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Please help! it is saying the question is not complete, but im not sure what i missed here? Wynn Farms reported a net operating loss
Please help! it is saying the question is not complete, but im not sure what i missed here? Wynn Farms reported a net operating loss of $210,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: Taxable Income $ 70,000 se.ee 130, eee 40, Tax Rates 30% 30 2017 2018 2019 2020 Income Taxes Paid $21,000 24,000 52,000 18,eee 45 Required: 1. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm- related businesses. Assume Wynn is one of those businesses. Complete the table given below and prepare the journal entry to recognize the income tax benefit of the net operating loss. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss Calculation Required 1 6 Required 2 NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as som farm-related businesses. Assume Wynn is one of those businesses. Complete the following table to recognize the income ta benefit of the net operating loss. (Enter your answers in thousands (.e., 55,000 should be entered as 55). Leave no cell bla enter "0" wherever applicable. Enter all amounts as positive values.) Show les Rate Tax 5 Recorded as: 30% E 0 30% 0 130 $ 52.00 Operating loss carryback Carried back - 2017 Carried back - 2018 Carried back - 2019 Carried back - 2020 Total carryback Operating loss carryforward Carried forward 40% 45% 40 x = $ $ 18.00 70,00 Receivable-income tax refund 540.00 % 25% 5 10.00 Deferred tax asset-ending Regulied i Calculator Required 1 GJ > * Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Prepare the journal entry to recognize the income tax benefit of the net operating loss. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to two decimal places.(i.e., 55,550 should be entered as 55.55).) No Event Credit General Journal Receivable-Income tax refund Deferred tax asset Income tax expense Debit 70.00 10.00 80 00 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 G Required 2 Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands rounded to two decimal places.(i.e. 55,550 should be entered as 55.55).) $ (210.00) Operating loss before income taxes Income tax benefit Tax savings from NOL carryforward 10.00 Tax refund from NOL carryback 70.00 80.00 $ (130.00)
Please help! it is saying the question is not complete, but im not sure what i missed here?
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