Exercise 16-26 (Algo) Net operating loss carryback and carryforward; .pdf
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Exercise 16-26 (Algo) Net operating loss carryback and carryforward; financial statement effects [LO167] Wynn Farms reported a net operating loss of $195,000 for financial reporting and tax purposes in 2024. 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: Required: 1. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume Wynn is one of those businesses. Complete the table given below and prepare the journal entry to recognize the income tax benefit of the net operating loss. 2. Show the lower portion of the 2024 income statement that reports the income tax benefit of the net operating loss. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farmrelated businesses. Assume Wynn is one of those businesses. Complete the following table to recognize the income tax benefit of the net operating loss. Note: Enter your answers in whole dollars. Leave no cell blank, enter " 0 " wherever applicable. Enter all amounts as positive values. Journal entry worksheet Record 2024 income tax benefit from operating loss. Note: Enter debits before credits. Show the lower portion of the 2024 income statement that reports the income tax benefit of the net oper Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in whole dollars.
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![Exercise 16-26 (Algo) Net operating loss carryback and carryforward; financial statement
effects [LO167] Wynn Farms reported a net operating loss of $195,000 for financial reporting
and tax purposes in 2024. 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: Required: 1. NOL carrybacks
are not allowed for most companies, except for property and casualty insurance companies as
well as some farm-related businesses. Assume Wynn is one of those businesses. Complete the
table given below and prepare the journal entry to recognize the income tax benefit of the net
operating loss. 2. Show the lower portion of the 2024 income statement that reports the income
tax benefit of the net operating loss.
NOL carrybacks are not allowed for most companies, except for property and casualty insurance
companies as well as some farmrelated businesses. Assume Wynn is one of those businesses.
Complete the following table to recognize the income tax benefit of the net operating loss. Note:
Enter your answers in whole dollars. Leave no cell blank, enter " 0 " wherever applicable. Enter
all amounts as positive values.
Journal entry worksheet Record 2024 income tax benefit from operating loss. Note: Enter debits
before credits.
Show the lower portion of the 2024 income statement that reports the income tax benefit of the
net oper Note: Amounts to be deducted should be indicated with a minus sign. Enter your
answers in whole dollars](https://image.slidesharecdn.com/exercise16-26algonetoperatinglosscarrybackandcarryforward-230329015839-01ac37d3/85/Exercise-16-26-Algo-Net-operating-loss-carryback-and-carryforward-pdf-1-320.jpg)
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Individual income tax
Other
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Economy
Certainty
Equity
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An earmarked tax
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Julie in 2012
Jason in 2011
Jason in 2012
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10.
Investing in municipal bonds to avoid paying tax on interest earned and to earn a higher after-tax yield is an example of:
conversion
tax evasion
timing
income shifting
None of these
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11.
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increasing tax rates
smaller after-tax rate of return
larger after-tax rate of return
smaller magnitude of transactions
None of these
12.
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A parent employing her child in the family business
A taxpayer gifting stock to his children
A cash-basis busi.
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Realisation of profits:
profit will only be recognised by the group when inventory has been sold to external parties.
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Sales of inventories in the prior period:
opening retained earnings contains profit relating to inventories on hand at beginning of period
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zero effect on retained earnings (closing balance) so no consolidated adjustment to inventories in future periods required
tax effect of the adjustment is recorded.
Inventories
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Realisation of profits for sales of inventories in the prior period:
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Nate payable is due in 2 ycars. in the flust accosiont fleld.) Journal entry worksheet
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Record the closing entry for expense accounts. Note: Enter debits before credits.
GREAT ADVENTURES, INCORPORATED Income Statement For the Period Ended June 30,
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GREAT ADVENTURES, INCORPORATED Balance sheet. June 30,2025 Assets Liabilities
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Exhibit 2.7 Refer to Exhibit 2-7. For which of the following is the a.pdf
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Wildhorse
Company has the following two temporary differences between its income tax expense and income taxes payable.
2017
2018
2019
Pretax financial income
$799,000
$944,000
$951,000
Excess depreciation expense on tax return
(29,100
)
(39,300
)
(10,200
)
Excess warranty expense in financial income
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9,800
8,100
Taxable income
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$914,500
$948,900
The income tax rate for all years is 40%.
(a)
Your answer is correct.
Assuming there were no temporary differences prior to 2017, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019.
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
2017
2018
2019
Click if you would like to Show Work for this question:
Open Show Work
SHOW LIST OF ACCOUNTS
SHOW SOLUTION
LINK TO TEXT
LINK TO TEXT
Attempts: 1 of 3 used
(b)
Your answer is partially correct. Try again.
Indicate how deferred taxes will be reported on the 2019 balance sheet.
Wildhorse’s
product warranty is for 12 months.
Wildhorse
Company
Balance Sheet
$
Click if you would like to Show Work for this question:
Open Show Work
SHOW LIST OF ACCOUNTS
SHOW SOLUTION
LINK TO TEXT
LINK TO TEXT
Attempts: 3 of 3 used
(c)
Prepare the income tax expense section of the income statement for 2019, beginning with the line “Pretax financial income.”
(Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Wildhorse
Company
Income Statement (Partial)
$
$
$
Exercise 19-17
Vaughn Co. establishes a $128,000,000 liability at the end of 2017 for the estimated site-cleanup costs at two of its manufacturing facilities. All related closing costs will be paid and deducted on the tax return in 2018. Also, at the end of 2017, the company has $64,000,000 of temporary differences due to excess depreciation for tax purposes, $8,960,000 of which will reverse in 2018.
The enacted tax rate for all years is 40%, and the company pays taxes of $81,920,000 on $204,800,000 of taxable income in 2017. Vaughn expects to have taxable income in 2018.
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Deferred tax liabilities
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SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
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Co.
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$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
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.
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ACCT323 Final exam1.Which of the following represents .docx
ACCT323 Final exam
1.
Which of the following represents the largest percentage of state tax revenue?
Sales tax
Individual income tax
Other
Property tax
None of these
2.
Congress recently approved a new, bigger budget for the IRS. What taxation concept evaluates the cost of administering our tax law?
Convenience
Economy
Certainty
Equity
None of these
3.
The city of Granby, Colorado recently enacted a 1.5% surcharge on vacation cabin rentals that will help pay for the city's new elementary school. This surcharge is an example of _______.
A sin tax to discourage undesirable behavior
A government fine
An earmarked tax
Both A and C
None of these
4.
If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for year 2012?
$231,639.50
$262,500.00
$239,261.00
$236,435.00
None of these
5.
Which of the following is not considered a primary authority?
Tax Court case.
Regulation.
Revenue Ruling.
Tax service.
None of these.
6.
Which of the following is not a factor that determines whether a taxpayer is required to file a tax return?
rev: 03_21_2013_QC_28372
Filing status.
Taxpayer's gross income.
Taxpayer's occupation.
Taxpayer's age.
None of these.
7
.
Corporations are required to file a tax return only if their taxable income is greater than:
$0.
$1,000.
$600.
$750.
None of these. Corporations are always required to file a tax return.
8.
Lavonda discovered that the U.S. Circuit Court of Appeals for the Federal Circuit has recently issued a favorable opinion with respect to an issue that she is going to litigate with the IRS. Lavonda should choose which of the following trial courts to hear her case:
Tax Court only.
U.S. Court of Federal Claims only.
U.S. District Court only.
Tax Court or the U.S. District Court.
Tax Court or the U.S. Court of Federal Claims.
9.
Jason's employer pays year-end bonuses each year on December 31. Jason, a cash basis taxpayer, would prefer to not pay tax on his bonus this year (and actually would prefer his daughter to pay tax on the bonus). So, he leaves town on December 31, 2011 and has his daughter, Julie, pick up his check on January 2nd, 2012. Who reports the income and when?
Julie in 2011
Julie in 2012
Jason in 2011
Jason in 2012
None of these
Top of Form
10.
Investing in municipal bonds to avoid paying tax on interest earned and to earn a higher after-tax yield is an example of:
conversion
tax evasion
timing
income shifting
None of these
Bottom of Form
11.
Which of the following increases the benefits of income deferral?
increasing tax rates
smaller after-tax rate of return
larger after-tax rate of return
smaller magnitude of transactions
None of these
12.
Which of the following is an example of the timing strategy?
A corporation paying its shareholders a $20,000 dividend
A parent employing her child in the family business
A taxpayer gifting stock to his children
A cash-basis busi.
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Consolidation– Intragroup Transactions
WORKSHOP
Corporate Reporting
La Trobe Business School
La Trobe Business School
Ch 26 & 27.
1
Topic intended learning outcomes
explain the need for making adjustments for intragroup transactions
prepare worksheet entries for intragroup sales of inventory
prepare worksheet entries for intragroup sales of property, plant and equipment
prepare worksheet entries for intragroup services
prepare worksheet entries for intragroup dividends
prepare worksheet entries for intragroup borrowings
La Trobe Business School
La Trobe Business School
Consolidated financial statements are statements of the group presented as a single economic entity.
These financial statements show only transactions with external parties.
Adjustments are required to eliminate the effects of intragroup transactions so that financial position and performance are not under or overstated in the consolidated statements.
The need for intragroup adjustments
La Trobe Business School
La Trobe Business School
LO1
3
Intragroup transactions - transactions that occur between entities in the group.
The purpose of consolidated financials is to provide information on the group as a result of its dealings with external parties.
AASB 10/IFRS 10 requires:
Intragroup balances, transactions, income and expenses to be eliminated in full.
Tax effect accounting to be applied where temporary differences arise due to the elimination of profits and losses.
The adjustment process
La Trobe Business School
La Trobe Business School
LO2
4
The broad effect of intragroup sales and purchases of inventory can be illustrated by reference to the diagram below:
Sells inventory for $10000 on 1 Jan 2013
Parent
Subsidiary
All inventory still held by the parent at 30 June 2013
Purchases inventory for $8000
Transfers of inventory
La Trobe Business School
La Trobe Business School
LO3
5
Sales of inventories in the current period:
current period accounts will be affected in the worksheet adjustment entries
from group perspective, no sale made to external parties
tax effect adjustment required.
Realisation of profits:
profit will only be recognised by the group when inventory has been sold to external parties.
Inventories
La Trobe Business School
La Trobe Business School
LO3
6
Sales of inventories in the prior period:
opening retained earnings contains profit relating to inventories on hand at beginning of period
the group would report sales to external parties and COS adjustments
zero effect on retained earnings (closing balance) so no consolidated adjustment to inventories in future periods required
tax effect of the adjustment is recorded.
Inventories
La Trobe Business School
La Trobe Business School
LO3
7
Realisation of profits for sales of inventories in the prior period:
group’s retained earnings (op bal) less than retained earnings of legal entities (unrealised profit in beginning inventories eliminated from prior period profits)
group’s current .
Intermediate to Accounting By Kieso Weygandt and Warfield 2nd edition chapter...
This document contains slides summarizing key topics related to income statements and reporting comprehensive income under IFRS. It discusses the uses and limitations of an income statement, how to report discontinued operations, intraperiod tax allocation, accounting changes and errors, and preparing retained earnings and comprehensive income statements. The slides provide examples and illustrations of accounting for these topics in accordance with IFRS reporting requirements.
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