Hall began operations in 2016 and reported income of $140,200 in 2016 and $118,800 in 2017....
Hall began operations in 2016 and reported income of $140,200 in 2016 and $118,800 in 2017. The tax rate in 2016 was 30% and in 2017 was 23%. in 2018, Hall reported a net operating loss of $376,500 and elects to carryback the loss. The tax rate in 2018 is 17% and is expected to remain the same for 2019. What is the debit to Income tax receivable when recording the 2018 tax entry?
Homework Answers
Solution:
Loss carryback to 2016 = $140,200
Loss carryback to 2017 = $118,800
Debit to income tax receivables when recording the 2018 tax entry = ($140,200 * 30%) + ($118,800*23%) = $42,060 + $27,324
= $69,384
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