Question
In: Accounting
Which item is recognized for tax purposes but not financial reporting purposes fines resulting from violation...
Which item is recognized for tax purposes but not financial reporting purposes
fines resulting from violation of laws
depletion in excess of cost
proceeds from life insurance on officers
premiums paid for life insurance on officers
Solutions
Expert Solution
Multiple choice :
Which item is recognized for tax purposes but not financial reporting purposes
So answer is b) Depletion in excess of cost
ekkarill92 answered 2 years agoRelated Solutions
Ayayai Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes....
Ayayai Inc. reports the following pretax income (loss) for both
financial reporting purposes and tax purposes. (Assume the
carryback provision is used for a net operating loss.)
Year
Pretax Income (Loss)
Tax Rate
2015
123,000
34%
2016
86,000
34%
2017
(278,000)
38%
2018
237,000
38%
Prepare the journal entries for the years 2015–2018 to record
income tax expense (benefit) and income taxes payable (refundable)
and the tax effects of the loss carryback and carryforward,
assuming that at the end of...
Tamarisk Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes....
Tamarisk Inc. reports the following pretax income (loss) for
both financial reporting purposes and tax purposes.
Year
Pretax Income
(Loss)
Tax Rate
2018
$128,000
17
%
2019
118,000
17
%
2020
(290,000)
19
%
2021
306,000
19
%
The tax rates listed were all enacted by the beginning of
2018.
a) Prepare the journal entries for the years 2018–2021 to record
income tax expense (benefit) and income taxes payable (refundable)
and the tax effects of the loss carryforward, assuming that...
Splish Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes....
Splish Inc. reports the following pretax income (loss) for both
financial reporting purposes and tax purposes.
Year
Pretax Income
(Loss)
Tax Rate
2018
$125,000
17
%
2019
95,000
17
%
2020
(230,000
19
%
2021
301,000
19
%
The tax rates listed were all enacted by the beginning of 2018.
1. Prepare the journal entries for the years 2018–2021 to record
income tax expense (benefit) and income taxes payable (refundable)
and the tax effects of the loss carryforward, assuming that...
Bramble Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes....
Bramble Inc. reports the following pretax income (loss) for both
financial reporting purposes and tax purposes.
Year
Pretax Income
(Loss)
Tax Rate
2018
$117,000
17
%
2019
114,000
17
%
2020
(228,000
)
19
%
2021
307,000
19
%
The tax rates listed were all enacted by the beginning of 2018.
Prepare the journal entries for the years 2018–2021 to record
income tax expense (benefit) and income taxes payable (refundable)
and the tax effects of the loss carryforward, assuming that...
Nash Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes....
Nash Inc. reports the following pretax income (loss) for both
financial reporting purposes and tax purposes. (Assume the
carryback provision is used for a net operating loss.)
Year
Pretax Income
(Loss)
Tax Rate
2015
$127,000
34
%
2016
93,000
34
%
2017
(284,000
)
38
%
2018
237,000
38
%
The tax rates listed were all enacted by the beginning of 2015.
(a)
Prepare the journal entries for the years 2015–2018 to record
income tax expense (benefit) and income taxes...
Tamarisk Inc. reports the following pretax income (loss) for both financial reporting purposes and tax purposes....
Tamarisk Inc. reports the following pretax income (loss) for
both financial reporting purposes and tax purposes. Year Pretax
Income (Loss) Tax Rate 2018 $128,000 17 % 2019 118,000 17 % 2020
(290,000 ) 19 % 2021 306,000 19 % The tax rates listed were all
enacted by the beginning of 2018. Collapse question part
(a) Prepare the journal entries for the years 2018–2021 to
record income tax expense (benefit) and income taxes payable
(refundable) and the tax effects of the...
Wynn Farms reported a net operating loss of $132,000 for financial reporting and tax purposes in...
Wynn Farms reported a net operating loss of $132,000 for
financial reporting and tax purposes in 2021. The enacted tax rate
is 25%. Taxable income, tax rates, and income taxes paid in Wynn’s
first four years of operation were as follows: Taxable Income Tax
Rates Income Taxes Paid 2017 $ 68,000 25 % $ 17,000 2018 78,000 25
19,500 2019 112,000 25 28,000 2020 68,000 40 27,200
Prepare the journal entry to recognize the income tax
benefit of the net...
Wynn Sheet Metal reported an operating loss of $172,000 for financial reporting and tax purposes in...
Wynn Sheet Metal reported an operating loss of $172,000 for
financial reporting and tax purposes in 2018. The enacted tax rate
is 40%. Taxable income, tax rates, and income taxes paid in Wynn’s
first four years of operation were as follows:
Taxable Income Tax Rates Income Taxes Paid
2014 $ 66,000 30 % $ 19,800
2015 76,000 30% 22,800
2016 86,000 40% 34,400
2017 66,000 45% 29,700
Required:
1. Complete the following table given below and prepare the
journal entry...
Wynn Farms reported a net operating loss of $144,000 for financial reporting and tax purposes in...
Wynn Farms reported a net operating loss of $144,000 for
financial reporting and tax purposes in 2021. The enacted tax rate
is 25%. Taxable income, tax rates, and income taxes paid in Wynn’s
first four years of operation were as follows:
Taxable
Income
Tax
Rates
Income Taxes Paid
2017
$
71,000
20
%
$
14,200
2018
81,000
20
16,200
2019
124,000
25
31,000
2020
71,000
40
28,400
Required:
1. Prepare the journal entry to recognize the
income tax benefit of...
Wynn Farms reported a net operating loss of $160,000 for financial reporting and tax purposes in...
Wynn Farms reported a net operating loss of $160,000 for
financial reporting and tax purposes in 2021. The enacted tax rate
is 25%. Taxable income, tax rates, and income taxes paid in Wynn’s
first four years of operation were as follows: Taxable Income Tax
Rates Income Taxes Paid 2017 $ 60,000 15 % $ 9,000 2018 70,000 15
10,500 2019 80,000 25 20,000 2020 60,000 30 18,000 Required: 1. NOL
carrybacks are not allowed for most companies, except for property...
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