Addison Corporation is currently going through a L Chapter 11 bankruptcy reorganization. The company has the following account balances for the current year. Prepare an income statement for this organization. The effective tax rate is 20

Blossom Corporation reported the following results for its first three years of operation: 2020 income (before income taxes)   $280000   2021 loss (before income taxes)   (2500000 ) 2022 income (before income taxes)   2800000   There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 20% for 2020 and 2021, and 30% for 2022.Assuming that Blossom elects to use the carryback provision, what income (loss) is reported in 2021? (Assume that any deferred tax asset recognized is more likely than not to be realized.)

Se.125.

Wildhorse Corporation, a publicly traded company, is preparing the comparative financial statements to be included in the annual report to shareholders. Wildhorse's fiscal year ends May 31. The following information is available. 1. 2. 3. 4. 5. 6. 7. 1. Income from operations before income tax for Wildhorse was $1,500,000 and $1,900,000, respectively, for the fiscal years ended May 31, 2021, and 2020. 2. Wildhorse experienced a loss from discontinued operations of $600,000 from a business segment disposed of on March 3, 2021. A 20% combined income tax rate applies to all of Wildhorse Corporation's profits, gains, and losses. Wildhorse's capital structure consists of preferred shares and common shares. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Wildhorse issued 136,000 of $10 par value, 5% cumulative preferred shares in 2013. All of these shares are outstanding, and no preferred dividends are in arrears. Determine the…

At the end of its first year of operations on December 31, 2022, the Metro Company reported pretax financial income of $100,000. An investigation of that income revealed the following items:· Bad debts expense of $12,000 was recognized (reported on 2022 income statement). The accounts will be written off (tax deductible) in 2023.· Interest received on municipal bonds: $7,500.· Warranty expenses of $16,000 were accrued for financial reporting purposes, but were not expected to result in a cash payment until 2023.· Depreciation on the tax return exceeded depreciation for financial reporting purposes by $32,000.Assume that any deferred tax assets are considered more likely than not to be realized. The enacted income tax rate for all years is 25%.Required:1) Compute taxable income. Show your calculation. If not, no credit.2) Prepare the entry to record income tax expense and any related assets and liabilities for Metro on December 31, 2022.

Christopher Corporation is subject to a 40% income tax rate. The following amounts were taken from the records: income before income taxes $100,000 and taxable income $120,000. Instructions: record the adjusting entry.

Foster Company reported pretax financial income of $350,000 for 2021. Foster uses an accelerated form of depreciation for tax purposes, and it exceeds book depreciation by $50,000. The tax rate for 2021 is 20%. Record the journal entry at the end of 2021, be sure to include calculations, as well as income tax expense, a deferred account, and income tax payable.

After making four quaterly estimated payments of $3,500, a corporation's actual income tax liability for the year is $17,200.  The year-end adjusting entry would require:

Grand Corporation reported pretax book income of $621,000. Tax depreciation exceeded book depreciation by $414,000. In addition, the company received $310,500 of tax-exempt municipal bond interest. The company’s prior-year tax return showed taxable income of $51,750.  Compute the company's current income tax expense or benefit. (Leave no answer blank. Enter N/A or zero.) Current income tax        N/A         $0 Deferred income tax       Expense        ?

The CFO has asked you to calculate the taxable income and prepare journal entries for Rudolf Ltd at 30th June 2022. Accounting loss before tax Impairement loss warranty expense Fines expense Doubtful Debts. Depreciation Plant warranty paid** Depreciation for tax - Plant.** Bad debts written off. ** (80,000) 1,000 10,000 5,000 4,000 20,000 8,000 30,000 10,000 Note These items ** are deductible for tax purposes