Oak Corporation has the following general business credit carryovers: 2016 $7,250 2017 21,750 2018 8,250 2019 25,750 Total carryovers $63,000 The general business credit generated by activities during 2020 equals $50,400 and the total credit allowed during the current year is $87,000 (based on tax liability). a. Enter the amount (if any) of each year's carryover utilized in 2020. Year Amount of Carryover Utilized 2016 $ 2017 $ 2018 $ 2019 $ 2020 $ b. What is the amount of any unused credits carried forward to 2021?

Q: Enter the amount (if any) of each year's carryover utilized in 2020. Amount of Carryover Year…

A: (a) The table below shows the each year carryover utilized:

Q: Based upon the information below, what is the value of the company as of 1/1/2021 (use the APV…

A: Here,…

Q: 2. Prepare a schedule that reconciles the difference between pretax accounting Income and taxable…

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Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent):…

A: Income and balance sheet statements:

Q: In 2020, the Wisner Corp. recorded credit sales of $427, 305. The state in which Wisner operates has…

A: Sales, in a business context, refer to the activities related to selling goods or services in…

Q: The following information relates to Fountain Designs Limited. 1. Pretax financial income for 2020…

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Q: What is the effective income tax rate for 2021?

A: Effective Tax Rate can be defined as the average rate at which tax is paid by the individual or a…

Q: The pretax financial income of Tamarisk Company differs from its taxable income throughout each of 4…

A: The decrease in the tax rate for the second year would result in a decrease in deferred tax…

Q: Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $16 million and…

A: Part 1:

Q: What is the income tax due using a 21 % federal income tax rate for a corporation with the following…

A: Expected taxable income = Gross income from sales - accumulated expenses - depreciation charged.…

Q: The pretax financial income of Tamarisk Company differs from its taxable income throughout each of 4…

A: SOLUTION-                                                                     INCOME STATEMENT…

Q: The Snella Company reports 2023 Pre-tax Net Income of $10,000. The following items exist:

A: Income tax is levied on income. The composition of total tax revenue earned from this taxation…

Q: accounting income (income sta eincome (tax return) : 25% s each year include $30 million fro e…

A: Taxable income refers to the sum value of money gained by an entity on which the authorized…

Q: Wynn Farms reported a net operating loss of $190,000 for financial reporting and tax purposes in…

A: Deferred tax asset: The deferred tax asset is created when the taxes to be paid as per income tax…

Q: The accounting income (loss) figures for Pronghorn Corporation are as follows: 2015 2016 2017 2018…

A: The objective of the question is to prepare the journal entries for each of the years 2017 to 2021…

Q: Cash flow from assets Cash flow to creditors Cash flow to stockholders

A: To calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders for…

Q: At the beginning of 2021, a company had future deductible amounts of $400,000 and the enacted tax…

A: Future deductable amount = 400000*27% = $108000 Amount that need to be deductable due to change in…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.