Nike, Inc., reports the following tax information in Note 9 to its 2014 financial report. Income...
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Nike, Inc., reports the following tax information in Note 9 to its 2014 financial report. Income before income taxes is as follows: Year Ended May 31 (In millions) 2014 2013 2012 Income before income taxes: United States Foreign The provision for income taxes is as follows: Year Ended May 31 (In millions) 2014 2013 2012 Current: United States Federal State Foreign Deferred: United States $1,084 $699 $846 1,760 1,818 1,111 $2,844 $2,517 $1,957 Federal State Foreign $289 $200 $410 57 50 46 461 369 328 807 619 784 (61) 18 (251) (1) (8) (16) (7) (36) (77) 10 (295) $730 $629 $489 Required a. Record Nike's provision for income taxes for 2014 using the financial statement effects template. Enter answers in millions in the appropriate account columns, using the second row only if additional space is needed. Use a negative sign with answers, when appropriate. Balance Sheet Income Statement Transaction To record income tax expense Description Deferred income taxes Income tax expense Cash Asset + + Income taxes payable + Debit Noncash Asset = Liabilities + $807 + b. Record Nike's provision for income taxes for 2014 (in millions) using journal entries. General Journal Credit + Contrib. Capital + + + Earned Capital Revenues Expenses = Net Income Nike, Inc., reports the following tax information in Note 9 to its 2014 financial report. Income before income taxes is as follows: Year Ended May 31 (In millions) 2014 2013 2012 Income before income taxes: United States Foreign The provision for income taxes is as follows: Year Ended May 31 (In millions) 2014 2013 2012 Current: United States Federal State Foreign Deferred: United States $1,084 $699 $846 1,760 1,818 1,111 $2,844 $2,517 $1,957 Federal State Foreign $289 $200 $410 57 50 46 461 369 328 807 619 784 (61) 18 (251) (1) (8) (16) (7) (36) (77) 10 (295) $730 $629 $489 Required a. Record Nike's provision for income taxes for 2014 using the financial statement effects template. Enter answers in millions in the appropriate account columns, using the second row only if additional space is needed. Use a negative sign with answers, when appropriate. Balance Sheet Income Statement Transaction To record income tax expense Description Deferred income taxes Income tax expense Cash Asset + + Income taxes payable + Debit Noncash Asset = Liabilities + $807 + b. Record Nike's provision for income taxes for 2014 (in millions) using journal entries. General Journal Credit + Contrib. Capital + + + Earned Capital Revenues Expenses = Net Income
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Answer Transaction To record in come Zax Expense C since given deffered tax asset Rev... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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