the financial statements of procter gamble p g can be 251464

The financial statements of Procter & Gamble (P&G) can be accessed at the book’s website.

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?

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