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Big Bear Sporting Goods Opened in 2015

Question 97

Multiple Choice

Big Bear Sporting Goods opened in 2015.They reported sales revenue of $395,000 and expenses of $445,000.There are no permanent or temporary differences,so the book loss and taxable loss will be the same.Big Bear plans on carrying forward the net operating loss (NOL) .Assuming a 32% tax rate,what is the necessary journal entry in 2015 to record the NOL carryforward?


A) Big Bear Sporting Goods opened in 2015.They reported sales revenue of $395,000 and expenses of $445,000.There are no permanent or temporary differences,so the book loss and taxable loss will be the same.Big Bear plans on carrying forward the net operating loss (NOL) .Assuming a 32% tax rate,what is the necessary journal entry in 2015 to record the NOL carryforward? A) B) C) D)
B) Big Bear Sporting Goods opened in 2015.They reported sales revenue of $395,000 and expenses of $445,000.There are no permanent or temporary differences,so the book loss and taxable loss will be the same.Big Bear plans on carrying forward the net operating loss (NOL) .Assuming a 32% tax rate,what is the necessary journal entry in 2015 to record the NOL carryforward? A) B) C) D)
C) Big Bear Sporting Goods opened in 2015.They reported sales revenue of $395,000 and expenses of $445,000.There are no permanent or temporary differences,so the book loss and taxable loss will be the same.Big Bear plans on carrying forward the net operating loss (NOL) .Assuming a 32% tax rate,what is the necessary journal entry in 2015 to record the NOL carryforward? A) B) C) D)
D) Big Bear Sporting Goods opened in 2015.They reported sales revenue of $395,000 and expenses of $445,000.There are no permanent or temporary differences,so the book loss and taxable loss will be the same.Big Bear plans on carrying forward the net operating loss (NOL) .Assuming a 32% tax rate,what is the necessary journal entry in 2015 to record the NOL carryforward? A) B) C) D)

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