Business, 16.10.2020 17:01 jessebeck0805
Wynn Farms reported a net operating loss of $160,000 for financial reporting and tax purposes in 2021. 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
2017 $60,000 15% $9,000
2018 70,000 15 10,500
2019 80,000 25 20,000
2020 60,000 30 18,000
Required:
a. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss.
b. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Wynn elects the carryback option.
Answers: 3
Business, 22.06.2019 11:50
The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at the forest (aggregate markets) while macroeconomics looks at the trees (individual markets). b. macroeconomics is concerned with groups of individuals while microeconomics is concerned with single countries. c. microeconomics is concerned with the trees (individual markets) while macroeconomics is concerned with the forest (aggregate markets). d. macroeconomics is concerned with generalization while microeconomics is concerned with specialization.
Answers: 3
Business, 22.06.2019 19:20
After jeff bezos read about how the internet was growing by 2,000 percent a month, he set out to use the internet as a new distribution channel and founded amazon, which is now the world's largest online retailer. this is clearly an example of a(n)a. firm that uses closed innovation. b. entrepreneur who commercialized invention into an innovation. c. business that entered the industry during its maturity stage. d. exception to the long tail business model
Answers: 1
Business, 23.06.2019 00:00
Winston churchill's stamp collection was valued at $14 million when he died. at auction, it brought in only $4 million. what was it worth? why?
Answers: 3
Wynn Farms reported a net operating loss of $160,000 for financial reporting and tax purposes in 202...
Mathematics, 24.08.2019 18:20
English, 24.08.2019 18:20
Chemistry, 24.08.2019 18:20
English, 24.08.2019 18:20
Social Studies, 24.08.2019 18:20
Mathematics, 24.08.2019 18:20
Mathematics, 24.08.2019 18:30
Biology, 24.08.2019 18:30
Spanish, 24.08.2019 18:30
English, 24.08.2019 18:30
Mathematics, 24.08.2019 18:30