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Question - In 2020, ONA Inc. reported pretax accounting income of $80,000. In 2021, the company had a pretax accounting income of $40,000. In 2022, the company had pretax losses of $180,000. The following year, the company's pretax accounting income was $150,000. Income for tax purposes was the same as for accounting for all years. ONA's tax rate was 30% for 2020 and 2021, 33% for 2022 and 32% for 2023 and subsequent years. The tax rates were all enacted by the beginning of 2020.
What are the journal entries for the years 2020 to 2023 to record income taxes. Assuming that ONA's policy is to carry back any tax losses first, and that at the end of 2022, the loss carry forward benefits are judged more likely than not to be realized in the future. ONA follows IFRS.
Using examples, explain and demonstrate how auditing the disposal of property, plant, and equipment provides evidence of depreciation expense.
Lansing Limited had a beginning balance in its Retained Earnings account of $385,800. During the year, the company declared and paid a $4,740 dividend, and at the end of the year, it reported Retained Earnings of $400,260. The company's net income fo..
Use technology and information resources to research issues in microcomputer applications for accountants.
What percentage is inventory(ies) to total current assets? Do you think this percent- age represents the importance of inventory(ies) to the company's operations?
Dogs 4 U Corporation has net cash flow from financing activities for the last year of $31 million. The company paid $172 million in dividends last year. During the year, the change in notes payable on the balance sheet was $36 million and change in c..
The following account balances can be found in the general ledger of Abco Corporation at year-end. Prepare the shareholders' equity section of the balance sheet.
Are these mutually exclusive or independent projects? i) Deciding between repairing a machine or replacing it and ii) Deciding which market to enter next.
Your Company is considering the purchase of a fleet of cars for $195,000. It can borrow at 8.5%. What is the net advantage to leasing
Consider the following products: (a) a power screwdriver for use in the home; (b) a desktop inkjet printer; (c) an electric car. Using Web based resources, make your estimate of the following factors needed for the development project to launch each ..
Find value of the bond if the required rate of return is 15 percent. Midland Utilities has outstanding a bond issue that will mature to its RM1,000 par value.
Under that option, shipment would be delayed and about one third of the years sales of 6,000,000 units would be lost - After the six months the variable cost
Prepare the journal entry on December 31, 2018.Old North sold $1,400,000 par value, 8%, 5 year bonds on October 1, 2018 when the market rate was 8%.
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