Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019. Pretax
Question:
Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2013-2019.
Pretax financial income (loss) and taxable income (loss) were the same for all years since Jennings began business. The tax rates from 2016-2019 were enacted in 2016.
Instructions
(a) Prepare the journal entries for the years 2017-2019 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryback and carryforward. Assume that Jennings elects the carryback provision where possible and expects to realize the benefits of any loss carryforward in the year that immediately follows the loss year.
(b) Indicate the effect the 2017 entry(ies) has on the December 31, 2017, balance sheet.
(c) Prepare the portion of the income statement, starting with "Operating loss before income taxes," for 2017.
(d) Prepare the portion of the income statement, starting with "Income before income taxes," for 2018.
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a 2017 Income Tax Refund Receivable 50000 30 80000 40 47000 Benefit Due to Loss Carryback 47000 Defe...View the full answer
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