Paolo Corp. generated the following income /(loss) since its 2019 inception: Year Income/(loss) 2019 (5,000) 2020 7,000 2021 14,000 2022 (20,000) If Paolo generates $4,000 of income in 2023, what is the NOL carryforward to 2024? a. $20,000 b. $3,200 c. $16,800 d. $800

Paolo Corp. generated the following income /(loss) since its 2019 inception: Year Income/(loss) 2019 (5,000) 2020 7,000 2021 14,000 2022 (20,000) If Paolo generates $4,000 of income in 2023, what is the NOL carryforward to 2024? a. $20,000 b. $3,200 c. $16,800 d. $800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Paolo Corp. generated the following income /(loss) since its 2019 inception:

Year	Income/(loss)
2019	(5,000)
2020	7,000
2021	14,000
2022	(20,000)

If Paolo generates $4,000 of income in 2023, what is the NOL carryforward to 2024?

a. $20,000

b. $3,200

c. $16,800

d. $800

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