The net amount received from the bank on a discounted note receivable is called the proceeds

Refer to the following bank reconciliation:

Bank Book Balance, June 30, 2017 $11,240 Balance, June 30, 2017 $10,200 Add: Add: Deposit in transit 3,110 Note collected by bank 2,100 Interest revenue 55 Less: Less: Outstanding checks #506 1,20 What will be an ideal response

Consider the following: Case A Income (loss) for quarters 1 through 4 is ($50,000), $30,000, $40,000, and $40,000, respectively

Future projected income for the year is uncertain at the end of quarters 1 and 2 . Annual income at the end of quarter 3 is estimated to be $20,000 . No carryback benefit exists, and any future annual benefit is uncertain. Case B Assume the same facts as in Case A. However, at the end of quarters 1 through 3, annual income is estimated to be $40,000 . Case C Quarterly income (loss) levels were $15,000, ($35,000), ($75,000), and $25,000 . A yearly operating loss of $70,000 was anticipated throughout the year. Prior years' income of $28,000 is available for carryback. The same tax rates were relevant to the carryback period Required: For cases A through C, complete the schedule that follows: Assume that the statutory tax rate is 15% on the first $50,000 of income, 25% on the next $25,000, and 30% on income in excess of $75,000 . Income (Loss) Tax Tax Expense (Benefit) Case Quarter Current Year to Date Rate Year to Date Current 1 2 3 4