User Account

All Pages

What income is reported

Assignment Help Accounting Basics
Reference no: EM132563468

Question - Oriole Corporation reported the following results for its first three years of operation:

2020 income (before income taxes) $330000

2021 loss (before income taxes) (3000000)

2022 income (before income taxes) 3300000

There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 20% for 2020 and 2021, and 30% for 2022.

Assuming that Oriole elects to use the carryforward provision and not the carryback provision, what income (loss) is reported in 2021?

a. $(2100000)

b. $0

c. $(3000000)

d. $(2934000)

Reference no: EM132563468

Questions Cloud

Advantages to be gained by engaging in conflict : 'A certain level of conflict at Wilson Bros was fine, but managers often told me that they often stopped short in fear of losing
Determine the cost that should be assigned to Alpha : Determine the cost that should be assigned to Alpha' work in process inventory at the end of October 2017
Calculate the amount of down payment : Calculate the amount of your down payment. Calculate the assuming: semi-annual compounding of interest, 25-year amortization and monthly payments
What is message authentication code : What is a message authentication code? What are the principal ingredients of a public-key cryptosystem? What is a digital signature?
What income is reported : Assuming that Oriole elects to use the carryforward provision and not the carryback provision, what income (loss) is reported in 2021
What is the net present value of granting credit : United Floral, Inc., If the opportunity cost of funds is 14% APY, what is the net present value of granting credit? Assume a 365-day year.
Gail industries security and infrastructure policies : Write a review of Gail Industries' security and infrastructure policies and practices, and formulate recommendations for improvements.
Calculate the estimated cost of the inventory on May : Kiowa Ltd. prepares monthly financial statements. Inventory is counted only at year end; Calculate the estimated cost of the inventory on May 31
What is the journal entry to handle interest : On January 1, 2022, Dell Corporation signed a ten-year noncancelable lease for certain machinery. What is the journal entry to handle interest

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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