GUCCI Corp. in its first year of operations has the following differences between the carrying value and tax base of its assets and liabilities at the end of 20x6. Carrying Value P 800,000 Tax Base P 680,000 Equipment (net) Estimated warranty liability GUCCI estimates that the warranty liability will be settled in 20x7 40,000 PO The difference in equipment (net) will result in taxable amounts as shown below Year Amount P 40,000 60,000 20x7 20x8 20x9 20,000 The company has taxable income of P 800,000 for 2016. The income tax rate is 30%.

GUCCI Corp. in its first year of operations has the following differences between the carrying value and tax base of its assets and liabilities at the end of 20x6. Carrying Value P 800,000 Tax Base P 680,000 Equipment (net) Estimated warranty liability GUCCI estimates that the warranty liability will be settled in 20x7 40,000 PO The difference in equipment (net) will result in taxable amounts as shown below Year Amount P 40,000 60,000 20x7 20x8 20x9 20,000 The company has taxable income of P 800,000 for 2016. The income tax rate is 30%.

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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