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PLEASE ANSWER A B AND C Analyzing and Interpreting Income Tax Disclosures Apple Inc. reports the following footnote disclosure to its 2018 10-K report ($
PLEASE ANSWER A B AND C
Analyzing and Interpreting Income Tax Disclosures Apple Inc. reports the following footnote disclosure to its 2018 10-K report ($ millions). The provision for income taxes consisted of the following: Fiscal Year Ended September 29, 2018 Federal Current $37,283 Deferred (30,437) 6,846 State Current 496 Deferred 43 539 Foreign Current 3,587 1,063 Deferred 4,650 $12,035 Total a. What amount of income tax expense does Apple report in its income statement for 2018? $ 12035 million b. How much of Apple's income tax expense is current (as opposed to deferred)? $ 41366 million c. How do deferred taxes impact the tax expense that is reported on the income statement? As deferred tax liabilities increase, reported tax expense As deferred tax liabilities decrease, reported tax expense A As deferred tax assets increase, reported tax expense As deferred tax assets decrease, reported tax expenseStep by Step Solution
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