Trey, Inc. reports a taxable loss of $210,000 for 2017. Its taxable income for the last two years was as follows: 2015 $ 60,000 2016 $ 80,000 Trey has no temporary or permanent differences. Trey elects the "carryforward only" provision. Trey expects taxable income in future years and has a tax rate of 30% for all periods affected. The amount that Trey, Inc. reports as a net loss for financial reporting purposes in 2017 is: a. $189,000 loss b. $168,000 loss c. $147,000 loss d. $70,000 loss e. $210,000 loss

NSync Manufacturing has a deferred tax asset account with a balance of P300,000 at the end of 2015 due to a single cumulative temporary difference of P 750,00. At the end of 2016, this same temporary difference has increased to a cumulative amount of P1,000,000. Taxable income for 2016 is P1,700,000. The tax rate is 40% for 2016, but enacted tax rates for all future years are 35%. Assuming it’s probable that 70% of the deferred tax asset will be realized, what amount will be reported on NSync manufacturing statement of financial position for the deferred tax asset at December 31, 2016

Novak SpA reports pretax financial income of €74,100 for 2022. The following items cause taxable income to be different than pretax financial income. 1. 2. Depreciation on the tax return is greater than depreciation on the income statement by €15,800. Rent collected on the tax return is greater than rent revenue reported on the income statement by €23,200. 3. Fines for pollution appear as an expense of €11,000 on the income statement. Novak's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2022. (a) (b) Your Answer Correct Answer (Used) Your answer is correct. Compute taxable income and income taxes payable for 2022. Taxable income € 92500 Income taxes payable € 27750 Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no…

At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $30 million attributableto a temporary book-tax difference of $75 million in a liability for estimated expenses. At the end of 2018, thetemporary difference is $70 million. Payne has no other temporary differences. Taxable income for 2018 is $180million and the tax rate is 40%.Payne has a valuation allowance of $10 million for the deferred tax asset at the beginning of 2018.Required:1. Prepare the journal entry(s) to record Payne’s income taxes for 2018, assuming it is more likely than not thatthe deferred tax asset will be realized.2. Prepare the journal entry(s) to record Payne’s income taxes for 2018, assuming it is more likely than not thatone-fourth of the deferred tax asset will ultimately be realized.

Sheridan Company reports pretax financial income of $73,500 for 2025. The following items cause taxable income to be different than pretax financial income. Depreciation on the tax return is greater than depreciation on the income statement by $17,600. 1. 2. Rent collected on the tax return is greater than rent recognized on the income statement by $19,900. 3. Fines for pollution appear as an expense of $10,500 on the income statement. Sheridan's tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2025. (a) Your answer is correct. Compute taxable income and income taxes payable for 2025. (b) Taxable income 86300 Income taxes payable 25890 eTextbook and Media Solution Pretax financial income for 2025 $73,500 Excess depreciation per tax return (17,600) Excess rent collected over rent earned 19,900 Nondeductible fines 10,500 Taxable income $86,300 Taxable income $86,300 Enacted tax rate 30%…

Backus Inc. reported a loss of $500,000 in 2022. The company reported taxable income of $125,000 in 2020 and $230,000 in 2021. It has no permanent or temporary differences, and its tax rate is 35%. What is the necessary journal entry for 2022? Backus reported taxable income of $250,000 in 2023. What is the necessary journal entry for 2023? What is the necessary journal entry for 2022? (Record debits first, then credits. Exclude explanations from any journal entries.) Account December 31, 2022

Prepare the income tax expense section of the income statement for 2025, beginning with the line "Income before income taxes." (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SHERIDAN COMPANY Income Statement (Partial) For the Year Ended December 31, 2025 $

Brent Inc. reported a loss of $540,000 in 2022. The company reported taxable income of $115,000 in 2020 and $229,000 in 2021. It has no permanent or temporary differences, and its tax rate is 25%. What is the necessary journal entry for 2022? Brent reported taxable income of $258,000 in 2023. What is the necessary journal entry for 2023? What is the necessary journal entry for 2022? (Record debits first, then credits. Exclude explanations from any journal entries.) Account What is the necessary journal entry for 2023? Account December 31, 2022 December 31, 2023

(Three Differences, Compute Taxable Income, Entry for Taxes) Zurich Company reports pretax financial income of $70,000 for 2017. The following items cause taxable income to be different than pretax financial income.1. Depreciation on the tax return is greater than depreciation on the income statement by $16,000.2. Rent collected on the tax return is greater than rent recognized on the income statement by $22,000.3. Fines for pollution appear as an expense of $11,000 on the income statement.Zurich’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2017.Instructions(a) Compute taxable income and income taxes payable for 2017.(b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017.(c) Prepare the income tax expense section of the income statement for 2017, beginning with the line “Income before income taxes.”(d) Compute the…

Metlock Company reported the following pretax financial income (loss) for the years 2018-2022. 2018 $235,200 2019 343,000 2020 117,600 2021 (558,600) 2022 176,400 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 34% for 2018 and 2019, and 20% for 2020-2022. Assume the carryback provision is used first for net operating losses. SUPPO