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Prepare the appropriate journal entry to record Alsup's 2016 income taxes, Alsup?s 2017 income taxes and Alsup?s 2018 income taxes. Nsup Consulting sometimes performs services
Prepare the appropriate journal entry to record Alsup's 2016 income taxes, Alsup?s 2017 income taxes and Alsup?s 2018 income taxes.
Nsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsop recognizes senvice revenue for nancial 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 20152013 are as follows: Praia: Accoun'ling Service Revenue Dolactions Income 2015 $633,000 $053,000 $220,000 2015 200,000 205,000 235,000 2012 245,000 215,000 255,000 2013 230,000 230,000 235,000 There are no differences between accounting income and taxable income other than the tern porarglr difference described above. The enacted tax rate for each year is 40%. (Hint: You may.r nd it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 20152013.} Required: 1. Prepare the appropriate journal entry to record Alsup's 201 0 income taxes, Alsup's 2012 income taxes and Nsup's 2013 income taxes. [If no entry is required for a trensecticnievent, select \"Ho journal entry required\" in the rst account field. Enter your answers in thousands]Step by Step Solution
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