Sheffield Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss)...
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Sheffield Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 25% 20% 20% 20% 20% 25% 25% 2015 2016 2017 2018 2019 2020 2021 $56,640 (177,000) 106,200 35,400 123,900 (70,800) 70,800 Pretax financial income (loss) and taxable income (loss) were the same for all years since Sheffield has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. What entries for income taxes should be recorded for 2016? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Account Titles and Explanation Income Tax Refund Receiv Benefit Due to Loss Car 35,400 Credit 35,400 Sheffield Corporation has pretax financial income (or loss) from 2015 through 2021 as follows. Income (Loss) Tax Rate 25% 20% 20% 20% 20% 25% 25% 2015 2016 2017 2018 2019 2020 2021 $56,640 (177,000) 106,200 35,400 123,900 (70,800) 70,800 Pretax financial income (loss) and taxable income (loss) were the same for all years since Sheffield has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. What entries for income taxes should be recorded for 2016? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Account Titles and Explanation Income Tax Refund Receiv Benefit Due to Loss Car 35,400 Credit 35,400
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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