For each of the five independent situations below, prepare a single journal entry that summarizes the...
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For each of the five independent situations below, prepare a single journal entry that summarizes the recording and payment of income taxes and determine the amount of cash paid for income taxes. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Paid for General Taxes Journal Calculate the amount of cash paid for income taxes for each situation. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Deferred Tax Liability Increase (Decrease) Income Tax Income Tax Payable Increase (Decrease) Cash Paid for Situation Expense Тахes 1 16.0 16.0 3.6 16.0 (2.6) 4 16.0 3.6 2.6 16.0 (3.6) (2.6) LO Cash Paid for General Journal Тахes Prepare a single journal entires that summarizes the recording and payment of income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list > Record the summary entry for transaction 1. 2 Record the summary entry for transaction 2. 3 Record the summary entry for transaction 3. Record the summary entry for transaction 4. Record the summary entry for transaction 5. Credit EX: For each of the five independent situations below, prepare a single journal entry that summarizes the recording and payment of income taxes and determine the amount of cash paid for income taxes. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Paid for General Taxes Journal Calculate the amount of cash paid for income taxes for each situation. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Deferred Tax Liability Increase (Decrease) Income Tax Income Tax Payable Increase (Decrease) Cash Paid for Situation Expense Тахes 1 16.0 16.0 3.6 16.0 (2.6) 4 16.0 3.6 2.6 16.0 (3.6) (2.6) LO Cash Paid for General Journal Тахes Prepare a single journal entires that summarizes the recording and payment of income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list > Record the summary entry for transaction 1. 2 Record the summary entry for transaction 2. 3 Record the summary entry for transaction 3. Record the summary entry for transaction 4. Record the summary entry for transaction 5. Credit EX:
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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