tax rates for each year are located on the income statement.

Calculate taxable income $($IRS$),$ taxes payable $($IRS$)$ and tax expense $($USGAAP$)$

How should the company account for the Net Operating Loss?

Provide ALL journal entries AND t$-$accounts.

Create a complete set of financial statements $($I$/$S$,$ SRE, B$/$S$,$ SCF$)$ for the firm for years $2013$ through $2019.$

INCOME STATEMENT

Cash Sales

Credit Sales

Installment Sales

Total Revenues

Operating Expenses

Gain$/$Loss

Bad Debt Expenses $(25\%$ of Credit Sales$)$

Warranty Expenses $(0\%$ of Revs$)$

Depreciation Expense

EBT $($Pre$-$tax Financial Income$)$

Tax Rates