Solution-Prepare the appropriate journal entry to record

Prepare the appropriate journal entry to record alsup

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Reference no: EM131003592

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial 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 2010-2013 are as follows:
There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 40%.

Required:

1. Prepare the appropriate journal entry to record Alsup's 2011 income taxes.

2. Prepare the appropriate journal entry to record Alsup's 2012 income taxes.

3. Prepare the appropriate journal entry to record Alsup's 2013 income taxes.

Reference no: EM131003592

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Prepare the appropriate journal entry to record alsup

Reference no: EM131003592

Reference no: EM131003592

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