Real world Case 16-1

Access the financial statement and related disclosure notes of Buckle for the Fiscal year ended February 1, 2020 from their . Buckle is a fashion retailer operating over 400 stores in more than 40 states under the names Buckle or The Buckle.

1. Focusing only on Note G's reconciliation of the provision for income taxes, prepare a journal entry that summarizes Buckle's tax expense for the fiscal year ended February 1, 2020. 2. Looking elsewhere in Note G, calculate the actual change in Buckle's net deferred tax asset or liabili during the fiscal year ended February 1, 2020. Does that change reconcile with the change indicatec your summary journal entry? 3. Find the tax expense on Buckle's income statement for the fiscal year ended February 1, 2020. Does that amount reconcile with the change indicated in your summary journal entry? 4. Calculate Buckle's effective tax rate 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 was the biggest factor causing Buckle's effective tax rate to deviate from the statutory rate of 21% ? 1. Focusing only on Note G's reconciliation of the provision for income taxes, prepare a journal entry that summarizes Buckle's tax expense for the fiscal year ended February 1, 2020. 2. Looking elsewhere in Note G, calculate the actual change in Buckle's net deferred tax asset or liabili during the fiscal year ended February 1, 2020. Does that change reconcile with the change indicatec your summary journal entry? 3. Find the tax expense on Buckle's income statement for the fiscal year ended February 1, 2020. Does that amount reconcile with the change indicated in your summary journal entry? 4. Calculate Buckle's effective tax rate 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 was the biggest factor causing Buckle's effective tax rate to deviate from the statutory rate of 21%