The income tax disclosure note accompanying the January 31, 2014, financial statements of Walmart is reproduced below:
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Required:
1. Focusing on only the first part of Note 9, relating current, deferred, and total provision for income taxes, prepare a summary journal entry that records Walmart's 2014 tax expense associated with income from continuing operations.
2. Compare the change in deferred taxes you recorded in your summary journal entry to the actual change in Walmart's net deferred tax liability for fiscal 2014. Do they reconcile? What besides continuing operations might affect deferred taxes?
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Related Book For
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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