Question
In: Accounting
Waterway Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022....
Waterway Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022.
|
Pretax Income (loss) |
Tax Rate |
|||||
| 2019 | $92,800 | 40 | % | |||
| 2020 | (208,800) | 40 | % | |||
| 2021 | 232,000 | 20 | % | |||
| 2022 | 116,000 | 20 | % | |||
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Waterway began business. The tax rates
from 2019–2022 were enacted in 2019.
a. Prepare the journal entries for the years 2020-2022 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryforward. Assume that Jennings expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year.
c. Prepare the portion of the income statement, starting with “Operating loss before income taxes,” for 2020.
d. Prepare the portion of the income statement, starting with “Income before income taxes,” for 2021.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Nash Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022....
Nash Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022.
Pretax Income (loss)
Tax Rate
2019
$65,600
40
%
2020
(147,600)
40
%
2021
164,000
20
%
2022
82,000
20
%
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Nash began business. The tax rates from
2019–2022 were enacted in 2019.
Prepare the journal entries for the years 2020–2022 to record
income taxes payable (refundable), income tax...
Tamarisk Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022....
Tamarisk Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022.
Pretax Income (loss)
Tax Rate
2019
$88,000
40
%
2020
(198,000)
40
%
2021
220,000
20
%
2022
110,000
20
%
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Tamarisk began business. The tax rates
from 2019–2022 were enacted in 2019.
Prepare the journal entries for the years 2020–2022 to record
income taxes payable (refundable), income tax...
Whispering Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022....
Whispering Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022. Pretax Income (loss)
Tax Rate 2019 $104,000 40 % 2020 (234,000) 40 % 2021 260,000 20 %
2022 130,000 20 % Pretax financial income (loss) and taxable income
(loss) were the same for all years since Whispering began business.
The tax rates from 2019–2022 were enacted in 2019. Partially
correct answer iconYour answer is partially correct. Prepare the
journal entries for the years 2020–2022...
Whispering Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022....
Whispering Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022. Pretax Income (loss)
Tax Rate 2019 $104,000 40 % 2020 (234,000) 40 % 2021 260,000 20 %
2022 130,000 20 % Pretax financial income (loss) and taxable income
(loss) were the same for all years since Whispering began business.
The tax rates from 2019–2022 were enacted in 2019. New attempt is
in progress. Some of the new entries may impact the last attempt
grading.Your...
Concord Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022....
Concord Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022.
Pretax Income (loss)
Tax Rate
2019
$70,400
40
%
2020
(158,400)
40
%
2021
176,000
20
%
2022
88,000
20
%
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Concord began business. The tax rates from
2019–2022 were enacted in 2019.
1. Prepare the journal entries for the years 2020–2022 to record
income taxes payable (refundable), income...
Bramble Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022....
Bramble Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022.
Pretax Income (loss)
Tax Rate
2019
$43,300
40
%
2020
(194,000)
40
%
2021
244,000
20
%
2022
72,300
20
%
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Bramble began business. The tax rates from
2019–2022 were enacted in 2019.
(a)
Prepare the journal entries for the years 2020–2022 to record
income taxes payable (refundable), income...
Bramble Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022....
Bramble Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022. Pretax Income (loss)
Tax Rate 2019 $84,800 40 % 2020 (190,800) 40 % 2021 212,000 20 %
2022 106,000 20 % Pretax financial income (loss) and taxable income
(loss) were the same for all years since Bramble began business.
The tax rates from 2019–2022 were enacted in 2019.
Prepare the journal entries for the years 2020–2022 to record
income taxes payable (refundable), income tax...
Concord Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019....
Concord Inc. reported the following pretax income (loss) and
related tax rates during the years 2013–2019.
Pretax Income (Loss)
Tax Rate
2013
$37,000
30%
2014
$24,700
30%
2015
$50,100
30%
2016
$81,000
40%
2017
($176,500)
45%
2018
$72,800
40%
2019
$109,800
35%
Pretax financial income (loss) and taxable income (loss) were
the same for all years since Concord began business. The tax rates
from 2016–2019 were enacted in 2016.
Prepare the journal entries for the years 2017–2019 to record
income...
ivanhoe Inc. reported the following pretax income (loss) and related tax rates during the years 2013–2019....
ivanhoe Inc. reported the following pretax income (loss) and
related tax rates during the years 2013–2019.
Pretax Income (loss) Tax Rate
2013 $37,700 30 %
2014 23,100 30 %
2015 54,100 30 %
2016 76,800 40 %
2017 (166,200 ) 45 %
2018 76,200 40 %
2019 94,100 35 %
Pretax financial income (loss) and taxable income (loss) were
the same for all years since Ivanhoe began business. The tax rates
from 2016–2019 were enacted in 2016.
Prepare the journal...
Riverbed Inc. reported the following accounting income (loss) and related tax rates during the years 2015...
Riverbed Inc. reported the following accounting income (loss)
and related tax rates during the years 2015 to 2021: Accounting Tax
Year Income (Loss) Rate 2015 $72,000 25% 2016 29,000 25% 2017
62,000 25% 2018 77,000 30% 2019 (220,000 ) 35% 2020 68,000 30% 2021
94,000 25% Accounting income (loss) and taxable income (loss) were
the same for all years since Riverbed began business. The tax rates
from 2018 to 2021 were enacted in 2018. Assume Riverbed Inc.
follows ASPE for...
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