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For some reason my answer is coming out wrong. Please help with the problem that is in red. Answer is complete but not entirely correct
For some reason my answer is coming out wrong. Please help with the problem that is in red.
Answer is complete but not entirely correct ReceivableIncome tax refund Deferred tax asset Income tax benetNet operating loss 4 72.950\" 2. Show the lower portion of the 2016 income statement that reports the income tax benet of the operating loss. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) Answer is complete but not entirely correct Operating loss before income taxes J $ 174.000X Income tax benet: Tax refund from loss cerryback J (64.950)X Future tax savings from loss oarryfomard J (8.000)X (72,950) Net loss J $ 101,050 Exercise 1622 Net operating loss carryback and carryforward [L0167] Wynn Sheet Metal reported an operating loss of $1 74.000 for nancial reporting and tax purposes in 2016. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in wynn's rst four years of operation were as follows: Taxable Tax Income Taxes Income Rates Paid 2012 $ 67,000 30% $ 20.100 2013 77,000 30 23,100 2014 87.000 40 34,800 ' 2015 67,000 45 30.150 Requlred: 1. Complete the following table given below and prepare the journal entry to recognize the income tax benet of the operating loss. wynn elects the carryback option. (If no entry is required for a transactionlevent, select "No journal entry required" in the rst account field. Enter your answers in thousands. Leave no cell blankl enter "0" wherever applicable.) Answer is complete but not entirely correct Carried back - 2012 $ 04 x 0%: $ 0 Carried back - 2013 OJ x 0963 0 Carried back - 2014 87,000x x 40%.} 34,300 Carried back - 2015 67.0th x 45%4' 30,150 Total can'yback $ 64.950 Recelvable-lncome tax refund J Carried forward 40%.! $ 8.000 Deferred tax asset-ending JStep by Step Solution
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