Top Posters
Since Sunday
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
jmg89 jmg89
wrote...
Go to Answer
Posts: 325
Rep: 15 0
5 years ago
S & C Company reported income before taxes of $151,000 for the years 2013, 2014, and 2015. In 2016 they experienced a loss of $302,000. S & C had a tax rate of 20% in 2013 and 2014, and a rate of 30% is 2015 and 2016. The company elects to carry back the loss. What is the necessary journal entry to record the NOL carryback in the year of the loss?

A)
Income Tax Refund Receivable60,400
       Income Tax Benefit60,400

B)
Income Tax Refund Receivable75,500
       Income Tax Benefit75,500

C)
Income Tax Refund Receivable90,600
       Income Tax Benefit90,600

D)
Income Tax Refund Receivable151,000
       Income Tax Benefit151,000
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
Read 66 times
1 Reply
Replies
Answer verified by a subject expert
africa143africa143
wrote...
#1
Posts: 145
Rep: 59 0
5 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here

Related Topics

jmg89 Author
wrote...

5 years ago
Helped a lot
DragonHeart
wrote...

Yesterday
Thank you, thank you, thank you!
rudy.zondo
wrote...

2 hours ago
This site is awesome
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1261 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Related Images
  
 817
  
 719
  
 270
Your Opinion
What percentage of nature vs. nurture dictates human intelligence?
Votes: 431
Previous poll results: Who will win the 2024 president election?