Question
Buckle is a fashion retailer operating over 400 stores in more than 40 states under the names Buckle or The Buckle. Access the financial statements
Buckle is a fashion retailer operating over 400 stores in more than 40 states under the names Buckle or The Buckle. Access the financial statements and related disclosure notes of Buckle using this linkLinks to an external site.. Navigate to the 10-K filing for the fiscal year ended February 1, 2020. Required: Focusing only on Note Gs reconciliation of the provision for income taxes, prepare a journal entry that summarizes Buckles tax expense for the fiscal year ended February 1, 2020. Looking elsewhere in Note G., calculate the actual change in Buckles net deferred tax asset or liability during the fiscal year ended February 1, 2020 and show that calculation below. Does that change reconcile with the change indicated in your summary journal entry? Explain why or why not. Find the tax expense on Buckles income statement for the fiscal year ended February 1, 2020. Confirm the amount by recording it below. Does that amount reconcile with the change indicated in your summary journal entry? Explain why or why not. Calculate Buckles effective tax rate (income taxes / pre-tax income) from its income statement for the fiscal year ended February 1, 2020, and find that number in the effective tax rate reconciliation in Note G. What the biggest factor causing Buckles effective tax rate to deviate from the statutory rate of 21%? How challenging did you find these tasks? Explain the approach you took to answering these questions. What resources did you use to assist you?
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