What are the necessary journal entries

Assignment Help Accounting Basics
Reference no: EM131766158

Question: Company reports a loss in 2014 of $590,000. The company reported a taxable income of $123,000 in 2012 &. $232,000 in 2013. It has no permanent or temporary differences and it's tax rate is 34%. What are the necessary journal entries for 2014? Company reported it taxable income of $253,000 in 2015. What is the journal entry for 2015?

Options are deferred tax asset income tax benefit income tax expense income tax payable income tax refund receivable taxable income taxable loss.

Reference no: EM131766158

Questions Cloud

Magnitude of the velocity : Assuming a perfectly elastic collision, what will be the speed (magnitude of the velocity) of each object after the collision?
Discuss how each object conforms to the beliefs of culture : Discuss how each object conforms to the beliefs of the culture in which it was produced, and how each object contributed to reinforcing those beliefs.
Skills needed to be a successful forensic accountant : Identify the key characteristics/skills needed to be a successful forensic accountant. Discuss the area or career path associated with this field of accounting
How much work is done : (a) How much work is done? (b) How much work is needed to raise the same box by 10m?
What are the necessary journal entries : Company reports a loss in 2014 of $590,000. The company reported a taxable income of $123,000 in 2012 &. $232,000 in 2013.
Calculate the maximum height : The two blocks never touch. Calculate the maximum height to which m1 rises after the elastic collision.
What force did the paddle apply to the puck : When the force is removed the puck is travelling at a speed of 15.8 m/s. What force did the paddle apply to the puck?
Describe the purpose of learner assessments : Describe the purpose of learner assessments and how self-regulation positively affects the outcomes.
Calculate the potential bad debt : If company uses the percentage of credit sales to calculate the potential bad debt what is one side of a transaction for a company with the following.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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