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elena-14-01-66 [18.8K]
3 years ago
11

During its first year of operations, Nive reported a net operating loss of $15 million for financial reporting and tax purposes.

The enacted tax rate is 25%. Prepare the journal entry to recognize the income tax benefit of the net operating loss.
Business
1 answer:
GaryK [48]3 years ago
6 0

Answer:

Dr Deferred Tax Liability $3,750,000

Cr Income Tax Benefit-Operating Loss $3,750,000

Explanation:

Based on the information given we were told that net operating loss of the amount of $15 million was reported for financial reporting and tax purposes in which the tax rate is 25%. Therefore the journal entry to recognize the income tax benefit of the net operating loss will be :

Dr Deferred Tax Liability $3,750,000

Cr Income Tax Benefit-Operating Loss $3,750,000

($15 million *25%)

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Answer and Explanation:

The computation is shown below:

The following formula should be used

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4 years ago
If the ncua charges 6.3 cents per 100 dollars insured and credit union l pays $8,445 in ncua insurance premiums, approximately h
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Novay_Z [31]

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<h3><u>What is the Wagner Act?</u></h3>

The Wagner Act, officially known as the National Labor Relations Act of 1935, is the most significant labor law passed in the United States during the 20th century. Its principal goal was to make it lawful for most workers—with the notable exception of domestic and agricultural workers—to form or join labor unions and engage in collective bargaining with their employers.

The Wagner Act, sponsored by New York's Democratic senator Robert F. Wagner, made the federal government the exclusive arbiter and regulator of labor relations. It established the National Labor Relations Board (NLRB), a permanent body of three members (later expanded to five), with the authority to hear and decide labor disputes through quasi-judicial processes.

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8 0
2 years ago
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brilliants [131]

Answer:

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