Operating loss carry forward

Assignment Help Financial Accounting

Reference no: EM13132206

In 2011, Bodily Corporation reported $240,000 pretax accounting income. The income tax rate for that year was 26%. Bodily had an unused $110,000 net operating loss carryforward from 2009 when the tax rate was 33%. Bodily's income tax payable for 2011 would be?

Reference no: EM13132206

Questions Cloud

What is the amount and nature of the book-tax difference : Studios reported a net capital loss of $30,000 in year 5. It reported net capital gains of $14,000 in year 4 and $27,000 in year 6. What is the amount and nature of the book-tax difference in year 6 related to the net capital carryover?

What is the amount realized by camille in the exchange : Camille also incurred selling expenses of $100. What is the amount realized by Camille in the exchange?

Common stock on the statement of stockholders equity : On August 31, a 10% stock dividend was declared and distributed. What is the balance in Common Stock appearing on the statement of stockholders' equity on December 31?

What factors should an auditor consider before accepting : What factors should an auditor consider before accepting a company as a new audit client? Why might an auditor not wish to continue a relationship with an existing audit client?

Operating loss carry forward : The income tax rate for that year was 26%. Bodily had an unused $110,000 net operating loss carryforward from 2009 when the tax rate was 33%. Bodily's income tax payable for 2011 would be?

What was its beginning balance : Accounts payable has debit postings of $17,000, credit postings of $14,000, and a normal ending balance of $6,000, what was its beginning balance?

Explain carbon and silicon belong to the same group : Carbon and silicon belong to the same group and are known to have similar properties. Do you think that silicon can replace the role that carbon

Debit in the general fund : When a fire truck purchased from General Fund revenues was received, the appropriate journal entry was made in the governmental activities general journal. What account, if any, should have been debited in the General Fund?

What is the expected energy change : The energy change, ?H, associated with the following reaction is +81 kJ. NBr3(g) + 3 H2O(g) → 3 HOBr(g) + NH3(g) What is the expected energy change

User Account

All Pages