The journal entry for Marigold Inc. at the end of 2017 to record carryback is as follows:
<h3>Journal Entry:</h3>
Debit Income Taxes Receivable $72,000
Credit Benefit Due to Loss Carry back $72,000
- To record the refund of income taxes paid in the prior two years due to the loss recorded in 2017.
<h3>Data and Calculations:</h3>
Operating loss in 2017 = $482,000
Combined income for 2015 and 2016 = $360,000
Tax rate = 20%
Tax expenses for 2015 and 2016 = $72,000 ($360,000 x 20%)
<h3>Complete Question:</h3>
Marigold Inc. incurred a net operating loss of $482,000 in 2017. The combined income for 2015 and 2016 was $360,000. The tax rate for all years is 20%. Marigold elects the carryback option. Assume that it is more likely than not that the entire net operating loss carryforward will not be realized in future years.
Prepare the journal entry at the end of 2017 to record carryback.
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Explanation:
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Answer:
William Hogarth created the first editorial cartoon.
The first comic strip by Willhelm Busch, called Max and Mortiz, published in Germany.
The first comic book, Comics on Parade, was introduced by Max Gaines.
Action Comics #1 was printed.
The first graphic novel, MAUS, was published.
Explanation:
The given events in chronological order are as follows-
1. During the early and mid-1700s, William Hogarth created his numerous paintings. And in 1731, he produced his first work "A Harlot's Progress".
2. The first comic strip "Max and Mortiz" was published in Germany in 1865 by Willhelm Busch.
3. In 1933, Max Gaines introduced the first comic book "Comics on Parade".
4. Action Comics #1 was printed in 1938.
5. And in 1980, MAUS, the first graphic novel was published by American cartoonist Art Spiegelman.
