Business
Business, 04.07.2020 03:01, leopard7982

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020–2023 are as follows: Service Revenue Collections Pretax Accounting Income
2015 $560,000 $545,000 $100,000
2016 660,000 665,000 165,000
2017 625,000 600,000 135,000
2018 610,000 635,000 115,000

There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 40%.

Required:
a. Prepare the appropriate journal entry to record Alsup's 2013 income taxes.
b. Prepare the appropriate journal entry to record Alsup's 2014 income taxes.
c. Prepare the appropriate journal entry to record Alsup's 2015 income taxes.

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Answers: 3

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