Alpha Geek

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  • bachelor in business administration
    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

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    Polytechnic State University
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Category > Accounting Posted 25 May 2017 My Price 5.00

Net operating loss carryforward

Net operating loss carryforward

During its first year of operations, Nile.com reported a net operating loss of $15 million for financial reporting and tax purposes. The enacted tax rate is 40%. Prepare the journal entry to recognize the income tax benefit of the net operating loss.

 

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Alpha Geek
(8)
Status NEW Posted 25 May 2017 12:05 PM My Price 5.00

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Attachments

file 1495715551-1849318_1_636312043710795469_Oprating-loss-Journal.xlsx preview (78 words )
18-----------493-----------18&-----------amp-----------;am-----------p;i-----------nfo-----------Id=-----------505-----------070-----------Net----------- op-----------era-----------tin-----------g l-----------oss----------- ca-----------rry------------fo-----------rwa-----------rdD-----------uri-----------ng -----------its----------- fi-----------rst----------- ye-----------ar -----------of -----------ope-----------rat-----------ion-----------s, -----------Nil-----------e.c-----------om -----------rep-----------ort-----------ed -----------a n-----------et -----------ope-----------rat-----------ing----------- lo-----------ss -----------of -----------$15----------- mi-----------lli-----------on -----------for----------- fi-----------nan-----------cia-----------l r-----------epo-----------rti-----------ng -----------and----------- ta-----------x p-----------urp-----------ose-----------s. -----------The----------- en-----------act-----------ed -----------tax----------- ra-----------te -----------is -----------40%-----------. P-----------rep-----------are----------- th-----------e j-----------our-----------nal----------- en-----------try----------- to----------- re-----------cog-----------niz-----------e t-----------he -----------inc-----------ome----------- ta-----------x b-----------ene-----------fit----------- of----------- th-----------e n-----------et -----------ope-----------rat-----------ing----------- lo-----------ss.-----------The----------- Jo-----------urn-----------al -----------ent-----------ry -----------to -----------rec-----------ord----------- is-----------Nil-----------e.c-----------om -----------J6D-----------ebi-----------tCr-----------edi-----------t$ -----------mil-----------lio-----------nDe-----------fer-----------red----------- Ta-----------x A-----------sse-----------tIn-----------com-----------e t-----------ax -----------Ben-----------efi-----------t-O-----------per-----------ati-----------ng -----------los-----------s=(-----------$15-----------
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