income reported for Olive Company. Income Tax Rate 2019 ($250,000) 20% 2020 $85,000 20% 2021 $200,000 20%
income reported for Olive Company. Income Tax Rate 2019 ($250,000) 20% 2020 $85,000 20% 2021 $200,000 20%
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 14P
Related questions
Question
| Below are the taxable |
|||||||||
| Olive Company. | |||||||||
| Income | Tax Rate | ||||||||
| 2019 | ($250,000) | 20% | |||||||
| 2020 | $85,000 | 20% | |||||||
| 2021 | $200,000 | 20% | |||||||
| Olive elects to use the carry forward procedures with no valuation allowance and | |||||||||
| strongly anticipates future profits to recover losses. | |||||||||
| Record the tax effect of the above for 2019 |
B.
| Show the income tax section and loss section of the income statement for 2019 |
C.
|
Record the tax effect of the above for 2021 |
D.
| Show the income tax section and loss section of the income statement for 2021 |
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