fm3 9 - Future Years 2008 2009 2010 2011 2012 Estimated...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Answers and Solutions: 3- 9 3-13 Prior Years 2005 2006 Profit earned $150,000 $150,000 Carry-back credit 150,000 150,000 Adjusted profit $ 0 $ 0 Tax previously paid (40%) 60,000 60,000 Tax refund: Taxes previously paid $ 60,000 $ 60,000 Total check from U.S. Treasury = $60,000 + $60,000 = $120,000.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Future Years 2008 2009 2010 2011 2012 Estimated profit $150,000 $150,000 $150,000 $150,000 $150,000 Carry-forward credit 150,000 150,000 50,000 Adjusted profit $ 0 $ 0 $100,000 $150,000 $150,000 Tax (at 40%) $ $ 40,000 $ 60,000 $ 60,000...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online