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KelloggCompany 2015AnnualReport SECForm10K and Supplemental Information FiscalYearEnd:January2,2016 UNITED STATES SECURITIES AND EXCHANGE COMMISSION...

Review the 2015 financial Statements of Kellogg Company to answer the following questions

A. Analysis of Taxes (Note 12, page 86)

1. What is the tax expense for fiscal year 2015? What are the tax payments for 2015?Provide journal entry to record the tax expense during 2015.

2. What is the amount of the temporary difference between the taxable income and book income for 2015?

3. What is KELLOGG’s effective tax rate for 2015? Why is it different from the statuary tax rate? What do you learn when the statutory and the effective tax rates are different?

4. What is the amount of permanent difference in the taxable income and the book income during 2005?

5. What is the change in Deferred Tax Asset Valuation Allowance account? What was the effect of this change on Profitability?

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Analysis of taxes.docx

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1. The income tax expense from the consolidated statement of income is 159 million. The income
taxes paid for the year 2015 are 337 million.
Income tax...

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