Amount of refund receivable from 2016 net operating loss (NOL), the amount of tax benefit related to NOL carry forward and prepare journal entries required. Given Information: Taxable income for 2015 is $400,000 and tax rate is 34%. Taxable income for 2016 is ($900,000) and tax rate is 36%. Taxable income for 2017 is $1,200,000 and tax rate is 40%.

Question

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Answer 1

Question

Chapter 17, Problem 17.7P

a.

To determine

Amount of refund receivable from 2016 net operating loss (NOL), the amount of tax benefit related to NOL carry forward and prepare journal entries required.

Given Information:

Taxable income for 2015 is $400,000 and tax rate is 34%.

Taxable income for 2016 is ($900,000) and tax rate is 36%.

Taxable income for 2017 is $1,200,000 and tax rate is 40%.

b.

To determine

The after tax net-income/ (loss) reported in 2016.

c.

To determine

Amount of tax due in 2017.

d.

To determine

Balance of NOL carry forward remains at the end of 2017.

e.

To determine

Income tax expense reported in 2017 and also the journal entry to record it.

f.

To determine

amount of tax refund receivable and after tax-net income

Given Information:

70% of NOL benefit is realized for carry forward.

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Answer 2

Question

Chapter 17, Problem 17.7P

a.

To determine

Amount of refund receivable from 2016 net operating loss (NOL), the amount of tax benefit related to NOL carry forward and prepare journal entries required.

Given Information:

Taxable income for 2015 is $400,000 and tax rate is 34%.

Taxable income for 2016 is ($900,000) and tax rate is 36%.

Taxable income for 2017 is $1,200,000 and tax rate is 40%.

b.

To determine

The after tax net-income/ (loss) reported in 2016.

c.

To determine

Amount of tax due in 2017.

d.

To determine

Balance of NOL carry forward remains at the end of 2017.

e.

To determine

Income tax expense reported in 2017 and also the journal entry to record it.

f.

To determine

amount of tax refund receivable and after tax-net income

Given Information:

70% of NOL benefit is realized for carry forward.

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Answer 3

Question

Chapter 17, Problem 17.7P

a.

To determine

Amount of refund receivable from 2016 net operating loss (NOL), the amount of tax benefit related to NOL carry forward and prepare journal entries required.

Given Information:

Taxable income for 2015 is $400,000 and tax rate is 34%.

Taxable income for 2016 is ($900,000) and tax rate is 36%.

Taxable income for 2017 is $1,200,000 and tax rate is 40%.

b.

To determine

The after tax net-income/ (loss) reported in 2016.

c.

To determine

Amount of tax due in 2017.

d.

To determine

Balance of NOL carry forward remains at the end of 2017.

e.

To determine

Income tax expense reported in 2017 and also the journal entry to record it.

f.

To determine

amount of tax refund receivable and after tax-net income

Given Information:

70% of NOL benefit is realized for carry forward.

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Answer 4

Question

Chapter 17, Problem 17.7P

a.

To determine

Amount of refund receivable from 2016 net operating loss (NOL), the amount of tax benefit related to NOL carry forward and prepare journal entries required.

Given Information:

Taxable income for 2015 is $400,000 and tax rate is 34%.

Taxable income for 2016 is ($900,000) and tax rate is 36%.

Taxable income for 2017 is $1,200,000 and tax rate is 40%.

b.

To determine

The after tax net-income/ (loss) reported in 2016.

c.

To determine

Amount of tax due in 2017.

d.

To determine

Balance of NOL carry forward remains at the end of 2017.

e.

To determine

Income tax expense reported in 2017 and also the journal entry to record it.

f.

To determine

amount of tax refund receivable and after tax-net income

Given Information:

70% of NOL benefit is realized for carry forward.

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Answer 5

Chapter 17, Problem 17.7P

a.

To determine

Amount of refund receivable from 2016 net operating loss (NOL), the amount of tax benefit related to NOL carry forward and prepare journal entries required.

Given Information:

Taxable income for 2015 is $400,000 and tax rate is 34%.

Taxable income for 2016 is ($900,000) and tax rate is 36%.

Taxable income for 2017 is $1,200,000 and tax rate is 40%.

b.

To determine

The after tax net-income/ (loss) reported in 2016.

c.

To determine

Amount of tax due in 2017.

d.

To determine

Balance of NOL carry forward remains at the end of 2017.

e.

To determine

Income tax expense reported in 2017 and also the journal entry to record it.

f.

To determine

amount of tax refund receivable and after tax-net income

Given Information:

70% of NOL benefit is realized for carry forward.

Answer 6

Chapter 17, Problem 17.7P

a.

To determine

Amount of refund receivable from 2016 net operating loss (NOL), the amount of tax benefit related to NOL carry forward and prepare journal entries required.

Given Information:

Taxable income for 2015 is $400,000 and tax rate is 34%.

Taxable income for 2016 is ($900,000) and tax rate is 36%.

Taxable income for 2017 is $1,200,000 and tax rate is 40%.

Answer 7

Chapter 17, Problem 17.7P

a.

To determine

Amount of refund receivable from 2016 net operating loss (NOL), the amount of tax benefit related to NOL carry forward and prepare journal entries required.

Given Information:

Taxable income for 2015 is $400,000 and tax rate is 34%.

Taxable income for 2016 is ($900,000) and tax rate is 36%.

Taxable income for 2017 is $1,200,000 and tax rate is 40%.

Answer 8

b.

To determine

The after tax net-income/ (loss) reported in 2016.

Answer 9

b.

To determine

The after tax net-income/ (loss) reported in 2016.

Answer 10

c.

To determine

Amount of tax due in 2017.

Answer 11

c.

To determine

Amount of tax due in 2017.

Answer 12

d.

To determine

Balance of NOL carry forward remains at the end of 2017.

Answer 13

d.

To determine

Balance of NOL carry forward remains at the end of 2017.

Answer 14

e.

To determine

Income tax expense reported in 2017 and also the journal entry to record it.

Answer 15

e.

To determine

Income tax expense reported in 2017 and also the journal entry to record it.

Answer 16

f.

To determine

amount of tax refund receivable and after tax-net income

Given Information:

70% of NOL benefit is realized for carry forward.

Answer 17

f.

To determine

amount of tax refund receivable and after tax-net income

Given Information:

70% of NOL benefit is realized for carry forward.

Answer 18

Expert Solution & Answer

Answer 19

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Answer 20

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Answer 21

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The after tax net-income/ (loss) reported in 2016.

Amount of tax due in 2017.

Balance of NOL carry forward remains at the end of 2017.

Income tax expense reported in 2017 and also the journal entry to record it.

amount of tax refund receivable and after tax-net income Given Information: 70% of NOL benefit is realized for carry forward.

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Chapter 17 Solutions

amount of tax refund receivable and after tax-net income

Given Information:

70% of NOL benefit is realized for carry forward.