1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Elodia [21]
3 years ago
6

During 2021, its first year of operations, Baginski Steel Corporation reported a net operating loss of $388,000 for financial re

porting and tax purposes. The enacted tax rate is 25%. Required:
1. Prepare the journal entry to recognize the income tax benefit of the net operating loss. Assume the weight of available evidence suggests that future taxable income will be sufficient to benefit from future deductible amounts arising from the net operating loss carryforward.
2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss.
Business
1 answer:
kipiarov [429]3 years ago
3 0

Explanation:

The journal entry is as follows:

1. Deferred tax assets  A/c Dr

           To Income tax benefit - Operating loss  A/c

(Being the income tax benefit is recorded)

The computation is shown below:

= Net operating loss × enacted tax rate

= $388,000 × 25%

= $97,000

2. Now the lower portion of the 2021 income statement is presented below:

Net operating loss before income tax     $388,000

Less:  Income tax benefit - Operating loss  -$97,000

Net loss                                                          $291,000

You might be interested in
Joe Loser enters into an investment scheme with some local bigwigs. To get Joe's money, these people lie to Joe about several pr
coldgirl [10]

15 is the answer to this question

7 0
3 years ago
Under _____, a company compares some dimension of its performance to that of another firm, be it a competitor or in a totally di
denis-greek [22]

Under Price discrimination, an organization compares a few dimensions of its performance to that of another company, be it a competitor or in a totally distinctive industry.

Charge discrimination is a promoting method that fees clients one-of-a-kind charges for the same products or services based on what the seller thinks they can get the patron to comply with. In natural price discrimination, the vendor fees every customer the most fee they'll pay.

Charge discrimination refers to charging distinct clients special costs for the same true carrier. The Sherman Antitrust Act, Clayton Antitrust Act, and Robinson-Patman Act outlaw price discrimination while the intent of that discrimination is to harm competitors.

Price discrimination in a monopoly is a practice of charging extraordinary costs for an equal product. Monopolies generally have extra control over providers than ordinary sellers, which means that they can notably impact the providers' promoting prices.

Learn more about Price discrimination here: brainly.com/question/23342760

#SPJ4

3 0
2 years ago
Sacrificing your own self interests for the good of the overall goal is ______.
Firlakuza [10]
That is intiative, its basically commiting yourself to doing something and putting everything else behind you
8 0
3 years ago
Read 2 more answers
Howard Ramsell recently became aware of implied warranties that exist for consumer purchases. An implied warranty exists as a re
faltersainse [42]

Answer:

(C) the intended use of a product.

Explanation:

Implied as the term means that it is obvious, further guarantee means that the guarantee is obvious.

Now, this is because of the use of the product, as for example there is an equipment called heater, which is generally sold in winters, as it warms the room.

Now it is implied that the heater shall at-least be in proper condition and shall work without any failure for one season of winters.

The correct answer is,

Statement C

3 0
3 years ago
A _____ is a person who regularly buys stolen property for resale and who often has a legitimate business to cover his activitie
yulyashka [42]

A fence is a person who regularly buys stolen property for resale and who often has a legitimate business to cover his activities.

Legitimate business means a bona fide, active and operating commercial or business entity, or a government agency, charitable institution, or other duly recognized non-profit organization that produces services or goods for profit. I mean

Legitimate Business Reason means a party's compliance with contractual obligations and applicable laws and regulations, including but not limited to data protection, in connection with any action by a party. increase.

Legitimate business interests include valuable and confidential business information, material relationships with specific prospective or existing customers, customer goodwill related to ongoing business, and professional training. increase. identification.

Learn more about legitimate business here: brainly.com/question/24553900

#SPJ4

5 0
1 year ago
Other questions:
  • On January 1, 2013, Ameen Company purchased a building for $36 million. Ameen uses straight-line depreciation for financial stat
    10·1 answer
  • Outstanding stock of the Sheridan Corporation included 35000 shares of $5 par common stock and 10500 shares of 5%, $10 par non-c
    5·1 answer
  • Determining the magnitude of possible losses from a premature death can be complicated. the best method is the
    15·1 answer
  • Consider the market for a breakfast cereal. The​ cereal's price is initially ​$3.003.00 and 7070 thousand boxes are demanded per
    6·1 answer
  • Where are shares of the reporting company's common stock issued in exchange for cash reported on a statement of cash flows?
    11·1 answer
  • A team that has a good plan, but is also willing to adjust their master plan and adapt when conditions call for it demonstrates
    14·2 answers
  • Smith Corporation makes and sells a single product called a Pod. Each Pod requires 2.4 direct labor-hours at $10.60 per direct l
    9·1 answer
  • The competitive test that a business plan must pass to attract financing from lenders and investors involves proving ________. G
    13·1 answer
  • Is water wet or....?
    8·2 answers
  • Read these articles on the importance of setting goals, Article 1 and Article 2. As you read, think about how each article defin
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!