Nickerson Corporation began operations in 2016. There have been no permanent or temporary differences to account for since the inception of the business.
The following data are available:

Year 2016 2017 2018 2019
Enacted Tax Rate 45% 40% 35% 30%
Taxable Income $2,000,000 2,400,000
Taxes Paid $900,000 960,000

In 2018, Nickerson had an operating loss of $2,480,000.
What amount of income tax benefits should be reported on the 2018 income statement due to this loss assuming that it uses the carryback provision?

True or false: banks are required to make electronically deposited funds available on the same day of the deposit

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.