The income tax footnote to the financial statements of Southwest Airlines for the year ended December...
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The income tax footnote to the financial statements of Southwest Airlines for the year ended December 31, 2019, includes the following information: The provision (benefit) for income taxes is composed of the following: (in millions) 2019 2018 2017 CURRENT: Federal 610 S 338 S 904 State 102 60 72 Total current 712 398 976 DEFERRED: Federal (18) 299 200 State (6) Change in federal statutory tax rate (a) (31) (1.270) Total deferred (55) 301 (1,068) 657 S 699 S (92) How much of the income tax expense is payable (refundable) in 2019? O $610 million $657 million O $712 million O ($55) million O Unable to determine based on the information given The income tax footnote to the financial statements of Southwest Airlines for the year ended December 31, 2019, includes the following information: The provision (benefit) for income taxes is composed of the following: (in millions) 2019 2018 2017 CURRENT: Federal 610 S 338 S 904 State 102 60 72 Total current 712 398 976 DEFERRED: Federal (18) 299 200 State (6) Change in federal statutory tax rate (a) (31) (1.270) Total deferred (55) 301 (1,068) 657 S 699 S (92) How much of the income tax expense is payable (refundable) in 2019? O $610 million $657 million O $712 million O ($55) million O Unable to determine based on the information given
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Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Posted Date:
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