The following information was extracted from the records of Rampage Company as of December 31, 2021: Carrying amount Other receivables (NRV) 150,000 Prepaid rent 30,000 Motor vehicles 165,000 Accumulated depreciation 61,875 Provisions for warranty 12,000 Deposits received in advance 15,000 The depreciation rates for accounting and taxation are 15% and 20% respectively. Deposits are taxable when received while rentals and warranty costs are deductible when paid. An allowance for doubtful debts of P25,000 has been raised against other receivables for accounting purposes, but such debts are deductible only when written off as uncollectible. The rate applicable was 30%. Round off answers into whole number a) What is the Deferred Tax Asset of Rampage Company as of December 31, 20217 Answer: a) What is the Deferred Tax Liability of Rampage Company as of December 31, 20217 Answer:

The following information was extracted from the records of Rampage Company as of December 31, 2021: Carrying amount Other receivables (NRV) 150,000 Prepaid rent 30,000 Motor vehicles 165,000 Accumulated depreciation 61,875 Provisions for warranty 12,000 Deposits received in advance 15,000 The depreciation rates for accounting and taxation are 15% and 20% respectively. Deposits are taxable when received while rentals and warranty costs are deductible when paid. An allowance for doubtful debts of P25,000 has been raised against other receivables for accounting purposes, but such debts are deductible only when written off as uncollectible. The rate applicable was 30%. Round off answers into whole number a) What is the Deferred Tax Asset of Rampage Company as of December 31, 20217 Answer: a) What is the Deferred Tax Liability of Rampage Company as of December 31, 20217 Answer:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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