Refer to the consolidated statements of income for Scenic View Foods Corporation.
Required:
1 Notice that Scenic View Foods reported "Provision for income taxes." What type of account is this? What adjustment would have been made if this accrual were necessary at December 31, 2016?
2 Scenic View Foods reported $3.1 million and $2.8 million of accrued interest in the liability section of its balance sheet at December 31, 2016 and 2015, respectively. How much cash did it pay during 2016 for interest?
3 Is Scenic View Foods income statement an "interim statement"? Explain.

Question

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The Answer of Refer to the consolidated statements of income for Scenic View Foods Corporation.
Required:
1 Notice that Scenic View Foods reported "Provision for income taxes." What type of account is this? What adjustment would have been made if this accrual were necessary at December 31, 2016?
2 Scenic View Foods reported $3.1 million and $2.8 million of accrued interest in the liability section of its balance sheet at December 31, 2016 and 2015, respectively. How much cash did it pay during 2016 for interest?
3 Is Scenic View Foods income statement an "interim statement"? Explain.

Refer to the Consolidated Statements of Income for Scenic View