Problem 19-5 Pretax Income (loss) Tax Rate Date Account Titles and Explanation D
ID: 2749059 • Letter: P
Question
Problem 19-5
Pretax Income (loss)
Tax Rate
Date
Account Titles and Explanation
Debit
Credit
2012
(To record carryback.)
(To record carryforward.)
2013
Problem 19-5
Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2008–2014.Pretax Income (loss)
Tax Rate
2008 $44,700 30 % 2009 27,700 30 % 2010 56,800 30 % 2011 80,200 40 % 2012 (186,000) ) 45 % 2013 73,200 40 % 2014 105,100 35 %Pretax financial income (loss) and taxable income (loss) were the same for all years since Jennings began business. The tax rates from 2011–2014 were enacted in 2011.
Explanation / Answer
Problem 19-5 Pretax Income (loss) Tax Rate Date Account Titles and Explanation D