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nydimaria [60]
3 years ago
8

Fore Farms reported a pretax operating loss of $137 million for financial reporting purposes in 2021. Contributing to the loss w

ere (a) a penalty of $5 million assessed by the Environmental Protection Agency for violation of a federal law and paid in 2021 and (b) an estimated loss of $12 million from accruing a loss contingency. The loss will be tax deductible when paid in 2022. The enacted tax rate is 25%. There were no tem
Business
1 answer:
Brums [2.3K]3 years ago
4 0

Answer: Hello your question is incomplete attached below is the complete question

answer:

1) attached below

2) Net operating income ( loss )  = - $104 million

Explanation:

Pretax operating loss = - $137 million

Non deductible Losses ; $5 million fine paid in 2021 ,

estimated $12 million loss from contingency that will be tax deductible in 2022

Enacted tax rate = 25%

Taxable operating income = - $120 million

attached below is the solution

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Answer:

c. Net income will be overstated for the current year.

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The adjusting entry for depreciation at the end of year is a debit to Depreciation Expense and a credit to Accumulated depreciation.

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The graph shows the supply and demand curves for a certain product, which
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