Company T has the following information regarding the years 19A-19D:
Company T has the following information regarding the years 19A–19D:
?
Income Before Tax
Tax Rate
Tax Paid
19A
7,000
0.20
$1,400
19B
9,000
0.25
2,250
19C
(20,000)
0.30
0
19D
12,000
0.35
?
(1) How much of a refund will Company T get due to its $20,000 loss in 19C?
(2) What entry should be made for this refund?
(3) How much of a carryforward will Company T have for 19D?
(4) How much actual tax must be paid in 19D?
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