What entries would be made to record income tax expenses

Assignment Help Accounting Basics
Reference no: EM13127439

Htech Corp. started its operation in 2010 and has a $550,000 net operating loss when the tax rate is 35%. In 2011, the company has $680,000 taxable income and the tax rate is revised to 40% in early 2011. a. What are the entries in 2010 to record the tax loss carry-forward?(Assuming that it is more likely than not that half of the loss carry-forward will not be realized) b. What entries would be made to record income tax expenses in 2011?

Reference no: EM13127439

Questions Cloud

Decision analysis-lead time : Using the optimistic and conservative approaches in a decision analysis will never give the same optimal decision is the question true or false?
Calculate the concentrations of all species at equilibrium : Calculate the concentrations of all species at equilibrium for the following case.
What makes a contribution income statement unique : What makes a contribution income statement unique? Discuss how a contribution income statement could be used to improve planning in a company.
Capturing repayment of the entire note and interest : Prepare the July 31 journal entry for Red Brick Inc. capturing repayment of the entire note and interest.
What entries would be made to record income tax expenses : Htech Corp. started its operation in 2010 and has a $550,000 net operating loss when the tax rate is 35%. In 2011, the company has $680,000 taxable income and the tax rate is revised to 40% in early 2011.
Problem associated to sole proprietorship : Olga's sole proprietorship earned a net profit of $95,000 during the year and she withdrew $70,000 of this profit. Olga must report $70,000 net income from the sole proprietorship on her individual income tax return (form 1040).
What is the partial pressure of each gas : Nitrogen dioxide (NO2) cannot be obtained in a pure form in the gas phase because it exists as a mixture of NO2 and N2O4. At 25°C and 0.98 atm, the density of this gas mixture is 2.7 g/L.
What is the importance of the cash budget : What is the importance of the cash budget? Has anyone ever been involved in the budgeting process? Tell us about your experiences.
Transformation of complex numbers : Consider the transformation w = (i - z) / (i + z) . Show that the upper half plane Im z > 0 maps to the disk |w|

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd