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Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...

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 2020–2023 are as follows:

Service Revenue Collections Pretax Accounting
Income
2020 $ 728,000 $ 688,000 $ 254,000
2021 818,000 846,000 328,000
2022 778,000 770,000 296,000
2023 784,000 788,000 268,000


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 25%.

Prepare the appropriate journal 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 journal entry required" in the first account field. Enter your answers in thousands.)

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ekkarill92 answered 1 year ago
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Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
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 2017–2020 are as follows: Service Revenue Collections Pretax Accounting Income 2017 $ 661,000 $ 626,000 $ 190,000 2018 750,000 760,000 255,000 2019 715,000 685,000 225,000 2020...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
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: Service Revenue Collections Pretax Accounting Income   2015 $ 616,000 $ 581,000 $ 140,000   2016 700,000 710,000 205,000   2017 665,000 645,000 175,000   2018...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
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 2020–2023 are as follows: Service Revenue Collections Pretax Accounting Income 2020 $ 688,000 $ 648,000 $ 214,000 2021 778,000 806,000 288,000 2022 738,000 730,000 256,000 2023...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
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 2020–2023 are as follows: Service Revenue Collections Pretax Accounting Income 2020 $ 700,000 $ 660,000 $ 226,000 2021 790,000 818,000 300,000 2022 750,000 742,000 268,000 2023...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
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:    Service Revenue Collections Pretax Accounting Income   2015 $ 616,000 $ 581,000 $ 140,000   2016 700,000 710,000 205,000   2017 665,000 645,000 175,000...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
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:    Service Revenue Collections Pretax Accounting Income   2015 $ 741,000 $ 716,000 $ 290,000   2016 850,000 855,000 355,000   2017 815,000 795,000 325,000...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
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 2017–2020 are as follows: Service Revenue Collections Pretax Accounting Income 2017 $ 688,000 $ 653,000 $ 220,000 2018 780,000 795,000 285,000 2019 745,000 715,000 255,000 2020...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
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 2017–2020 are as follows: Service Revenue Collections Pretax Accounting Income 2017 $ 610,000 $ 590,000 $ 150,000 2018 710,000 720,000 215,000 2019 675,000 650,000 185,000 2020...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
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 2017–2020 are as follows: Service Revenue Collections Pretax Accounting Income 2017 $ 610,000 $ 590,000 $ 150,000 2018 710,000 720,000 215,000 2019 675,000 650,000 185,000 2020...
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement,...
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 2020–2023 are as follows: Service Revenue Collections Pretax Accounting Income 2020 $ 728,000 $ 688,000 $ 254,000 2021 818,000 846,000 328,000 2022 778,000 770,000 296,000 2023...
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