net operating loss carryovers or carrybacks).$ (90,000)(40,000)70,000170,000(235,000)320,000.201720182019202020212022Required:a. What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?Complete this question by entering your answers in the tabs below.Required BRequired AWhat is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?2022 taxable income after the NOL deduction net operating loss carryovers or carrybacks).201720182019202020212022$(90,000)(40,000)70,000170,000(235,000)320,000Required:a. What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)?b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?Complete this question by entering your answers in the tabs below.Year2022Required A Required BWhat is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary?Favorable orUnfavorableTemporary orPermanentBook-taxDifference< Required ARequired B >

Permanent differences do not change in subsequent periods, leaving a gap between financial…

net operating loss carryovers or carrybacks). $ (90,000) (40,000) 70,000 170,000 2017 2018 2019 2020 2021 2022 (235,000) 320,000 Required: a. What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? 2022 taxable income after the NOL deduction Required A Required B >

net operating loss carryovers or carrybacks). $ (90,000) (40,000) 70,000 170,000 2017 2018 2019 2020 2021 2022 (235,000) 320,000 Required: a. What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? b. What is its 2022 book-tax difference associated with its NOL? Is it favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What is B12's 2022 taxable income after the NOL deduction (assume it does not elect to forgo any carrybacks, if applicable)? 2022 taxable income after the NOL deduction Required A Required B >

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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4 continue.... Sunland Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income $842,000 $956,000 $914,000 Excess depreciation expense on tax return (28,800 ) (39,300 ) (9,900 ) Excess warranty expense in financial income 20,400 9,500 7,600 Taxable income $833,600 $926,200 $911,700 The income tax rate for all years is 20%. (b) Indicate how deferred taxes will be reported on the 2022 balance sheet. Sunland’s product warranty is for 12 months. Sunland CompanyBalance Sheet (Partial) $ Save for Later Attempts: 0 of 1 used Submit Answer (c) The parts of this…
D E F G H (Deferred Tax Asset with and without Valuation Account) Nova Sci, Inc. has a deferred tax asset account with a balance of $255,000 at the end of 2024 due to a single cumulative temporary difference. At the end of 2025 this same temporary difference has decreased to a cumulative amount of $750,000. Taxable income for 2025 is $650,000. The tax rate is 20% for all years. No valuation account related to the deferred tax asset is in existence at the end of 2024. Instructions (a) Record income tax expense, deferred income taxes, and income taxes payable for 2025, assuming that it is more likely than not that the deferred tax asset will be realized. (b) Assuming that it is more likely than not that one-half of the deferred tax asset will not be realized, prepare the journal entry at the end of 2025 to record the valuation account. (b) NOTES & COMPUTATIONS AREA
Greene Co. has pretax book income for the year ended December 31, 2022 in the amount of $315,000 and has a tax rate of 30%. Depreciation for tax purposes exceeded book depreciation by $10,500.What should Greene Co. record as its deferred tax liability for 2022? Group of answer choices $94,500 $0 $91,350 $3150
carala vista company has the following two temporary difference between its income tax expense and income taxes payable 2025 2026 2027 pretax financial income 854,000. 949,000. 962,000 excess deprecaition expense on tax return (29,800. (41,800) (9900) excess warranty expense in financial income 19800 10500 8100 taxable income 844000 917700 960200 the income tax rate for all years is 20% indicate how deferred taxes will be reported on the 2027 balance sheet carla vistas product warranty is or 12 months
H6. Explain wrong options and explain with details
1. Dunder Mifflin Inc. had one temporary difference in 2022 because their tax depreciation deduction exceeded their book depreciation expense by $74. Dunder Mifflin's pretax financial income is $1204 in 2022 and its tax rate is 20%. The company had no prior deferred tax balance. Dunder Mifflin's journal entry at the end of 2022 will involve: a. A credit to Income Tax Expense of $240.80 b. A debit to Deferred Tax Asset of $14.80 c. A credit to Deferred Tax Liability of $14.80 d. A credit to Income Tax Payable of $240.80
10030.
E18.19 (LO 1, 2, 4) (Two Temporary Differences, Multiple Rates, Future Taxable Income) Nadal Inc. has two temporary differences at the end of 2024. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Nadal's accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows. Taxable amounts 2025 2026 2027 2028 $40,000 $50,000 $60,000 $80,000 (15,000) (19,000) Deductible amounts $40,000 $35,000 $41,000 $80,000 As of the beginning of 2024, the enacted tax rate is 34% for 2024 and 2025, and 20% for 2026-2029. At the beginning of 2024, the company had no deferred income taxes on its balance sheet. Taxable income for 2024 is $500,000. Taxable income is expected in all future years. Instructions a. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2024. b. Indicate how deferred income taxes would be…
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2023 TAXABLE INCOME FIRST $53,359 OVER $53,359 TO $106,717 OVER $106,717 TO $165,430 OVER $ $165,430 TO $237,675 OVER $235,675 FILL IN THE BLANK TAX RATE 15.00% 20.50% 26.00% 29.32% 33.00% B) The new marginal rate of tax for someone making a salary of $100,000 and gets an $8,000 salary increase. type your text here Based on the Canadian Federal Income Tax Brackets for 2023 shown above, calculate and input the numeric answers to the questions below. Round off your answers to the nearest dollar. Do not use $, decimals or comma. For example, instead of $23,486.52, write 23487. For answers requiring a tax rate, enter only the numeric value with two decimal places, with "%" symbol. For example, 20.50%).
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