Your answer is partially correct. The pretax financial income (or loss) figures for Marin Company are as follows. 2022 $72,000 2023 (37,000) 2024 (32,000) 2025 110,000 2026 93,000 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 0 for the amounts. Record journal entries in the order presented in the problem.)

Your answer is partially correct. The pretax financial income (or loss) figures for Marin Company are as follows. 2022 $72,000 2023 (37,000) 2024 (32,000) 2025 110,000 2026 93,000 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 0 for the amounts. Record journal entries in the order presented in the problem.)

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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XYZ Company reported the following pretax income (loss) and related tax rates during the years 2016-2021. Year Pretax Income (loss) Tax rate 2016 $75,000 30% 2017 150,000 30% 2018 240,000 40% 2019 (540,000) 48% 2020 210,000 40% 2021 300,000 42% Prepare the journal entries for the years 2019 and 2020 to record income taxes and the tax effects of the loss. Assume that XYZ elects the carryback provision where possible and it is probable that it will realize benefits of any loss carryforward. Prepare the portion of the income statement that presents your answer in part (a) for the year ended 2019.
Please answer it in good accounting form. Thankyou
Now assume that Syer does account for its NOL under the CARES Act. Prepare the appropriate journal entry to record Syer’s 2020 income taxes, and indicate Syer’s 2020 net income(loss). Syer Company reports net operating income (loss) for financial reporting and tax purposes in each year as follows ($ in millions): 2016 2017 2018 2019 2020 $ 330) $ 130 $ 0 $0 $ (660) Syer’s 2020 NOL is driven by an unfortunate obsolescence of its primary product. Given great uncertainty in Syer’s future profitability, Syer’s management does not believe it is more likely than not that it will be able to realize deferred tax assets in future years. Syer’s federal tax rate decreased from 35% to 21% starting in 2018.
Use the following information for Ingersoll, Incorporated. Assume the tax rate is 23 percent. Sales Depreciation 2020 2021 $15,073 $15,036 1,731 1,806 Cost of goods sold 4,329 4,777 Other expenses 981 859 Interest 830 961 Cash 6,172 6,676 Accounts receivable 8,110 9,637 Short-term notes payable 1,240 1,217 Long-term debt 20,530 24,811 Net fixed assets 51,042 54,483 Accounts payable 4,496 4,854 Inventory 14,402 15,358 1,300 1,688 Dividends Prepare a balance sheet for this company for 2020 and 2021. (Do not round intermediate calculations.) INGERSOLL, INCORPORATED Balance Sheet as of December 31 Current assets Assets 2020 2021
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am.104.
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The pretax financial income of Tamarisk Company differs from its taxable income throughout each of 4 years as follows. Year PretaxFinancial Income Taxable Income Tax Rate 2020 $295,000 $180,000 35 % 2021 320,000 217,000 20 % 2022 335,000 264,000 20 % 2023 435,000 592,000 20 % Pretax financial income for each year includes a nondeductible expense of $29,300 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. Prepare the Income stmt for 2021 beginning with income before income taxes
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Blossom Ltd. reported the following income for each of the years indicated. For each year, accounting income and income for tax purposes were the same. All tax rates indicated were enacted by the beginning of 2023. Blossom's policy is to carry back any tax losses first before carrying forward any remaining losses to future years. Year Income/(Loss) Tax Rate 2023 55,000 25% 2024 65,600 28% 2025 14,600 30% 2026 (145,700) 33% 2027 (73,800) 27% 2028 93,400 27% Prepare the journal entries for the years 2023 to 2028 to record income taxes. Assume that, at the end of each year, the loss carryforward benefits are judged more likely than not to be realized in the future. Blossom Ltd. follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and List all debit dit atrios)