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Q1. Company ABC has the following income:
2014 $10,000
2015 $15,000
2016 $(1,000)
2017 $(30,000)
2018 $5,000
Please JEs to record loss carryback and forward for 2016, 2017 and 2018
Q2. Company ABC bought an equipment for $20,000 in 2015, with useful life of 5 years $5,000 residual value amortized using straight-line method.
Prepare a table to illustrate the differences accounting income vs taxable income caused by this equipment.
Assume, this equipment was sold at the end of2017 for $11,000. Please prepare JEs for 2015, 2016 and 2017
Q3. Company ABC has accounting income $500 for year 2016, 2017 and 2018, with following balance
2015 2016 2017 2018
Accounts Payable 100 110 120 90
Unearned Revenue 100 50 30 0
Prepaid Expense 100 80 40 0
Accounts Receivable 100 110 80 100
What are the taxable income for 2016, 2017 and 2018? Prepare all related JEs for these three years.
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