Recording Income Tax Expense
The Boeing Company reports the following tax information in Note 4to 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 thefinancial statement effects template.
Use negative signs with answers when appropriate. Whenapplicable, 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 usingjournal entries.
| General Journal |
|---|
| Description | Debit | Credit |
|---|
| AnswerDeferred tax assetDeferred tax liabilityIncome taxexpense | Answer | Answer |
| AnswerDeferred tax assetDeferred tax liabilityIncome taxexpense | Answer | Answer |
| Income tax payable | Answer | Answer |
Please answer all parts of the question.
