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%.

Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. В. O All taxes are calculated based on net pay. С. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria В. O Ohio В. O insurance C. O Virginia O mandatory С. D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this…

1. What is the tax due and payable amount in fiscal year 20x1?   Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?

8-Which one of the following represents the tax payable? a. Tax payable is the balance of the total income still to be settled in cash b. Tax payable is the balance of the net income still to be settled in cash c. Tax payable is the balance of the tax liability still to be settled in cash d. Tax payable is the balance of the taxable income still to be settled in cash