A company’s provision for income taxes resulted in eff ective tax rates attributable to loss fromcontinuing operations before cumulative eff ect of change in accounting principles that variedfrom the statutory federal income tax rate of 34 percent, as summarized in the table below.Year Ended 30 June 2007 2006 2005Expected federal income tax expense (benefi t) fromcontinuing operations at 34 percent ($112,000) $768,000 $685,000Expenses not deductible for income tax purposes 357,000 32,000 51,000State income taxes, net of federal benefi t 132,000 22,000 100,000Change in valuation allowance for deferred tax assets (150,000) (766,000) (754,000)Income tax expense $227,000 $56,000 $82,00020 . In 2007, the company’s net income (loss) was closest to:A . ($217,000).B . ($329,000).C . ($556,000).

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A company reports the following pretax income (loss) for both financial reporting purposes and tax purposes. Year Pretax Income (Loss) Tax Rate 2018 $167,000 18% 2019 56,000 18 2020 (579,300) 23 2021 320,100 27 2022  580,700  31 Assuming that the company can carryforward its 2020 net operating loss, what is the amount of deferred tax asset the company would report at the end of 2020 related to this loss carryforward?

Interperiod Tax Allocation Quick Company reports the following revenues and expenses in its pretax financial income for the year ended December 31, 2013: Revenues                          229,600 Expenses                         (160,100) Pretax financial income    69,500   The revenues included in pretax financial income are the same amount as the revenues included in the company’s taxable income. A reconciliation of the expenses reported for pretax financial income to the expenses reported for taxable income, however, reveals four differences: 1. Depreciation deducted for financial reporting exceeded depreciation deducted for income taxes by $11,000. 2. Percentage depletion deducted for income taxes exceeded cost depletion deducted for financial reporting by 15600. 3. Warranty costs deducted for income taxes exceeded warranty expenses deducted for financial reporting by 8900. 4. Legal expense of $9,800 was deducted for financial reporting; it will be deducted for income taxes when…

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In 20X6, Dalia Corp., a calendar fiscal-year company, discovered that depreciation expense was erroneously overstated $58,000 in both 20X4 and 20X5 for financial reporting purposes. Net income in 20X6 is correct. The tax rate is 30%. The error was made only for financial reporting, affecting depreciation and deferred income tax accounts. CCA had been recorded correctly, and thus there will be no change in taxes payable. Additional information: 20X6 S Beginning retained earnings $446,000 20X5 $424,100 Earnings (includes error in 20x5) Dividends declared 83,800 61,300 94,200 2,300 Required: 1. Record the entry in 20X6 to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

In 20X6, Dalia Corp., a calendar fiscal-year company, discovered that depreciation expense was erroneously overstated $68,000 in both 20X4 and 20X5 for financial reporting purposes. Net income in 20X6 is correct. The tax rate is 35%. The error was made only for financial reporting, affecting depreciation and deferred income tax accounts. CCA had been recorded correctly, and thus there will be no change in taxes payable. Additional information: Z0X6 Beginning retained earnings $456,000 zexs $432,500 Earnings (includes error in 20x5) Dividends declared 85,800 62,500 96,400 72,900 Required: 1. Record the entry in 20X6 to correct the error. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.) Answer is not complete. General Journal Debit Credit 136,000 23,800x 112,200x No 1 Date 20X6 Deferred income tax liability Retained earnings, error correction 2. Prepare the comparative retained earnings section of the statement of changes…