WCC Corporation has a $115,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $78,000 of taxable income in 2023 (before the net operating loss deduction) and $45,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. a. What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $115,000 NOL carryover originated in 2017?
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- Prior to and during 2019, Shadrach Company reported tax depreciation at an amount higher than the amount of financial depreciation, resulting in a book value of the depreciable assets of 24,500 for financial reporting purposes and of 20,000 for tax purposes at the end of 2019. In addition, Shadrach recognized a 3,500 estimated liability for legal expenses in the financial statements during 2019; it expects to pay this liability (and deduct it for tax purposes) in 2023. The current tax rate is 30%, no change in the tax rate has been enacted, and the company expects to be profitable in future years. What is the amount of the net deferred tax liability at the end of 2019? a. 300 b. 450 c. 1,050 d. 1,350Gray, Inc., a C corporation, has taxable income from operations of 1,452,000 for 2019. It also has a net long-term capital loss of 355,000 from the sale of a subsidiarys stock. The year 2019 is the first year in the last 10 years that Gray has not had at least 500,000 per year of net long-term capital gains. What is Grays 2019 taxable income? What, if anything, can it do with any unused capital losses?Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax income from continuing operations (of which revenues are 295,000), the following items are included in this pretax income: Colts taxable income totals 93,000 in 2019. The difference between the pretax financial income and the taxable income is due to the excess of tax depreciation over financial depreciation on assets used in continuing operations. At the beginning of 2019, Colt had a retained earnings balance of 310.000 and a deferred tax liability of 8,100. During 2019, Colt declared and paid dividends of 48,000. It is subject to tax rates of 15% on the first 50,000 of income and 30% on income in excess of 50,000. Based on proper interperiod tax allocation procedures, Colt has determined that its 2019 ending deferred tax liability is 14,100. Required: 1. Prepare a schedule for Colt to allocate the total 2019 income tax expense to the various components of pretax income. 2. Prepare Colts income tax journal entry at the end of 2019. 3. Prepare Colts 2019 income statement. 4. Prepare Colts 2019 statement of retained earnings. 5. Show the related income tax disclosures on Colts December 31, 2019, balance sheet.
- Tayla Corporation generated $400,000 of taxable income in the 2019. What is Tayla's corporate tax liability? $71,400 $84,000 $115,600 $0 None of the aboveWCC Corporation has a $115,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $78,000 of taxable income in 2023 (before the net operating loss deduction) and $45,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. b. What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $115,000 NOL carryover originated in 2020 and WCC elected to forgo the NOL carry back option? Year 2023 2024 Taxable IncomeWCC Corporation has a $115,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $78,000 of taxable income in 2023 (before the net operating loss deduction) and $45,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. a. What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $115,000 NOL carryover originated in 2017?
- WCC Corporation has a $145,000 net operating loss carryover to 2022 from a previous year. Assume that it reported $84,000 of taxable income in 2022 (before the net operating loss deduction) and $75,000 of taxable income in 2023 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. Required: What is WCC's taxable income in 2022 and 2023 (after the net operating loss deduction), assuming the $145,000 NOL carryover originated in 2017? What is WCC's taxable income in 2022 and 2023 (after the net operating loss deduction), assuming the $145,000 NOL carryover originated in 2020 and WCC elected to forgo the NOL carry back option? Assuming the $145,000 NOL carryover originated in 2020 and WCC elected to not carry back the loss, what is the book-tax difference for each year? Is it favorable or unfavorable? Is it temporary or permanent? a. What is WCC's taxable income in 2022 & 2023 assuming the $145,000 NOL carryover originated in 2020 &…WCC Corporation has a $125,000 net operating loss carryover to 2022 from a previous year. Assume that it reported $80,000 of taxable income in 2022 (before the net operating loss deduction) and $55,000 of taxable income in 2023 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. Required: What is WCC's taxable income in 2022 and 2023 (after the net operating loss deduction), assuming the $125,000 NOL carryover originated in 2017? What is WCC’s taxable income in 2022 and 2023 (after the net operating loss deduction), assuming the $125,000 NOL carryover originated in 2021? Assuming the $125,000 NOL carryover originated in 2020, what is WCC’s book–tax difference associated with the NOL inWCC Corporation has a $105,000 net operating loss carryover into 2021. Assume that it reported $76,000 of taxable income in 2021 (before the net operating loss deduction) and $35,000 of taxable income in 2022 (before the net operating loss deduction). (Leave no answer blank. Enter zero if applicable.) a. What is WCC’s taxable income in 2021 and 2022 (after the net operating loss deduction), assuming the $105,000 NOL carryover originated in 2016?
- WCC Corporation has a $100,000 net operating loss carryover into 2021. Assume that it reported $75,000 of taxable income in 2021 (before the net operating loss deduction) and $30,000 of taxable income in 2022 (before the net operating loss deduction). (Leave no answer blank. Enter zero if applicable.) b. What is WCC’s taxable income in 2021 and 2022 (after the net operating loss deduction), assuming the $100,000 NOL carryover originated in 2020 and WCC elected to not carry back the loss?WCC Corporation has a $115,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $78,000 of taxable income in 2023 (before the net operating loss deduction) and $45,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. c. Assuming the $115,000 NOL carryover originated in 2020 and WCC elected to not carry back the loss, what is the book-tax difference for each year? Is it favorable or unfavorable? Is it temporary or permanent? Year 2023 2024 Book-tax Difference Favorable or Unfavorable Temporary or PermanentWCC Corporation has a $145,000 net operating loss carryover to 2023 from a previous year. Assume that it reported $84,000 of taxable income in 2023 (before the net operating loss deduction) and $75,000 of taxable income in 2024 (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. Problem 05-46 Part b (Algo) b. What is WCC's taxable income in 2023 and 2024 (after the net operating loss deduction), assuming the $145,000 NOL carryover originated in 2020 and WCC elected to forgo the NOL carry back option? Year 2023 2024 Taxable Income WCC Corporation has a $145,000 net operating loss carryover to 2023 from a previous year. Assume that it reported 2024 $84,000 of taxable income in 2023 (before the net operating loss deduction) and $75,000 of taxable income (before the net operating loss deduction). Note: Leave no answer blank. Enter zero if applicable. Problem 05-46 Part b (Algo) b. What is WCC's taxable income in 2023 and 2024 (after the net…