Snarley Corp Taxation Assingment Help With Solution

Posted on April 25, 2017

Snarley Corp Taxation Assingment Help With Solution

 
Snarley Corp. had the following balances in selected accounts as of January 1, 2014:
Accrued Warranty Liability 1,500 credit
Accumulated Depreciation 225,000 credit
Deferred Tax Asset – AWL ?
Deferred Tax Asset – NOL c/f 9,620 debit
Valuation Allowance – NOL 2,960 credit
Deferred Tax Liability – Cap. Assets 61,050 credit
 
 

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During 2014, the following events occurred:
 
– Warranty expense was 11,500 and actual cash outlays for warranty work were 11,000
 
– Depreciation of $45,000 was taken. Snarleytook a MACRS deduction of only $22,000 in 2014to help use up its NOL carryforward.
 
– Snarley reported a loss (before tax) of $6,000 on its income statement, which included a fine of $1,000 for violating campaign contribution laws in the state of Indiana, a life insurance premium of $1,000 on its CEO and president Rush Limber, and interest income of $500 on municipal bonds from Bloomington, Indiana.
 
– The tax rate was decreased to 39% for all tax years beginning in 2015. It remained at its old rate of 40% for 2014.
 
Calculate taxable income, current income tax expense, deferred income tax expense, and the ending balances in the deferred tax accounts and valuation allowances. Should any net operating loss carryforward remain after 2014, Snarley management believes that half of it will be utilized before the end of the remaining carryforward period. Show the journal entry needed to record all income tax items.
 
Also, show the income statement for Snarley beginning with net income before tax, explicitly showing the use of the NOL carryforward. Calculate the cumulative amounts for accumulated depreciation and macrs as of the end of 2014 (no assets were bought or sold during the year).

 

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