ACCT 312 Week 1 Homework (Updated)
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ACCT 312 Week 1 Homework (Updated)
Ex. 16-22: Operating loss carryback and carry forward
This exercise is based on the situation described in E 16–21, modified to include a carryforward in addition to a carryback.)
Wynn Sheet Metal reported an operating loss of $160,000 for financial reporting and tax purposes in 2013. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn‘s first four years of operation were as follows:
| Taxable Income | Tax Rates | Income Taxes Paid | |
| 2009 | $ 60,000 | 30% | $ 18,000 |
| 2010 | $ 70,000 | 30% | $ 21,000 |
| 2011 | $ 80,000 | 40% | $ 32,000 |
| 2012 | $ 60,000 | 50% | $ 27,000 |
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| Items Required: | |||||||
| 1. Prepare the journal entry to recognize the income tax benefit of the operating loss. Wynn elects the carryback option. | |||||||
| 2. Show the lower portion of the 2013 income statement that reports the income tax benefit of the operating loss. | |||||||
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