Accounting HW Ch19 Financial Reporting Problem

Accounting HW Ch19 Financial Reporting Problem - 2002(31.8...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Financial Reporting Problem (a) (1) P&G’s 2004 income statement: Provision for income taxes $2,869 million (2) P&G’s June 30, 2004 balance sheet: In current assets: Deferred income taxes $958 million In current liabilities: Taxes payable $2,554 million In noncurrent liabilities: Deferred income taxes $2,261 million (3) P&G’s 2004 statement of cash flows: In cash flows provided by operating activities: Deferred income taxes $415 million In supplemental disclosure: Cash payments for income taxes $1,634 million (b) P&G’s effective tax rates:
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 2002: (31.8%), 2003: (31.1%), 2004: (30.7%) (c) Provision for income taxes: Current $2,454 Deferred 415 Total $2,869 (d)P&G’s deferred tax assets and liabilities at June 30, 2004 were: Deferred Tax Assets Unrealized loss on financial instruments $ 381 Loss and other carryforwards 365 Advance payments 226 Other postretirement benefits 95 Other 1,169 Valuation allowances (342) Total $1,894 Deferred Tax Liabilities Fixed assets $(1,350) Goodwill and other intangible assets (1,281) Other (352) Total $(2,983)...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern