What are the taxable income and prepare all related jes


Assignment

Q1. Company ABC has the following income:

2014 $10,000
2015 $15,000
2016 $(1,000)
2017 $(30,000)
2018 $5,000

JEs to record loss carryback and forward for 2016, 2017 and 2018

Q2. Company ABC bought an equipment for $20,000 in 2015, with useful life of 5 years $5,000 residual value amortized using straight-line method.

a) Prepare a table to illustrate the differences accounting income vs taxable income caused by this equipment.
b) Assume, this equipment was sold at the end of2017 for $11,000. Please prepare JEs for 2015, 2016 and 2017

Q3. Company ABC has accounting income $500 for year 2016, 2017 and 2018, with following balance

                                    2015           2016        2017         2018
Accounts Payable        100             110           120          90
Unearned Revenue     100             50             30             0
Prepaid Expense         100             80             40             0
Accounts Receivable    100            110            80            100

What are the taxable income for 2016, 2017 and 2018? Prepare all related JEs for these three years.

Format your assignment according to the following formatting requirements:

1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.

2. The response also include a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.

3. Also Include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.

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Taxation: What are the taxable income and prepare all related jes
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