Ask Question
BusinessBusiness
22 April, 05:32

Tanner, Inc. incurred a financial and taxable loss for 2018. Tanner therefore decided to use the carryback provisions as it had been profitable up to this year. How should the amounts related to the carryback be reported in the 2018 financial statements

+5
Answers (1)
  1. 22 April, 05:44
    0
    Carry-back should be reported as a benefit

    Explanation:

    Tanner, Inc. is a company which has suffered a loss in 2018, and they have planned to use carry-back provisions because they generated profit. It is compulsory to report the provision in the 2018 financial statement. Overall, tanner, Inc. must report carry-back profits as a benefit in 2018 financial statement, because of the loss they received in 2018.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Tanner, Inc. incurred a financial and taxable loss for 2018. Tanner therefore decided to use the carryback provisions as it had been ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A boycott occurs when workers collectively refuse to go to work.
Answers (1)
Drug r is currently under clinical investigation for the treatment of generalized anxiety disorder (gad). the hypothesis is that 200 mg of drug r will reduce gad symptoms by 25 percent as evidenced by the hamilton anxiety scale.
Answers (1)
Sergio likes to drive and thinks that gas will be around forever. What is the problem with Sergio's thinking? Gas is a nonrenewable resource. Gas is unlimited. Gas is a human resource. Gas is a capital good.
Answers (2)
Which of the following clauses states that full payment of damages to structures under the homeowners policy will be made only if the insurance equals 80 or more percent of the replacement cost of the structure and is carried on the property at the
Answers (1)
Sleep master, inc. manufactures bedding sets. the budgeted production is for 57,000 comforters in 2013. each comforter requires 6 yards of material. the estimated january 1, 2013, beginning inventory is 31,000 yards.
Answers (1)
New Questions in Business
How are issues such as customer theft and spoilage addressed at year-end?
Answers (1)
A fixed cost: Does not change with changes in the volume of activity within the relevant range. Requires the future outlay of cash and is relevant for future decision making. Is irrelevant for managers' decision making.
Answers (1)
You are working in the dining room as a host/hostess. There is a dirty table, there are no ketchup packets available for the guests because they need to be refilled, and there is a spill on the floor. What do you do, in what order, and why?
Answers (1)
Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually on June 30 and December 31.
Answers (1)
Who is following the law when it comes to protecting investors' funds? a financial planner who pitches a risk-free stock a mutual fund advisor who informs investors about risks a broker who sells CDs from nonfinancial institutions a realtor who
Answers (1)
Home » Business » Tanner, Inc. incurred a financial and taxable loss for 2018. Tanner therefore decided to use the carryback provisions as it had been profitable up to this year.
Sign Up Forgot Password?