The Mishka Corporation reported the following income for both accounting and tax purposes:

Mishka Corporation uses the carryback provision for net operating losses when possible. The enacted tax rate for 2018 and future years is 32%. Mishka believes that sufficient verifiable positive evidence exists so that a valuation allowance is not necessary at the end of 2017.
Required:
Prepare the entries for income tax expense and related assets and liabilities for the Mishka Corporation for the years 2014 through 2017.

Question

The Mishka Corporation reported the following income for both accounting and tax purposes:

Mishka Corporation uses the carryback provision for net operating losses when possible. The enacted tax rate for 2018 and future years is 32%. Mishka believes that sufficient verifiable positive evidence exists so that a valuation allowance is not necessary at the end of 2017.
Required:
Prepare the entries for income tax expense and related assets and liabilities for the Mishka Corporation for the years 2014 through 2017.

Quizplus · Accepted Answer

The Answer of The Mishka Corporation reported the following income for both accounting and tax purposes:

Mishka Corporation uses the carryback provision for net operating losses when possible. The enacted tax rate for 2018 and future years is 32%. Mishka believes that sufficient verifiable positive evidence exists so that a valuation allowance is not necessary at the end of 2017.
Required:
Prepare the entries for income tax expense and related assets and liabilities for the Mishka Corporation for the years 2014 through 2017.

The Mishka Corporation Reported the Following Income for Both Accounting