Question: show work please Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months fter services

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months fter services commence. Alsup recognizes service revenue for financlal reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 20202023 are as follows: There are no differences between accounting income and taxable income other than the temporary difference described above. The enocted tax rate for each year is 25%. (Hint You will find it heipful to prepare a schedule that shows the balances in service revenue receivable at December 31,2020 2023.) Required: 1. to 3. Prepare the appropriate joumal entries to record Alsup's 2021 income taxes. 2022 income taxes and 2023 income taxes. (If no entry is required for a transaction/event, select "No joumal entry required" In the first account fleld. Enter your answers in whole dollars.) View transaction list View journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
