Jennings plc reported the following pretax income (loss) and related tax rates during the years 2014-2020. Pretax
Question:
Jennings plc reported the following pretax income (loss) and related tax rates during the years 2014-2020.
Pretax financial income (loss) and taxable income (loss) were the same for all years since Jennings began business. The tax rates from 2017-2020 were enacted in 2017.
Instructions
a. Prepare the journal entries for the years 2018-2020 to record income taxes payable (refundable), income tax expense (benefit), and the tax effects of the loss carryback and carryforward. Assume that Jennings elects the carryback provision where possible and it is probable that it will realize the benefits of any loss carryforward in the year that immediately follows the loss year.
b. Indicate the effect the 2018 entry(ies) has on the December 31, 2018, statement of financial position.
c. Prepare the portion of the income statement, starting with "Operating loss before income taxes," for 2018.
d. Prepare the portion of the income statement, starting with "Income before income taxes," for 2019.
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a 2018 Income Tax Refund Receivable 50000 X 30 80000 X 40 47000 Benefit Due to Loss Carryback 47000 ...View the full answer
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