The financial statements of Procter & Gamble (P&G) can be accessed at the books website. Instructions Refer
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Instructions
Refer to P&G’s financial statements and the accompanying notes to answer the following questions.
(a) What amounts relative to income taxes does P&G report in its:
(1) 2006 income statement?
(2) June 30, 2006, balance sheet?
(3) 2006 statement of cash flows?
(b) P&G’s provision for income taxes in 2004, 2005, and 2006 was computed at what effective tax rates? (See the notes to the financial statements.)
(c) How much of P&G’s 2006 total provision for income taxes was current tax expense, and how much was deferred tax expense?
(d) What did P&G report as the significant components (the details) of its June 30, 2006, deferred tax assets and liabilities?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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