User Account

All Pages

Prepare the journal entry to record abc income tax expense

Assignment Help Financial Accounting
Reference no: EM132841278

ABC Inc. had the following pretax income (loss) over its first three years of operations:

2019 $500,000

2020 $(900,000)

2021 $1,000,000

For all three years there were neither temporary nor permanent differences and the tax rate was 25%. No valuation account was deemed necessary for the deferred tax asset as of December 31, 2020, or December 31, 2021.

Required:

Problem 1: Prepare the journal entry to record ABC's income tax expense for 2019.

Assume that ABC Inc. operates in an industry for which NOL carry back is allowed:

Problem 2: Prepare the journal entry to record ABC's income tax expense for 2020.

Problem 3: Prepare the journal entry to record ABC's income tax expense for 2021.

Problem 4: In its 2021 balance sheet, what amount should ABC Inc. report as deferred tax asset?

Assume that ABC Inc. operates in an industry for which NOL carry back is not allowed:

Problem 5: Prepare the journal entry to record ABC's income tax expense for 2020.

Problem 6: Prepare the journal entry to record ABC's income tax expense for 2021.

Problem 7: In its 2021 balance sheet, what amount should ABC Inc. report as deferred tax asset?

Reference no: EM132841278

Questions Cloud

What was the beginning balance of accounts receivable : The ending balance of the Accounts Receivable account was $12,000. What was the beginning balance of Accounts Receivable
Styles of steel hammers with wooden handles : Banner Tools produces two styles of steel hammers with wooden handles. The first sells for $6 and consists of .5 pounds of steel;
Identify the hard and soft technology : Identify the hard and soft technology Identify the technology barriers used for both the domestic and global environments of your company. This is not about com
Derail the execution of your strategic plan : Look at the barriers and opportunities of the current culture of the company vs. what changes in culture may derail the execution of your strategic plan.
Prepare the journal entry to record abc income tax expense : Prepare the journal entry to record ABC's income tax expense for 2019. Prepare the journal entry to record ABC's income tax expense for 2020.
Why is reengineering often more difficult than expected : Why is reengineering often more difficult than expected? What would you say to an employee who says to you "
Social costs of deciding to move production overseas : Explain the economic and social costs of deciding to move production overseas.
Describe the organization and the need for a new system : Describe the organization, services provided, and the need for a new system. Explain the RFI process and the significance of a vendor evaluation and rating.
What is a method of trade of starbucks : What is a method of trade of Starbucks use in international trade?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine what amount is recognized in austin net income

Determine what amount, if any, is recognized in Austin's net income this year if the equipment fair value is $410,000 Assuming Austin uses revaluation model.

  What is the net present value of selecting a new machine

If the cost of capital is 12 percent, what is the net present value of selecting a new machine? (Do not round intermediate calculations)

  How much interest expense will the company

Make the journal entry to record the acquisition of the tractor. How much interest expense will the company include in its 2019 and 2020.

  What are the cash receipts for the firm in March

A firm expects to have sales of $30,000 in January, $35,000 in February, and $40,000 in March. What are the cash receipts for the firm in March

  Determine the per unit costnbsp from the given dataerte inc

determine the per unit costnbsp from the given data.erte inc. manufactures two models of high pressure steam valves the

  Find the size of the payments

A woman wins $200,000 in a lottery. She takes only $20,000 in cash and invests the balance, Find the size of the payments

  Prepare the journal entries to record the jul and dec

Repurchased and retired 8,000 shares at $12 per share. Prepare the journal entries to record the Jul 1 and Dec 20 share transactions.

  What level of earning before interest and taxes would result

What level of earnings before interest and taxes (EBIT) would result in the same earnings per share (EPS) for the two financing options?

  What was the accounts receivable turnover ratio

What was the accounts receivable turnover ratio? Accounts Receivable,Net at Dec31 2010(a decrease of 4000 during 2010) = 8000

  Prepare journal entry to record the revaluation

Prepare journal entry to record the piecemeal realization of the revaluation surplus. Prepare journal entry to record the revaluation.

  What should record depreciation expense for first six months

the equipment has been depreciated using the straightminus-line method. On June? 30, 2024, the company should record Depreciation Expense for first six months

  Gold company are the following accounts

Included in the December 31, 2010 adjusted trial balance of the Gold Company are the following accounts:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd