1 answer

Question 8 Skysong Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2...

Question:

Question 8 Skysong Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017
Your answer is partially correct. Try again. What entries for income taxes should be recorded for 2013? (Credit account title
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x Your answer is incorrect. Try again. What entry for income taxes should be recorded in 2014? (Credit account titles are aut
x Your answer is incorrect. Try again. How should the income tax expense section of the income statement for 2014 appear? (En
x Your answer is incorrect. Try again. What entry for income taxes should be recorded in 2017? (Credit account titles are aut
Your answer is incorrect. Try again. How should the income tax expense section of the income statement for 2017 appear? (Ente
Question 8 Skysong Corporation has pretax financial income (or loss) equal to taxable income (or loss) from 2009 through 2017 as follows: Income (Loss) Tax Rate 2009 $34,800 30 % 2010 48,000 30 % 2011 20,400 35% 57,600 50% 2013 (180,000) 40 % 2014 100,000 40 % 2015 36,000 2016 126,000 40 2017 (72,000) 2012 40 Pretax financial income (loss) and taxable income (loss) were the same for all years since Skysong has been in business. Assume the carryback provision is employed for net operating losses. In recording the benefits of a loss carryforward, assume that it is more Ikely than not that the related benefits will be realized.
Your answer is partially correct. Try again. What entries for income taxes should be recorded for 2013? (Credit account titles are automatically indented when amount is entered. Do nol is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Income Tax Refund Receivable Benefit Due to Loss Carryback dy (To record carryback.) Deferred Tax Asset Benefit Due to Loss Carryforward (To record carryforward.)
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x Your answer is incorrect. Try again. What entry for income taxes should be recorded in 2014? (Credit account titles are automatically indented when amount is entered. Do not indeni required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit
x Your answer is incorrect. Try again. How should the income tax expense section of the income statement for 2014 appear? (Enter loss using either a negative sign pr e.g. (45).) Skysong Corporation Income Statement (Partial)
x Your answer is incorrect. Try again. What entry for income taxes should be recorded in 2017? (Credit account titles are automatically indented when required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit
Your answer is incorrect. Try again. How should the income tax expense section of the income statement for 2017 appear? (Enter loss using ei e.g. (45).) Skysong Corporation Income Statement (Partial)

Answers

Part A

Account Titles and Explanation

Debit

Credit

Income Tax Refund Receivable

35940

Benefit Due to Loss Carryback ((57600*50%)+(20400*35%))

35940

(To record carryback.)

Deferred Tax Asset

40800

Benefit Due to Loss Carryforward (180000-57600-20400)*40%

40800

(To record carryforward.)

Part B

Skysong Corporation

Income Statement (Partial)

Year ended December 31, 2013

Operating Loss before Income Taxes

180000

Income Tax Benefit

Benefit Due to Loss Carryback

35940

Benefit Due to Loss Carryforward

40800

76740

Net Income / (Loss)

103260

Part C

Account Titles and Explanation

Debit

Credit

Income Tax Expense (40%*108000)

43200

Deferred Tax Asset

40800

Income Tax Payable (40%*(108000-(180000-57600-20400)))

2400

Part D

Skysong Corporation

Income Statement (Partial)

Year ended December 31, 2014

Income before Income Taxes

108000

Income Tax Expense - Current

2400

Income Tax Expense - Deferred

40800

43200

Net Income / (Loss)

64800

Part E

Account Titles and Explanation

Debit

Credit

Income Tax Refund Receivable (36000*40%)+(36000*40%)

28800

Benefit Due to Loss Carryback

28800

Part F

Skysong Corporation

Income Statement (Partial)

Year ended December 31, 2017

Operating Loss before Income Taxes

(72000)

Income Tax Benefit Due to Loss Carryback

28800

Net Income / (Loss)

(43200)

.

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