Maurice Tutor

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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 7.00

Jennings Inc.

(NOL without Valuation Account) Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2008–2014.

 

Pretax Income (loss)

Tax Rate

2008

$ 40,000

30%

2009

25,000

30%

2010

50,000

30%

2011

80,000

40%

2012

(180,000)

45%

2013

70,000

40%

2014

100,000

35%

Pretax financial income (loss) and taxable income (loss) were the same for all years since Jennings began business. The tax rates from 2011–2014 were enacted in 2011.

Instructions

(a) Prepare the journal entries for the years 2012–2014 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryback and carry forward. Assume that Jennings elects the carryback provision where possible and expects to realize the benefits of any loss carry forward in the year that immediately follows the loss year.

(b) Indicate the effect the 2012 entry(ies) has on the December 31, 2012, balance sheet.

(c) Prepare the portion of the income statement, starting with “Operating loss before income taxes,” for 2012.

(d) Prepare the portion of the income statement, starting with “Income before income taxes,” for 2013.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 08:09 PM My Price 7.00

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