Question

The Home Depot reported earnings from continuing operations before the provision for income taxes of $6,068 million for the year ending January 29, 2012, in its 10-K. Footnote 6 revealed that the provision for income taxes was $2,185 million and that the current amount paid to the federal, state, and foreign governments was $1,950 million.
1. Compute the earnings from continuing operations after taxes.
2. Prepare the journal entry to record taxes on ordinary activities. Omit explanation.
3. Explain why the amount of income taxes paid to the government was not the same as the amount of income taxes recorded on the income statement.



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  • CreatedFebruary 20, 2015
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