Francesca's Holdings Corporation is a specialty retailer that operates boutiques throughout the United States under Francesca's

trademark. Access the financial statements and related disclosure notes of Francesca for the fiscal year ended February $1,2020,$ from

EDGAR database as

SEC.gov$/$EDGAR$.$

Required:

Focusing only on Note $6\text{'}$s reconciliation of the provision for income taxes, prepare a journal entry that summarizes Francesca's

tax expense or benefit for the fiscal year ended February $1,2020.$

Looking elsewhere in Note $6,$ calculate the actual change in Francesca's total gross deferred tax assets, valuation allowance, and

gross deferred tax liabilities, and include each of those elements in a new summary journal entry.

Based on Francesca's income statement alone, what is Francesca's effective tax rate for the fiscal year ended February $1,2020?$

Find this number in the effective tax rate reconciliation in Note $G.$ What was the biggest factor causing Francesca's effective tax

rate to deviate from the statutory rate of $21\%?$

Now assume that Francesca's did not change its valuation allowance during the fiscal year ended February $1,2020.$ Prepare a

journal entry that summarizes Francesca's tax expense or benefit for the fiscal year ended February $1,2020,$ and calculate

Francesca's net income or net loss and effective tax rate.

Complete this question by entering your answers in the tabs below.

Prepare a journal entry that summarizes Francesca's tax expense or benefit for the fiscal year ended February $1,2020.$

Journal entry worksheet

A

Record the entry that summarizes Francesca's tax expense or benefit for the

fiscal year ended February $1,2020.$