The pretax financial income (or loss) figures for Marin Company are as follows. 2015   $161,000   2016   248,000   2017   76,000   2018   (161,000 ) 2019   (390,000 ) 2020   119,000   2021   95,000   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.)

Candyland Property and Casualty Insurance Corporation reported a net operating loss of $220,000 for financial reporting and tax purposes in 2019. The enacted tax rate is 25%. Taxable income and tax rates in Candyland's first two years of operation were as follows: 2017 $40,000 30% 2018 $100,000 25% Assuming NOL carryback is allowed for companies up to 2 years, the amount of net loss reported on the income statement for the year ended December 31, 2019 would be: O $154,000 O $158,000 O $163,000 O $165,000

Caesar Corporation reported income before taxes of $220,000 for the years 2020, 2021, and 2022. In 2023 they experienced a loss of $220,000. The company had a tax rate of 35% in 2020 and 2021, and a rate of 45% in 2022 and 2023. Assuming Caesar uses the carryback provisions for the net operating loss, by what amount will the income tax benefit reduce the net loss in 2023? Group of answer choices $88,000 $77,000 $99,000 $220,000

Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues. Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $888 760 $128 $116 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024. Answer is complete but not entirely correct. Deferred tax amounts ($ in millions) Classification Net noncurrent deferred tax asset ✔ $ Net noncurrent deferred tax liability X $ 2025 $980 800 b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $33 million and $35 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $25 million ($10 million collected in 2023 but not recognized as revenue until 2024) and $33 million,…

Use the following information for Ingersoll, Inc., (assume the tax rate is 23 percent): 2019 2020 Sales $ 15,073 $15,036 Depreciation 1,731 1,806 Cost of goods sold 4,329 4,777 Other expenses 981 859 Interest 830 961 Cash 6,172 6,676 Accounts receivable 8,110 9,637 Long-term debt 20,530 24,811 Net fixed assets 51,042 54,483 Accounts payable 5,736 6,071 Inventory 14,402 15,358 Dividends 1,300 1,688 Prepare a balance sheet for this company for 2019 and 2020. (Do not round intermediate calculations. Be sure to list the accounts in order of their liquidity.) INGERSOLL, INC. Assets Cash Accounts receivable Net fixed assets Inventory Current assets Balance Sheet as of Dec. 31 2019 2020 $ 6,172 $ 6,676 8,110 9,637 51,042 54,483 14,402 15,358 Total assets $ 86,654 $ 89,154 Liabilities Accounts payable $ 5,736 $ 6,071 Long-term debt 20,530 24,811

A corporation in 2017 expects a gross income of $500,000, total operating expenses of $400,000, and capital investments of $20,000. In addition thecorporation is able to declare $60,000 of depreciation charges for the year. What is the expected taxable income and total federal income taxes owed for the year 2017?

Wynn Farms reported a net operating loss of $180,000 for financial reporting and tax purposes in 2024. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Wynn’s first four years of operation were as follows:   Taxable Income Tax Rates Income Taxes Paid 2020 $ 80,000 20% $ 16,000 2021 90,000 20 18,000 2022 160,000 25 40,000 2023 80,000 35 28,000 Required: Prepare the journal entry to recognize the income tax benefit of the net operating loss. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume Wynn is one of those businesses. Show the lower portion of the 2024 income statement that reports the income tax benefit of the net operating loss.

Hoover Property and Casualty Insurance Corporation reported a net operating loss of $110,000 for financial reporting and tax purposes in 2019. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Hoover's first two years of operation were as follows: \table [[2017, $50,000, 30%

Wynn Farms reported a net operating loss of $260,000 for financial reporting and tax purposes in 2024. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: 2020 2021 2022 2023 Taxable Income $ 80,000 90,000 180,000 60,000 Tax Rates 30% 30 40 45 Income Taxes Paid $24,000 27,000 72,000 27,000 Required: 1. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume Wynn is one of those businesses. Complete the table given below and prepare the journal entry to recognize the income tax benefit of the net operating loss. 2. Show the lower portion of the 2024 income statement that reports the income tax benefit of the net operating loss. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Operating loss carryback Carried back - 2020 Carried back - 2021…

2. Sage 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   142,000     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. (a)     What entries for income taxes should be recorded for 2016? (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                   Save for Later     Attempts: 0 of 1 used Submit…