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Francesca's Holdings Corporation is a specialty retailer that operates boutiques throughout the United States under Francesca's trademark. Access the financial statements and related disclosure notes

Francesca's Holdings Corporation is a specialty retailer that operates boutiques throughout the United States under Francesca's
trademark. Access the financial statements and related disclosure notes of Francesca for the fiscal year ended February 1,2020, from
EDGAR database as
SEC.gov/EDGAR.
Required:
Focusing only on Note 6's reconciliation of the provision for income taxes, prepare a journal entry that summarizes Francesca's
tax expense or benefit for the fiscal year ended February 1,2020.
Looking elsewhere in Note 6, calculate the actual change in Francesca's total gross deferred tax assets, valuation allowance, and
gross deferred tax liabilities, and include each of those elements in a new summary journal entry.
Based on Francesca's income statement alone, what is Francesca's effective tax rate for the fiscal year ended February 1,2020?
Find this number in the effective tax rate reconciliation in Note G. What was the biggest factor causing Francesca's effective tax
rate to deviate from the statutory rate of 21%?
Now assume that Francesca's did not change its valuation allowance during the fiscal year ended February 1,2020. Prepare a
journal entry that summarizes Francesca's tax expense or benefit for the fiscal year ended February 1,2020, and calculate
Francesca's net income or net loss and effective tax rate.
Complete this question by entering your answers in the tabs below.
Prepare a journal entry that summarizes Francesca's tax expense or benefit for the fiscal year ended February 1,2020.
Journal entry worksheet
A
Record the entry that summarizes Francesca's tax expense or benefit for the
fiscal year ended February 1,2020.
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