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9. Assuming that C.J. Company opts to carryback its 2011 NOL, what is the amount of income tax payable at December 31, 2012?

9. Assuming that C.J. Company opts to carryback its 2011 NOL, what is the amount of income tax payable at December 31, 2012?





Answer
Question 9 answers


a. $68,000


b. $168,000


c. $123,000


d. $108,000






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Question 10
Question 10

1.
Question 10 text

10. Assuming that C.J. Company opts only to carryforward its 2011 NOL, what is the amount of deferred tax asset or liability that C.J. Company would report on its December 31, 2011 balance sheet?




Answer
Question 10 answers
Amount and Deferred tax asset or liability

a. $75,000 -- Deferred tax liability


b. $87,500 -- Deferred tax liability


c. $100,000 -- Deferred tax asset


d. $75,000 -- Deferred tax asset
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