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:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Print item
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:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1a901312-076a-4492-825c-978e82170606%2F9a030068-445c-43a9-a54d-cc9793241497%2F7rvpqem_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Print item
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:
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