Question
In: Accounting
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 more likely
than not that the related benefits will be realized.
|
Indicate what the income tax expense portion of the income statement for 2016 should look like. Assume all income (loss) relates to continuing operations.
How should the income tax expense section of the income statement for 2017 appear?
What entry for income taxes should be recorded in 2020
How should the income tax expense section of the income statement for 2020 appear?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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 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...
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 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...
Marimarsh Corporation reported the following pretax financial income (loss) for the years 2019 to 2021. 2019...
Marimarsh Corporation reported the following pretax financial
income (loss) for the years 2019 to 2021.
2019
$150,000
2020
($400,000)
2021
$200,000
Pretax financial income (loss) and taxable income (loss) were
the same for all years. The applicable tax rates are 30% for 2019,
and 20% for 2020 and 2021.
Instructions:
a) Prepare the journal entry in 2019 to record income tax
expense.
b) Prepare the journal entries in 2020 for the tax effects of
the loss carryforward, assuming that based...
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...
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...
In formation for 37,38 and 39. Vintage Car Corporation has pretax financial income (or loss) equal...
In formation for 37,38 and 39. Vintage Car Corporation has
pretax financial income (or loss) equal to taxable income (or loss)
from 2015 through 2021 as follows.
Income (loss) Tax Rate
2015 $40,000 40%
2016 $63,000 40%
2017 36,000 30%
2018 (179,000) 35%
2019 85,000 40%
2020 59,000 40%
2021 (135,000) 40%
Pretax financial income (loss) and taxable income (loss) were
the same for all years since Vintage Car has been in business.
Assume the carryback provision is employed for...
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 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...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Hank & Sons is a retail seller of computers. At the end of the month, each...
- A very long, straight wire carries a current of 18.3 A out of the screen. An...
- AFAIK all the celestial objects have a spin motion around its axis. What is the reason...
- Why do some early childhood students have difficulty with transitions in the classroom? Identify and describe...
- A race engine has a bore of 50 mm and maximum loads are 11.8 kN for...
- This is a very simple program that will ONLY print a heading and columns of text...
- Allison, Inc. has established a target capital structure of 35 percent debt and 65 percent common...
ADVERTISEMENT