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Cаlculаting аnd Repоrting Incоme Tax Expense (FSET) Carter Inc. began оperations in 2022. The company reported $104,000 of depreciation expense on its 2022 income statement and $102,400 in 2023. Carter Inc. deducted $112,000 for depreciation on its tax return in 2022 and $97,600 in 2023. The company reports a tax obligation of $36,120 for 2023 based on a tax rate of 25%. REQUIRED Prepare the journal entry to record income tax expense for 2023 and post the entry to the appropriate T-accounts Date Account Debit Credit Year 2023 {#1} {#2} {#3} ●Note: Enter your answers, in transaction order, in the first open field of the appropriate column in each account. Deferred tax asset {#4} {#5} Deferred tax liability {#6} {#7} Income taxes payable {#8} {#9} Income tax expense {#10} {#11}
Cоmputing аnd Repоrting Deferred Incоme Tаxes Fisk, Inc., purchаsed $480,000 of construction equipment on January 1, 2022. The equipment is being depreciated on a straight-line basis over six years with no expected salvage value. MACRS depreciation is being used on the firm’s tax returns. At December 31, 2024, the equipment’s book value is $240,000, and its tax basis is $138,400. (This is Fisk’s only temporary difference.) Over the next three years, straight-line depreciation will exceed MACRS depreciation by $24,800 in 2025, $24,800 in 2026, and $52,000 in 2027. Assume that the income tax rate in effect for all years is 25%. a. What amount of deferred tax liability should appear in Fisk’s December 31, 2024, balance sheet? ${#1} b. What amount of deferred tax liability should appear in Fisk’s December 31, 2025, balance sheet? ${#2} c. What amount of deferred tax liability should appear in Fisk’s December 31, 2026, balance sheet? ${#3} d. Where should the deferred tax liability accounts be classified in Fisk’s balance sheets? {#4}
Interpreting Incоme Tаx Disclоsures (FSET) The fоllowing informаtion is tаken from Williams-Sonoma, Inc.'s (the Company) 10-K. Note D: Income Taxes The components of earnings before income taxes, by tax jurisdiction, are as follows: Fiscal Year Ended (in thousands) Fiscal 2020 (52 weeks) Fiscal 2019 (52 weeks) Fiscal 2018 (53 weeks) United States $773,317 $353,215 $333,594 Foreign 121,149 103,806 95,653 Total $894,466 $457,021 $429,247 The provision for income taxes consists of the following: Fiscal Year Ended (in thousands) Fiscal 2020 (52 weeks) Fiscal 2019 (52 weeks) Fiscal 2018 (53 weeks) Current Federal $171,821 $76,873 $43,745 State 39,498 14,205 15,357 Foreign 15,494 12,438 12,822 Total current 226,813 103,516 71,924 Deferred Federal (7,575) (606) 23,507 State (5,997) (870) 1,562 Foreign 511 (1,081) (1,430) Total deferred (13,061) (2,557) 23,639 Total provision $213,752 $100,959 $95,563 In thousands Jan. 31, 2021 Feb. 2, 2020 Deferred tax (liabilities) Operating lease liabilities $319,599 $347,693 Compensation 20,852 14,350 Merchandise inventories 20,631 22,311 Gift cards 19,345 19,520 Accrued liabilities 13,451 8,440 Stock-based compensation 9,926 9,860 Loyalty rewards 9,609 5,252 Executive deferred compensation 8,647 7,543 State taxes 7,460 7,546 Federal and state net operating loss 2,609 3,443 Operating lease right-of-use assets (283,856) (309,801) Deferred lease incentives (31,672) (46,701) Property and equipment (54,724) (37,309) Other (317) (3,277) Valuation allowance (2,819) (3,648) Total deferred tax assets, net $58,741 $45,222 As of January 31, 2021, we had $38,696,000 of gross unrecognized tax benefits, of which $34,026,000 would, if recognized, affect the effective tax rate. We accrue interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of January 31, 2021, and February 2, 2020, our accruals for the payment of interest and penalties totaled $8,225,000 and $7,251,000, respectively. Due to the potential resolution of tax issues, it is reasonably possible that the balance of our gross unrecognized tax benefits could decrease within the next twelve months by a range of $0 to $15,800,000. We file income tax returns in the U.S. and foreign jurisdictions. We are subject to examination by the tax authorities in these jurisdictions. Our U.S. federal taxable years for which the statute of limitations has not expired are fiscal years 2017 to 2020. Substantially all material states, local and foreign jurisdictions’ statutes of limitations are closed for taxable years prior to 2017. REQUIRED a. What amount of income tax expense did the Company report for the year ended January 31, 2021? ${#1} thousand. b. Calculate the Company's effective tax rate for each year reported. In addition, calculate the rate of U.S. federal taxes on U.S. income in the fiscal year ended January 31, 2021. Effective Tax Rate Numerator ($ thousand) Denominator ($ thousand) Result Income tax provision ÷ Income before income taxes Fiscal Year 2020 ${#2} ÷ ${#3} = Fiscal Year 2019 ${#4} ÷ ${#5} = Fiscal Year 2018 ${#6} ÷ ${#7} = Rate of U.S. Federal Taxes Numerator ($ thousand) Denominator ($ thousand) Result Fiscal Year 2020 ${#8} ÷ ${#9} = c. The Company reported income taxes payable of $69,476,000 in its January 31, 2021, balance sheet, and $22,501,000 at February 2, 2020. What amount of income taxes did it pay in cash during the fiscal year ended January 31, 2021? ${#10} thousand. d. Report the entry to record income tax expense for the fiscal year ended January 31, 2021, using the financial statement effects template. ● Note: Use negative signs with your answers, when appropriate. ● Note: Select "N/A" as your answer if a part of the accounting equation is not affected. ($ thousands) Balance Sheet Income Statement Cash Noncash Contributed Earned Net Transaction Asset + Assets = Liabilities + Capital + Capital Revenue - Expenses = Income To record income tax expense {#11} {#12} {#13} {#14} {#15} {#16} Income taxes payable {#17} {#18} {#19} {#20} Total e. The Company reported a net book value of property, plant, and equipment of $873,894,000 on January 31, 2021. Given a tax rate of 21% (assume they are all in the U.S.), what is an estimate of the tax basis of these assets on that date? ● Note: Round to the nearest thousand dollars. ${#21} thousand. f. The company reported $34,988,000 in other long-term liabilities related to deferred compensation obligations on its January 31, 2021, balance sheet. The Company provided the following explanation of this asset in Note H to its 10-K: We also have a nonqualified executive deferred compensation plan that provides supplemental retirement income benefits for a select group of management. This plan permits eligible employees to make salary and bonus deferrals that are 100% vested. We have an unsecured obligation to pay in the future the value of the deferred compensation adjusted to reflect the performance, whether positive or negative, of selected investment measurement options chosen by each participant during the deferral period. Explain how this expense results in a temporary difference between tax and financial reporting. Executive deferred compensation {#22} for financial reporting purposes. However, for tax reporting purposes, the costs are expensed when {#23}. Consequently, the tax deduction is recognized {#24} the expense is recognized in the income statement. The executive deferred compensation of $34,988 thousand represents a {#25} difference between financial and tax reporting. The resulting deferred {#26} shown of ${#27} thousand offsets the current deferred {#28} in the balance sheet. g. The Company has a valuation allowance listed in its schedule of deferred tax assets and liabilities. Briefly and in general explain what a valuation allowance is and how it affects deferred taxes and reported income. A valuation allowance is a {#29} account related to {#30}. Management establishes a valuation allowance if it thinks the {#31} will not be realized in the future. That is, management does not think the Company will {#32} to be able to offset the future deductions represented by the {#33}. Recognizing a valuation allowance {#34} the amount of {#35} recognized and {#36} income. h. In fiscal year 2017, the Company stated that they recorded a $28.3 million additional tax expense for the remeasurement of deferred tax assets. This remeasurement is related to the drop in the U.S. statutory tax rate of 33.9% to a lower rate of 21%. Explain what this is and why the company had to record this expense. The Company recorded ${#37} million in additional tax expense related to the {#38} of its net deferred tax assets from the U.S. statutory tax rate of 33.9% to the new, lower rate of 21%. Deferred tax assets and liabilities are to be valued at the enacted rate expected to be in effect with the deferred tax item reverses. In a big picture sense, an asset the company has is now worth {#39}. When the company {#40} the value of the asset (writes {#41} the value of the deferred tax asset), there is a corresponding charge to tax expense.