The income tax disclosure note accompanying the January 31, 2016, financial statements of Walmart is reproduced below:

Question:

The income tax disclosure note accompanying the January 31, 2016, financial statements of Walmart is reproduced below:

The income tax disclosure note accompanying the January 31, 2016,

Deferred Taxes
The significant components of the Company's deferred tax account balances are as follows:

The income tax disclosure note accompanying the January 31, 2016,

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 2016 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 2016. Do they reconcile? What besides continuing operations might affect deferred taxes?

Financial Statements
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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Intermediate Accounting

ISBN: 9781259722660

9th Edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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