Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engage- ment, up to six months after services commence. Alsup recognizes service revenue for financial reporting pur- poses 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: Pretax Accounting Collections Service Revenue Income $650,000 750,000 $620,000 $186,000 2015 2016 770,000 250,000 2017 715,000 700,000 220,000 2018 700,000 720,000 200,000 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 40%. Required: 1. Prepare the appropriate journal entry to record Alsup's 2016 income taxes. 2. Prepare the appropriate journal entry to record Alsup's 2017 income taxes. 3. Prepare the appropriate journal entry to record Alsup's 2018 income taxes. (Hint: You may find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2015–2018.)

Mitchell and O’Brien, CPAs, P.C., prepared 600 business and personal tax returns for the filing season ending April 15, 2019, for total billings of $135,000.  On May 1, 2020, Mitchell and O’Brien wrote off $2,600 related to the services performed in 2019. The firm determined that, based on past experience, approximately 3% of fees would be uncollectible. Prepare the adjusting journal entry for bad debt on 12/31/2019. Prepare the journal entry to record the defaulted amount on 5/1/2020. Prior to the posting of the adjusting journal entry in #1 above, the balance in the Allowance for Doubtful Accounts is $3,500 (credit). What is the balance in the account at the end of 2019, after the adjusting entry is posted? What is the balance in the account after the entry on May 1, 2020 is posted?

Ivanhoe pays a weekly payroll of $250000 that includes federal income taxes withheld of $38100, FICA taxes withheld of $23970, and 401(k) withholdings of $26500. What is the effect on assets and liabilities from this transaction? Assets decrease $187930 and liabilities decrease $62070. Assets decrease $187930 and liabilities increase $62070. Assets decrease $161430 and liabilities increase $88570. Assets decrease $250000 and liabilities do not change.

Luxco is closing its 2012 records. Luxco has engaged Ey to perform the audit of its 2012 annual accounts and the preparation of its 2012 corporate tax returns. The agreed fees are 10.000€ (excl VAT) for the audit and 3000€(excl Vat) for the preparation of the corporate tax returns. These services will be provided in 2013.   Make the journal entry

In December of 2019, a company received consulting services of $100,000. No entry was recorded for these service in 2019. The invoice for the services was received in January 2020 and recorded by debiting consulting expense and crediting accounts payable. This error was discovered in 2020 and was determined to be a material error. What is the impact of the error on the net income of 2019 and 2020? Provide the proper correcting journal enntry assuming a 30% tax rate.

XYZ Company manufactures equipment that are sold through installment. XYZ recognizes revenue on the year of sale for financial reporting and when installment payments are received for income tax purposes. In 2020, the company earned a gross profit of P6,000,000 for accounting and P1,500,000 for income tax purposes. In relation to its sales, XYZ also provides warranties for its equipment. Warranty costs are accrued as expense for financial reporting and recognized as deductible expense in the income tax return when paid. Accrued warranty expense for 2020 is P2,500,000, but only P500,000 of warranty costs are actually paid during the year.In addition, XYZ also earned P500,000 of interest, net of final withholding taxes, from its bank deposits. Interest income subject to final withholding taxes is non-taxable income for income tax purposes. The entity also paid P100,000 insurance premium on the life of its president in relation to an insurance policy where XYZ Company is the beneficiary.…

Music Media Ltd. prepares statements quarterly. Part A: Required: 1. Based on 2022 results, Music's estimated tax liability for 2023 is $345, 960. Music will accrue 1/32 of this amount at the end of each month (assume the installments are paid the next day). Prepare the entry on January 31, 2023, to accrue the tax liability and on February 1 to record the payment.

Please answer in good accounting form. Thankyou

"compute the tax due and payable of Legend Inc. for the 4th quarter, thank you!   NOTE: AMOUNTS IN CUMULATIVE"