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scoundrel [369]
3 years ago
7

2020 $ 358,000 2021 (600,000 ) 2022 728,000 Puritan's tax rate is 36% for all years. Puritan elected a loss carryback. As of Dec

ember 31, 2021. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback. What did Puritan report on December 31, 2021, as the deferred tax asset for the NOL carryforward
Business
1 answer:
AleksAgata [21]3 years ago
5 0

Answer:

$87,120

Explanation:

The computation of the deferred tax asset for the NOL carryforward is shown below:

= (Loss for year 2021 - income for year 2020) × tax rate

= ($600,000 - $358,000) × 36%

= $242,000 × 36%

= $87,120

Since there is a loss in year 2021 and income in year 2022 which is to be adjusted and the same is shown above

Therefore the deferred tax assets for the NOL carryforward is $87,120

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3 years ago
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The bundle prices for Hydration Power Drink and Satisfying Smoothie are given below.

<h3>What is Contribution Margin?</h3>

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