A private employee had the following remuneration in 2019: Gross salaries, net of P11,000 mandatory contribution P314,000 12,000 24,000 28,000 5,000 8,000 Fixed RATA COLA 13th month pay Christmas gift Laundry allowance (P500/month) What is the taxable compensation income?

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A: Formula: Interest expense = Loan Amount x Interest rate x Time period

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Q: Halle's Berry Farm establishes a $350 petty cash fund on September 4 to pay for minor cash expenditu...

A: Petty cash is a small sum of money kept on hand to cover unexpected expenses such as reimbursements ...

Q: Assume that a company makes only three products: Product A, Product B. and Product C. Currently, the...

A: Answer) Calculation of Percentage to Total Overhead cost allocated to Product A using Plantwide Over...

Q: What direct labor costs are likely to be incurred in the production of gummy bears?

A: Direct costs refer to the costs that are directly correlated with the production process.. 

Q: Item Nos. 17 and 18 are based on the following information: On December 31, 200C, the partnership of...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: 22 An example of a prevention cost would be: Scrap O Product recalls O Adjusting test equipment O Pr...

A: Preventive costs are the costs that a company incurs to prevent defects from occurring in a product ...

Q: The following information applies to the questions displayed below.] Shares sold for consideration o...

A: Journal Entry The basic process of accounting is to journalize the required transaction into debit a...

Q: Arkansas Corporation manufactures liquid chemicals A and B from a joint process. It allocates joint ...

A: Allocation of split-off point costs to Product B = Total split-off point costs x Sales value of Prod...

Q: Carding earns income from both employment and business. He earned P350,000 taxable compensation, exc...

A: Taxable Income Here given the details of the calculation of taxable income in Philippines for the in...

Q: Josey Company entered into a contract to acquire a new machine for its factory. The machine, which h...

A: Initial cost of Machine: In calculating the initial cost of an asset, all of the elements that may b...

Q: Dabin Company purchased a P1,000,000 ordinary life insurance policy for its president. The benefi of...

A: Insurance dividend shall be adjusted with premium amount paid to life insurance company.

Q: Laura Hall is the sole owner of Wildhorse Vista Park has compiled the following financial informatio...

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Q: Shiba Company leased an office to Cate Company for a five- year term beginning January 1, 2020. Unde...

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Q: DEFINE AND INDICATE TYPES OF DUMPING.

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Q: On January 1, 2021, Family Company purchased 10% of San Company's 100,000 outstanding ordinary share...

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Q: The best time to tell guests that alcohol service will be stopped is when they order another drink. ...

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Q: 1) A corporation may choose to use debt financing because a) it has an income tax advantage. b) it...

A: In case of multiple questions, we are allowed to solve only the first question. In case if you want ...

Q: See below. I just need help with the red box with the 20,000 answer in it. It came back as incorrect...

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Q: ne 10 pays the amo D0 for personal use. e_journal entries

A: Journal entry is an act of keeping economic transaction of the business.  

Q: Which of the following is not an income for income tax purposes?

A:                         Assuming the question related to tax in Phillipines ---                     ...

Q: Rose's VISA balance is $1,880 . She may pay it off in 10 equal end-of- month payments of $200 each. ...

A: Interest Rate: It is possible to calculate the interest rate by comparing the cost of borrowing agai...

Q: A 12% P1,000,000 face value bond with interest payable June 30 and December 31, which matures on Jun...

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Q: Citricacid plc budgets during its first year of operations to produce and sell 38,160 litres of prod...

A: Solution...     Total production cost per unit  = Variable production cost + fixed production cost  ...

Q: On June 31, 2016, Oriental Company had outstanding 8% P 1,000,000 face amount, 15-year bonds maturin...

A: Bond can be defined as financial instruments which is a source of capital for the companies as well ...

Q: Kirk Company purchased equipment by making a down payment of P400,000 and issuing a note payable for...

A: Capitalized cost of the equipment = Down payment + Present value of Note + Shipping charges + Instal...

Q: X derived the following income in 2020: Business income of P400,000 Compensation income of P200,000...

A: There are many income sources which an individual receives and including them, certain incomes are t...

Q: A supervisory employee is a recipient of a stock option which vested during the year. The following ...

A: ESOP Is employee benefits plan that gives worker and employees ownership in the company. Generally E...

Q: not traded th

A: Capital Gain Tax = 15% Capital Gain on Real Property situated in Philippines = 6% higher of the Sell...

Q: Inspiration Company had trading and nontrading investments held throughout 2021 and 2022. The nontra...

A: Calculation of unrealized gain or loss are as follows:

Q: derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 I...

A: Capital gains are taxed differently than ordinary income and capital gains generally arise when gain...

Q: During 2017, Summer Company spent P500,000 for the research and development of its patent. On Januar...

A:                               Patent is an intangible fixed asset.  It is amortised every year as pe...

Q: Below are items that may appear on the balance sheet.                 Required:Match each item with ...

A: Sno Item Classfication 1 Buildings Property, Plant and Equipment 2 Copyright Intangible Assets ...

Q: Draw a ( Ledgers ) for all transactions please. ASSIGNMENT PRINCIPLES OF ACCOUNTING (BAAC 1102) Give...

A:                         a) CASH   Date Description Debit Credit Balance   1-Apr Hilal, Capit...

Q: Suppose Blue expects the residual value at the end of the lease term to be $50,000 but still guarant...

A: Lease refers to a contract between two parties under which one party who is the real owner of an ass...

Q: I need

A: In this question, we have to compute financial advantage / disadvantage.

Q: 10 Which of the following requires that quality be manufactured rather than inspected into products?...

A: This statement is relevant for JIT i.e. Just in Time Process of production where production starts o...

Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a rac...

A:

Q: How many monthly payments of $270 will it to save up $4861 when interest is 3.67% compounded semi-an...

A: Monthly payment (P) = $270 Interest rate = 3.67% Monthly interest rate (r) = [{1+0.0367/2}2]1/12-1  ...

Q: Which is not part of de minimis benefits

A: De minimis benefits are facilities are privileges offered by employer to employees.

Q: A Manager of MUUG Corporation received the following remunerat Gross salaries, net of SSS, PHIC and ...

A:   Manager of MUUG Corporation received following Compensation Gross Salaries, Net of SSS, PHIC an...

Q: da commercial building and lot for $190,000 0,000 when purchased. You sold the lot and B ACRS deprec...

A: The answer has been mentioned below.

Q: The maternity leave pay under RA 11210, otherwise known as the 105-Day Expanded Maternity Leave Law,...

A: Solution Maternity leave means leave given to a women when she is pregnant and have a baby.

Q: It is a kind of withholding tax which is prescribed on certain income payments and is creditable aga...

A: The question is related to the taxation. 

Q: At December 31, 2019, the ledger of Aulani Company includes the following accounts, all havingnormal...

A: No. Account Titles and Explanation Debit Credit 1 Sales Revenue $59,000     Income Summary   $59...

Q: m sale equipn

A: Computation of Gross income from business/profession: Gross receipt from customer = 900000 Sale of ...