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prohojiy [21]
3 years ago
14

Wilcox Corporation reported the following results for its first three years of operation: 2020 income (before income taxes): $30

0,000 2021 loss (before income taxes): $(2,700,000) 2022 income (before income taxes): $3,000,000 There were no permanent or temporary differences during these three years. Assume a corporate tax rate of 20% for 2020 and 2021, and 30% for 2022. Assuming that Wilcox elects to use the carryforward provision and not the carryback provision, what income (loss) is reported in 2021
Business
1 answer:
inysia [295]3 years ago
8 0

Answer:

$1,890,000

Explanation:

Calculation to determine what income (loss) is reported in 2021

2021 Reported Income loss=[$2,700,000-($2,700,000 × 30%)]

2021 Reported Income loss=($2,700,000-$810,000)

2021 Reported Income loss=$1,890,000

Therefore the income (loss) that is reported in 2021 will be $1,890,000

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Studentka2010 [4]

Answer:

The correct option here is A) .

Explanation:

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3 years ago
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2 years ago
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Answer:

$55,000

Explanation:

The operating income of any entity can be calculated using the following formula:

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3 years ago
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Explanation:

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