet:Total Current Assets $200,000Total Assets $500,000Total Current Liabilities $156,500Total Non Current Liabilities $300,000On January 2020 Excelsior sells temporary investments to pay off $48,900 in long term debt Required 1: How much will working capital increase (decrease) by when comparing December 2019 with January 2020? $ Required 2: If no other transaction took place in January 2020, the current ratio at the end of January 2020 is: Required 3: If no other transaction took place in January 2020, the debt to equity ratio at the end of January 2020 is: Required 4: If no other transaction took place in January 2020, the financial leverage in January 2020 is (calculate the Equity Ratio and not the Equity Ratio percentage): Required 5: If last 12 month sales as of January 2020 amount to $480,000, the working capital turnover for the period ended January 31st 2020 is:In 2020, Sunland Corporation had pretax financial income of $185,000 and taxable income of $117,000. The difference is due to the use of different depreciation methods for tax and accounting purposes. The effective tax rate is 20%.Compute the amount to be reported as income taxes payable at December 31, 2020. Income taxes payable at December 31, 2020 $enter the amount to be reported as income taxes payable at December 31, 2017Goose Corporation, a C corporation, incurs a net capital loss of $23,900 for 2021. It also has ordinary income of $19,120 in 2021. Goose had net capital gains of $4,780 in 2017 and $9,560 in 2020. If an amount is zero, enter "0". a. Determine the amount, if any, of the net capital loss of $23,900 that is deductible in 2021.$fill in the blank 1 _______ ? b. Determine the amount, if any, of the net capital loss of $23,900 that is carried forward to 2022.$fill in the blank 1 ______?
- Coline has the following capital gain and loss transactions for 2020. a. Short-term capital gain $5,000 b. Short-term capital loss ($2,100) c. Long-term capital gain (28%) $6,000 d. Long-term capital gain (15%) $2,000 e. Long-term capital loss (28%) ($10,500) After the netting process, Coline has an overall of $fill in the blank 2.Kk.192. Vertical, Inc., has a 2022 net § 1231 gain of $67,000 and had a $22,000 net § 1231 loss in 2021. For 2022, Vertical’s net § 1231 gain is treated as: $45,000 long-term capital gain and $22,000 ordinary loss. $67,000 ordinary gain. $45,000 long-term capital gain and $22,000 ordinary gain. $67,000 capital gainFor each of the following cases, determine the amount of capital gain or loss to report in each year (after taking into account any applicable carrybacks) and the capital loss carryforward to 2019, if any. Capital gain or loss for year indicated Corporation 2013 2014 2015 2016 2017 2018 4,700 $11,600 $(14,550) $ 7,000 $ 4,950 $(1,450) 3,870 3,010 6,290 11,550 (61,490) 9,350 8,550 4,950 (3,040) 2,970 3,340 15,00е (26,810) (24,600) 8, 200 11,150 2,680 2,250 Assume that 2013 is the first year of operation for each corporation. (Do not leave cells blank, enter "0" if there is no effect.) Carried forward capital losses Reported capital gains Corporation 2013 2014 2015 2016 2017 2018 2019 A B C
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