Question

In: Accounting

The pretax financial income (or loss) figures for Concord Company are as follows. 2015 $166,000 2016...

The pretax financial income (or loss) figures for Concord Company are as follows.

2015

$166,000

2016

258,000

2017

77,000

2018

(166,000 )

2019

(384,000 )

2020

131,000

2021

105,000


Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years.

Prepare the journal entries for the years 2017 to 2021 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.) (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.)

Account Titles and Explanation

Debit

Credit

2017

enter an account title to record carryback

enter a debit amount

enter a credit amount

enter an account title to record carryback

enter a debit amount

enter a credit amount

2018

enter an account title to record carryforward

enter a debit amount

enter a credit amount

enter an account title to record carryforward

enter a debit amount

enter a credit amount

2019

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

2020

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

2021

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a credit amount

enter a debit amount

Solutions

Expert Solution


Related Solutions

The pretax financial income (or loss) figures for Windsor Company are as follows. 2015 $169,000 2016...
The pretax financial income (or loss) figures for Windsor Company are as follows. 2015 $169,000 2016 247,000 2017 79,000 2018 (169,000 ) 2019 (356,000 ) 2020 131,000 2021 99,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 25% tax rate for 2015 and 2016 and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the...
The pretax financial income (or loss) figures for Tamarisk Company are as follows. 2016 275,000 2017...
The pretax financial income (or loss) figures for Tamarisk Company are as follows. 2016 275,000 2017 88,000 2018 (176,000 ) 2019 (115,000 ) 2020 148,000 2021 108,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2016, and a 20% tax rate for the remaining years. Prepare the journal entries for the years 2017 to 2021 to record income tax expense and the effects of the net...
   The pretax financial income (or loss) figures for Jerry Springer Company are as    follows....
   The pretax financial income (or loss) figures for Jerry Springer Company are as    follows.                2009          $210,000                2010            180,000                2011            140,000                2012           (220,000)                2013           (230,000)                2014              90,000                2015            115,000    Pretax financial income (or loss) and taxable income (or loss) were the same for all years involved. Assume a 40% tax rate for 2009 and 2010 and a 35% tax rate for the remaining years.    Instructions:       Prepare the journal entries...
The pretax financial income (or loss) figures for Jenny Spangler Company are as follows: 2012: $160,000...
The pretax financial income (or loss) figures for Jenny Spangler Company are as follows: 2012: $160,000 2013: $250,000 2014: $80,000 2015: ($160,000) 2016: ($380,000) 2017: $120,000 2018: $100,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2012 and 2013 and a 40% tax rate for the remaining years. Question: Prepare the journal entries for the years 2014 to 2018 to record income tax expense and the...
Sage Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss)...
Sage Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $56,640 25 % 2016 (177,000 ) 20 % 2017 106,200 20 % 2018 35,400 20 % 2019 123,900 20 % 2020 (70,800 ) 25 % 2021 70,800 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Sage has been in business. In recording the benefits of a loss carryforward, assume that it is...
Part 2: Carryback and Carryforward The pretax financial income (or loss) figures for Bryan Clark Company...
Part 2: Carryback and Carryforward The pretax financial income (or loss) figures for Bryan Clark Company are as follows. 2016 $ 88,000 2017 137,500 2018     44,000 2019    (88,000) 2020 (191,900) 2021      66,000 2022      55,000 Pretax financial income (or loss) and taxable income (loss) were the same for all years involved. Assume a 45% tax rate for 2016 and 2017 and a 25% tax rate for the remaining years. Prepare the journal entries for the years 2015–2019...
Exercise 19-22 Novak Corporation has pretax financial income (or loss) from 2015 through 2021 as follows....
Exercise 19-22 Novak Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 2015 $52,800 25 % 2016 (77,000 ) 20 % 2017 99,000 20 % 2018 33,000 20 % 2019 115,500 20 % 2020 (66,000 ) 25 % 2021 66,000 25 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Novak has been in business. In recording the benefits of a loss carryforward, assume that...
The DeVille Company reported pretax accounting income on its income statement as follows:       2016 $...
The DeVille Company reported pretax accounting income on its income statement as follows:       2016 $ 390,000   2017 310,000   2018 380,000   2019 420,000     Included in the income of 2016 was an installment sale of property in the amount of $44,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $17,600 in 2017, $22,000 in 2018, and $4,400 in 2019.     Included in the 2018 income was $18,000...
Meyer reported the following pretax financial income (loss) for the years 2012-2016 2012 $240,000 2013 200,000...
Meyer reported the following pretax financial income (loss) for the years 2012-2016 2012 $240,000 2013 200,000 2014 150,000 2015 (500,000) 2016 180,000 pretax financial income (loss) and taxable income (loss) were the same for all the years involved. The enacted tax rate was 34% for 2012 and 2013 and 38% for 2014-2016. Assume the carryback provision is used first for net operating losses. In 2015, based on the weight of available evidence, it is more likely than not that one-fifth...
Question 3 Starlight reported the following pretax financial income (loss) for the years 2018–2021. Pretax Income...
Question 3 Starlight reported the following pretax financial income (loss) for the years 2018–2021. Pretax Income (Loss) Tax Rate 2018 330,000 35% 2019 (60,000) 35% 2020 (800,000) 21% 2021 30,000 21% Pretax financial income (loss) and taxable income (loss) were the same for all years involved. Instruction Prepare the journal entries for the years 2019 to 2021 to record income tax expense and the effects of the net operating loss carryforwards. Additionally, assume that based on the weight of available...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT