obac Company reported an operating loss of $122,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25% for 2021 and all future years. Assume that Tobac operates in an industry for which NOL carryback is allowed and elects a loss carryback. No valuation allowance is needed for any deferred tax assets. Taxable income, tax rates, and income taxes paid in Tobac's first four years of operations were as follows: Taxable income Tax rates Taxes paid 2017 $ 20,000 30 % $ 6,000 2018 $ 25,000 30 % $ 7,500 2019 $ 32,000 35 % $ 11,200 2020 $ 30,000 40 % $ 12,000 Required: 1. Prepare a compound journal entry to record Tobac's tax provision for the year 2021. 2. Compute Tobac's net loss for 2021.
Answers: 2
Business, 21.06.2019 21:00
The price of trade suppose that portugal and sweden both produce rye and wine. portugal's opportunity cost of producing a bottle of wine is 4 bushels of rye while sweden's opportunity cost of producing a bottle of wine is 10 bushels of rye. by comparing the opportunity cost of producing wine in the two countries, you can tell thatportugal/sweden has a comparative advantage in the production of wine.andportugal/sweden has a comparative advantage in the production of rye. suppose that portugal and sweden consider trading wine and rye with each other. portugal can gain from specialization and trade as long as it receives more rye for each bottle of wine it exports to sweden. similarly, sweden can gain from trade as long as it receives more bottles of wine for each bushel of rye it exports to portugal. based on your answer to the last question, which of the following prices of trade (that is, price of wine in terms of rye) would allow both sweden and portugal to gain from trade? a. 1 bushels of rye per bottle of wineb. 8 bushels of rye per bottle of winec. 9 bushels of rye per bottle of wined. 3 bushels of rye per bottle of wine
Answers: 3
Business, 22.06.2019 12:50
Kyle and alyssa paid $1,000 and $4,000 in qualifying expenses for their two daughters jane and jill, respectively, to attend the university of california. jane is a sophomore and jill is a freshman. kyle and alyssa's agi is $135,000 and they file a joint return. what is their allowable american opportunity tax credit after the credit phase-out based on agi is taken into account?
Answers: 1
Business, 22.06.2019 14:30
Amethod of allocating merchandise cost that assumes the first merchandise bought was the first merchandise sold is called the a. last-in, first-out method. b. first-in, first-out method. c. specific identification method. d. average cost method.
Answers: 3
Business, 22.06.2019 17:30
Danielle enjoys working as a certified public accountant (cpa) and assisting small businesses and individuals with managing their finances and taxes. which general area of accounting is her specialty? danielle specialized in
Answers: 1
obac Company reported an operating loss of $122,000 for financial reporting and tax purposes in 2021...
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