GGS Corp. reports a net operating loss for 2023 of $1,343,000. Last year the company reported axable income of $604,000 and in 2021 the company reported taxable income of $672,000. If the tax team has decided to use the carryback provision, what will be the company's tax refund in 2023, assuming the tax rate for all three years is 25%?* O $151,000 O $335,750 O $168,000 O $319,000

GGS Corp. reports a net operating loss for 2023 of $1,343,000. Last year the company reported axable income of $604,000 and in 2021 the company reported taxable income of $672,000. If the tax team has decided to use the carryback provision, what will be the company's tax refund in 2023, assuming the tax rate for all three years is 25%?* O $151,000 O $335,750 O $168,000 O $319,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounting Muckingjay Inc. opened in 2022. The company reported sales revenue of $486,000 and expenses of $574,000. The revenue is on account, and no cash has been received or paid out for expenses. There are no permanent or temporary differences, so the book loss and taxable loss will be the same. Muckingjay plans to carry forward the net operating loss (NOL). The company has a 38% tax rate, and a valuation allowance is not required. Prepare the following for 2022: a) The necessary journal entry to record the NOL carryforward. b) A partial income statement beginning with sales revenue.
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Suppose SAMI company had an additional $4 million depreciation expense in 2023. If SAMI's tax rate on pretax income is 35%, what would be the impact of this expense on SAMF's net income? OA. Decrease by $26 million OB. No change OC. Decrease by $1.4 million OD. Decrease by $4 million CHED
Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results: Year Income (loss) Tax rate Income tax 2018 40,000 25 % 10,000 2019 40,000 25 % 10,000 2020 50,000 30 % 15,000 2021 (130,000 ) 30 % 0 What is the Deferred tax Asset in 2021?
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In 2020, Appalachian Airlines had taxable income of -$3,000,000. In 2021, the company has taxable income of $5,000,000 and its corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. How much will the company pay in taxes in 2021? O a. $1,500,000 O b. $750,000 O c. $0 O d. $1,250,000 Oe. $500,000
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Blossom Corporation had the following tax information: Year Taxable Income Tax Rate Taxes Paid 2020 $389,000 31% $120,590 2021 311,000 30% 93,300 2022 398,100 30% 119,430 In 2023, Blossom suffered a net operating loss of $551,000, which it decided to carry back. The 2023 enacted tax rate is 25%. Prepare Blossom's entry to record the effect of the loss carryback. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Income Tax Receivable 165300 165300