Assume that last year 2011 aampa products had a net

Reference no: EM13584008

Assume that last year (2011) A&A products had a net operating loss of 50,000 and for this problem A&A products reported tax expense for 2012 of 70,000. Also assume that in 2010 A&A products had income of 10,000 and a tax rate of 20% (ignore any earlier years). This year 2012 A&A products reported net income of 70,000 and a tax rate of 20%.

REQUIREMENT: prepare the entry that A&A products should have made in 2011.

REQUIREMENT: Prepare an entry for 2012 recording the effect on A&A products books for 2011 NOL.

Reference no: EM13584008

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