Question & Answer: Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after…..

11:24 PM ezto.mheducation.com ..000TFw令 10. peint 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, colections, and pretax accounting income for 2015-2018 are as follows: 2095 6 There are no differences between accounting income and taxable inoome other than the temporary difference described above. The enacted tax rate for each year is 40%. (Hint: You may find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2015- 2018.) 1 Prepare the appropriate journall entry to record Alsups 2016 income taxes, Alsups 2017 income taxes and Alsups 2018 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 Journal entry worksheet Record 2016 income tas

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 2015-2018 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%. Prepare the appropriate journal entry to record Alsups 2016 income taxes, Alsup’s 2017 income taxes and Alsup’s 2018 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 thousands.)

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Question & Answer: Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after..... 1

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