Question: PLEASE ANSWER A B AND C Analyzing and Interpreting Income Tax Disclosures Apple Inc. reports the following footnote disclosure to its 2018 10-K report ($

PLEASE ANSWER A B AND C Analyzing and Interpreting Income Tax DisclosuresApple Inc. reports the following footnote disclosure to its 2018 10-K reportPLEASE ANSWER A B AND C

Analyzing and Interpreting Income Tax Disclosures Apple Inc. reports the following footnote disclosure to its 2018 10-K report ($ millions). The provision for income taxes consisted of the following: Fiscal Year Ended September 29, 2018 Federal Current $37,283 Deferred (30,437) 6,846 State Current 496 Deferred 43 539 Foreign Current 3,587 1,063 Deferred 4,650 $12,035 Total a. What amount of income tax expense does Apple report in its income statement for 2018? $ 12035 million b. How much of Apple's income tax expense is current (as opposed to deferred)? $ 41366 million c. How do deferred taxes impact the tax expense that is reported on the income statement? As deferred tax liabilities increase, reported tax expense As deferred tax liabilities decrease, reported tax expense A As deferred tax assets increase, reported tax expense As deferred tax assets decrease, reported tax expense

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!