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Recording Income Tax Expense The Boeing Company reports the following tax information in Note 4 to...

Recording Income Tax Expense
The Boeing Company reports the following tax information in Note 4 to its 2014 financial report.

Year ended December 31 2014 2013 2012
Current tax expense
U.S. federal $775 $-84 $756
Non-U.S. 93 78 63
U.S. state 71 13 21
939 7 831
Deferred tax expense
U.S. federal 927 1,630 1,308
Non-U.S 36 43 (15)
U.S state (7) 71 85
956 1,744 1,378
Total income tax expense $1,895 $1,751 $2,209

a. Record Boeing's provision for income taxes for 2014 using the financial statement effects template.

Use negative signs with answers when appropriate. When applicable, enter total amount for liabilities.

Balance Sheet Income Statement
Transaction Cash Asset + Noncash
Asset		 = Liabilities + Contrib.
Capital		 + Earned
Capital		 Revenues - Expenses = Net Income
To record income tax expense Answer + Answer = Answer + Answer + Answer Answer - Answer = Answer


b. Record Boeing's provision for income taxes for 2014 using journal entries.

General Journal
Description Debit Credit
AnswerDeferred tax assetDeferred tax liabilityIncome tax expense Answer Answer
AnswerDeferred tax assetDeferred tax liabilityIncome tax expense Answer Answer
Income tax payable Answer Answer

Please answer all parts of the question.

Solutions

Expert Solution

a. Record Boeing's provision for income taxes for 2014 using the financial statement effects template.
Use negative signs with answers when appropriate. When applicable, enter total amount for liabilities.
Balance Sheet Income Statement
Transaction Cash Asset + Noncash Asset = Liabilities + Contrib. Capital + Earned Capital Revenues - Expenses = Net Income
To record income tax expense + = + 939 Taxes Payable + 956 Deferred Taxes + + -1,895 Retained Earning - +1,895 Income Tax Expense = -1895
b. Record Boeing's provision for income taxes for 2014 using journal entries.
General Journal
Description Debit Credit
Income tax expense 1895
              Deferred income taxes 956
              Income tax payable 939

ekkarill92 answered 1 year ago
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